10-K · February 27, 2026
TeraWulf is pivoting from legacy bitcoin mining toward a vertically integrated HPC hosting platform, with 522 MW of contracted critical IT load across its Lake Mariner and Abernathy campuses and a development target of…
Earnings analysis · 10-Q
WULF earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
TeraWulf reported revenue of $34.0 million in Q1 2026, slightly lower than Q1 2025's $34.4 million, with significant contributions from HPC lease revenue. The company recorded an EPS of -$1.01, missing analyst…
Read full summary
TeraWulf reported revenue of $34.0 million in Q1 2026, slightly lower than Q1 2025's $34.4 million, with significant contributions from HPC lease revenue. The company recorded an EPS of -$1.01, missing analyst expectations significantly and continuing to reflect high operational losses. Management emphasized a strategic shift towards HPC hosting and strong liquidity position despite substantial cash use in investing activities.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.01
What stood out
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Revenue Exceeded Expectations
Actual revenue was $34.0 million, slightly above the expected $32.8 million.
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Strong HPC Lease Revenue Growth
HPC lease revenue reached $21.0 million, up from $0 in the prior year.
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Liquidity Remains Robust
Balance sheet reported cash of approximately $3.1 billion.
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Digital Asset Revenue Decline
Digital asset revenue dropped to $13.0 million, down from $34.4 million a year prior.
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Cost Reduction in Power Expenses
Cost of revenue (exclusive of depreciation) reduced to $2.4 million from $24.6 million year-over-year.
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Operational Optimization
Significant power cost reductions due to operational curtailments and demand response programs.
What to watch
-
High Operating Loss
Net loss was $427.7 million, a significant increase compared to Q1 2025's loss of $61.4 million.
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Substantial Increase in Debt Service Costs
Interest expense surged to $67.1 million from $4.0 million year-over-year.
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Declining Digital Asset Profitability
Total bitcoin mined decreased to 168 from 372 year-over-year, impacting revenue significantly.
Management's outlook
Management expects future results to increasingly be driven by HPC data center operations and a continued shift away from legacy bitcoin mining.
Earlier filings 4
10-K · March 3, 2025
TeraWulf is transitioning from a pure bitcoin miner to a dual-purpose digital infrastructure operator, securing a 72.5 MW HPC hosting lease with Core42 (with an option to add 135 MW) and retaining 195 MW of operational…
10-Q · November 12, 2024
TeraWulf reported Q3 revenue of $27.06M (three months ended Sept. 30, 2024) and a net loss attributable to common stockholders of $23.03M (loss per share $0.06). Revenue grew year-over-year but the company remained…
10-Q · August 13, 2024
TeraWulf reported Q2 revenue of $35,574 (three months ended June 30, 2024), up sharply versus Q2 2023 but down versus Q1 2024. The company strengthened liquidity (cash $104,109) after equity raises while continuing…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.