WULF earnings analysis
What we found in WULF's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Exceeded Expectations
- Actual revenue was $34.0 million, slightly above the expected $32.8 million.
- Strong HPC Lease Revenue Growth
- HPC lease revenue reached $21.0 million, up from $0 in the prior year.
- Liquidity Remains Robust
- Balance sheet reported cash of approximately $3.1 billion.
- Digital Asset Revenue Decline
- Digital asset revenue dropped to $13.0 million, down from $34.4 million a year prior.
- Cost Reduction in Power Expenses
- Cost of revenue (exclusive of depreciation) reduced to $2.4 million from $24.6 million year-over-year.
- Operational Optimization
- Significant power cost reductions due to operational curtailments and demand response programs.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Operating Loss
- Net loss was $427.7 million, a significant increase compared to Q1 2025's loss of $61.4 million.
- Substantial Increase in Debt Service Costs
- Interest expense surged to $67.1 million from $4.0 million year-over-year.
- Declining Digital Asset Profitability
- Total bitcoin mined decreased to 168 from 372 year-over-year, impacting revenue significantly.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-1.01
- Segment
- HPC Lease Revenue: $21.0 million
- Segment
- Digital Asset Revenue: $13.0 million
What they said about what is next.
Management expects future results to increasingly be driven by HPC data center operations and a continued shift away from legacy bitcoin mining.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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