WULF Q2 2026 - Preliminary Earnings Alert

Event: Quartr Q2 2026 event Retrieved: 2026-08-05T13:58:00Z Comparison mode: maximal Scorecard contract: v1 Source status: release=available | financials=earnings release only | transcript=available (call held 2026-08-05 12:00Z)

Consensus scorecard

Metric / basis	Quartr actual	API Ninjas consensus	Beat/Miss	Beat/Miss %
Revenue / total revenue	$44.767m	$45.997m	Miss −$1.230m	−2.7%
EPS / GAAP basic and diluted	$(1.94)	$(0.2437)	Miss −$1.6963	−696.1%

Reported results and guidance

Metric (GAAP unless noted)	Q2 2026	Q2 2025	Change
Digital asset mining and hosting revenue	$12.835m	$47.636m	−73.1%
HPC lease revenue	$31.932m	$—	new
Total revenue	$44.767m	$47.636m	−6.0%
HPC lease share of total revenue	71.3%	0%	new
Cost of revenue (exclusive of depreciation)	$12.400m	$22.094m	−43.9%
Operating expenses	$21.705m	$2.039m	+964%
Operating expenses - related party	$1.733m	$1.475m	+17.5%
Selling, general and administrative	$112.411m	$9.996m	+1,025%
SG&A - related party	$14.529m	$4.292m	+238%
Depreciation	$21.241m	$18.786m	+13.1%
Loss (gain) on fair value of digital assets, net	$0.799m	$(0.887)m	to a loss
Impairment of property, plant and equipment	$—	$25.697m	none this year
Loss on disposals of property, plant and equipment	$0.399m	$3.831m	−89.6%
Total costs and expenses	$185.217m	$63.226m	+193%
Operating loss	$(140.450)m	$(15.590)m	−801%
Interest expense	$(56.389)m	$(4.012)m	−1,305%
Change in fair value of warrants	$(755.667)m	$—	new
Loss on extinguishment of debt	$(7.116)m	$—	new
Interest income	$28.956m	$1.232m	+2,250%
Loss before income tax and equity in net loss of investee	$(929.736)m	$(18.370)m	−4,961%
Equity in net loss of investee, net of tax	$(11.063)m	$—	new
Net loss	$(940.827)m	$(18.370)m	−5,022%
Net loss attributable to TeraWulf Inc.	$(939.917)m	$(18.370)m	−5,017%
Basic and diluted loss per common share	$(1.94)	$(0.05)	−3,780%
Non-GAAP Adjusted EBITDA	$(18.340)m	$14.531m	to a loss
Weighted-average common shares, basic and diluted	485,734,901	386,895,095	+25.5%
Stock-based compensation expense (Adjusted EBITDA add-back)	$83.939m	$1.304m	+6,437%

Six-month and balance-sheet item	2026	2025 or 31 Dec 2025	Change
Six-month total revenue	$78.779m	$82.041m	−4.0%
Six-month HPC lease revenue	$52.954m	$—	new
Six-month operating loss	$(302.592)m	$(75.218)m	−302%
Six-month net loss	$(1,368.530)m	$(79.788)m	−1,615%
Six-month basic and diluted loss per share	$(3.01)	$(0.21)	−1,333%
Six-month Non-GAAP Adjusted EBITDA	$(22.413)m	$9.836m	to a loss
Six-month stock-based compensation	$185.357m	$39.978m	+364%
Six-month net cash (used in) provided by operating activities	$(154.300)m	$1.677m	to an outflow
Six-month purchase of and deposits on plant and equipment	$(1,378.514)m	$(213.629)m	+545%
Six-month cash paid for asset acquisition	$(231.350)m	$—	new
Six-month proceeds from issuance of common stock, net	$1,199.820m	$—	new
Six-month cash paid for interest	$131.072m	$7.114m	+1,742%
Cash and cash equivalents	$2,619.191m	$3,266.389m	−19.8%
Cash, cash equivalents and restricted cash (period end)	$3,028.608m	$3,722.775m	−18.6%
Property, plant and equipment, net	$3,600.191m	$1,507.699m	+139%
Equity in net assets of investee	$424.062m	$446.008m	−4.9%
Total assets	$8,048.395m	$6,558.182m	+22.7%
Accrued construction liabilities	$287.461m	$102.582m	+180%
Short-term convertible notes	$1,101.976m	$489.767m	+125%
Total current liabilities	$3,763.871m	$1,735.848m	+117%
Long-term debt	$3,019.335m	$3,052.240m	−1.1%
Convertible notes (non-current)	$1,001.083m	$1,582.788m	−36.8%
Total liabilities	$7,900.867m	$6,417.737m	+23.1%
Accumulated deficit	$(2,361.243)m	$(993.692)m	−138%
Total TeraWulf Inc. stockholders' equity	$147.284m	$140.445m	+4.9%
Common shares outstanding	498,932,431	420,065,944	+18.8%

