TeraWulf Inc.: Beat — EPS -$0.03, Revenue $76.23M
Earnings BeatQ3 2026 · Pre-market
Did TeraWulf Inc. (WULF) beat earnings today?
Yes, TeraWulf Inc. (WULF) beat Wall Street analyst expectations for Q3 2026, reporting higher-than-expected EPS and higher-than-expected revenue.
Earnings Per Share+85.00% surprise
-$0.03Actual
Expected: -$0.20
vs. year ago +97.3%
Total Revenue+18.98% surprise
$76.23MActual
Expected: $64.07M
vs. year ago +50.7%
Released Nov 06 · 7:02 AM ET
Earning Report
| Metric | Q3 2026 | Q3 2025 | YoY Change % |
|---|---|---|---|
| Revenue | $76.23M | $50.58M | +50.7% |
| Revenue detail — reported lines | |||
| └─Digital asset revenue | $13.24M | $43.38M | -69.5% |
| └─HPC lease revenue | $62.99M | $7.20M | +774.4% |
| Net income (loss) | $709.53M | ($455.05M) | - |
| GAAP Basic EPS | $1.42 | -$1.13 | - |
| GAAP Diluted EPS | -$0.03 | -$1.13 | - |
Business Highlights
- ➤Lake Mariner operated 102 MW of revenue-generating critical IT capacity at quarter-end.
- ➤An additional 336 MW was under construction across Lake Mariner CB-4 and CB-5.
- ➤CB-4 remained on track for phased delivery and rent commencement during the fourth quarter.
- ➤CB-5 remained targeted to begin phased delivery in early 2027.
- ➤Executed a 20-year Anthropic lease for approximately 401 MW at Justified.
- ➤Google provided a credit backstop for anticipated Justified project financing.
- ➤Executed a definitive EPC agreement with Fluor for three Justified data-center buildings.
- ➤Muskie contracted power capacity increased from 500 MW to 1,000 MW.
- ➤Completed the sale of the 50.1% Abernathy Joint Venture interest.
- ➤Expanded revolving-credit commitments and added an accordion feature after quarter-end.
- ➤Reaffirmed annual contracting target of 250–500 MW of incremental critical IT capacity.
Management Commentary
Paul Prager, Chairman and Chief Executive Officer of TeraWulf
“Third-quarter results reflect strong execution across the business. Lake Mariner is delivering contracted capacity and generating revenue, Justified has the customer, credit support and construction framework to move forward at scale, and Muskie gives us a contracted path to a gigawatt of power.”
Paul Prager, Chairman and Chief Executive Officer of TeraWulf
“We remain disciplined about where we deploy capital and the returns we require. Our focus is simple: execute on our commitments, protect our economics and create long-term value for shareholders.”
Patrick Fleury, Chief Financial Officer of TeraWulf
“We ended the quarter with substantial liquidity and further strengthened our financial flexibility through the Abernathy monetization and expansion of our revolving credit facility.”
Patrick Fleury, Chief Financial Officer of TeraWulf
“With Lake Mariner progressing within cost guidance and Justified supported by investment-grade credit, we remain well positioned to fund our contracted development while maintaining balance sheet flexibility.”