Operational and contracting disclosure	Value
Revenue-generating critical IT capacity at Lake Mariner, 30 June 2026	81 MW
Revenue-generating critical IT capacity after CB-3 delivery, early July 2026	102 MW
Critical IT capacity under construction (CB-4 and CB-5)	336 MW
WULF Compute cost guidance	$8–10m per critical IT MW
Google credit support for Fluidstack lease obligations unlocked by CB-3	$600m
Anthropic lease at Justified Data Campus (subsequent event)	~401 MW critical IT, 20-year term
Anthropic contracted revenue over initial term	~$19bn
Anthropic contracted revenue with both five-year extensions	up to ~$33bn
Anthropic initial delivery / full delivery	H2 2027 / early 2028
Abernathy Joint Venture interest agreed to be sold (subsequent event)	50.1% for ~$530m cash
Muskie Data Campus, Grayson KY (acquired May 2026)	~308 acres, up to 1 GW contracted electric service, initial service expected Q4 2028
Justified Data Campus, Hawesville KY	up to ~480 MW gross power, 250+ buildable acres
Chesapeake Data Campus, Morgantown MD	~210 MW operational, up to 1 GW potential, FERC authorization received 29 July 2026, initial data center operations contemplated 2030
Lake Hawkeye, New York	~183 leased acres, ~400 MW gross / ~320 MW critical IT potential, operations not contemplated until ~2029
Incremental power capacity being pursued at Lake Mariner	250 MW, subject to interconnection approval
Reaffirmed annual contracting target	250–500 MW of incremental critical IT capacity per year

Scorecard recap: total revenue of $44.8m missed consensus by 2.7% and basic and diluted loss per share of $(1.94) missed the $(0.2437) estimate by 696.1%. The loss-per-share miss is dominated by a $755.7m non-cash change in the fair value of warrant liabilities.
The release contains no revenue, EBITDA, or earnings guidance. The forward-looking content is the capacity, delivery-schedule, cost-per-MW and annual-contracting-target disclosures tabulated above.
CEO Paul Prager said the quarter "demonstrates that TeraWulf is moving from platform formation to scaled execution" and that the objective "is not simply to accumulate megawatts — it is to build a durable, capital-efficient platform."
CFO Patrick Fleury framed HPC leasing at approximately 71% of total revenue as "another meaningful step in the transformation of our financial profile" and cited the CB-3 delivery unlocking $600m of Google credit support as "an important credit milestone."

Key bullish aspects

HPC lease revenue of $31.9m appeared from nothing a year ago and now supplies 71.3% of total revenue, so the business-model transition from bitcoin mining to contracted data-center leasing is visible in reported revenue rather than only in pipeline claims.
The Anthropic lease signed after quarter end covers approximately 401 MW of critical IT capacity over 20 years and represents approximately $19bn of contracted revenue, rising to approximately $33bn if both five-year extensions are exercised — a contracted backlog many multiples of the company's current revenue base.
Delivery of CB-3 in early July raised revenue-generating capacity to 102 MW from 81 MW and satisfied the conditions for $600m of Google credit support behind Fluidstack's lease obligations to become effective, which converts counterparty risk into an investment-grade-backed obligation.
The company agreed to sell its entire 50.1% Abernathy Joint Venture interest for approximately $530m in cash against a $424.1m carrying value for the equity in net assets of the investee, so the monetization is above book.
Cash, cash equivalents and restricted cash of approximately $3.0bn at 30 June leave the company funded for the contracted build-out without needing immediate external capital.
Property, plant and equipment, net rose 139% since year end to $3,600.2m, reflecting $1,378.5m of plant and equipment purchases and deposits in the half — the capacity being built is on the balance sheet, not merely announced.
Cost of revenue fell 43.9% to $12.4m while total revenue fell only 6.0%, because leased capacity carries a very different cost structure than self-mining.
The Kentucky platform expanded materially in the quarter: Muskie was acquired with up to 1 GW of contracted electric service from Kentucky Power, and Justified holds up to approximately 480 MW of gross power with an energized on-site substation.
FERC authorized the Morgantown generating station acquisition on 29 July, clearing a significant regulatory condition for the up-to-1 GW Chesapeake campus.
Interest income of $29.0m in the quarter ($58.4m for the half) on the large cash balance offsets roughly half of the quarter's interest expense.
Construction remains within the previously disclosed $8–10m per critical IT MW cost guidance and the 336 MW under construction is on the stated schedule, with CB-4 already in commissioning.
The company reaffirmed its target of contracting 250–500 MW of incremental critical IT capacity annually.

Key bearish aspects

Total revenue fell 6.0% year over year to $44.8m and missed consensus by 2.7%; HPC lease revenue of $31.9m did not fully replace the $34.8m decline in digital asset mining revenue.
Digital asset mining and hosting revenue collapsed 73.1% to $12.8m, so the legacy cash-generating business is shrinking faster than the new one is scaling.
Net loss widened to $(940.8)m from $(18.4)m and loss per share to $(1.94) from $(0.05); the six-month net loss of $(1,368.5)m exceeds total assets a year earlier.
The dominant driver is a $755.7m non-cash change in the fair value of warrant liabilities ($972.0m for the half), which is an equity-linked liability that grows as the share price rises — the reported loss is therefore partly a function of the stock's own appreciation.
Adjusted EBITDA swung to $(18.3)m from $14.5m in the prior-year quarter, and to $(22.4)m from $9.8m for the half, so the company is loss-making even on its own most permissive measure.
SG&A rose to $112.4m from $10.0m and related-party SG&A to $14.5m from $4.3m; stock-based compensation of $83.9m in the quarter ($185.4m for the half) is the largest single Adjusted EBITDA add-back and the company itself states it "will continue to be a significant recurring expense over the coming years."
Interest expense rose to $56.4m from $4.0m in the quarter and to $123.5m from $8.1m for the half; cash interest paid in the half was $131.1m against $78.8m of six-month revenue.
Total liabilities of $7,900.9m stand against $147.3m of stockholders' equity, so the balance sheet is effectively all debt; short-term convertible notes more than doubled to $1,102.0m and total current liabilities rose 117% to $3,763.9m against $2,806.5m of current assets.
Six-month operating cash flow was $(154.3)m against $1.7m a year earlier, so operations consumed cash while capital expenditure ran at $1,378.5m.
Cash fell 19.8% since year end to $2,619.2m despite $1,199.8m of net common stock issuance in the half; the build is drawing down liquidity faster than financing is replacing it.
Common shares outstanding rose 18.8% since year end to 498.9m and weighted-average shares rose 25.5% year over year, so per-share dilution is running alongside the capacity growth.
Accumulated deficit widened 138% since year end to $(2,361.2)m.
Accrued construction liabilities rose 180% since year end to $287.5m, and a further $231.4m of cash went to an asset acquisition in the half.

Key uncertainties

The $755.7m warrant fair-value charge is not explained or quantified by input in the release; the warrant terms, strike, count, and remaining life are not disclosed here, so the sensitivity of future GAAP results to the share price cannot be assessed from this document.
The Anthropic lease is a subsequent event with initial delivery expected in the second half of 2027 and full delivery in early 2028; the release does not disclose the capital required to deliver 401 MW at Justified, the rent commencement schedule, or any credit support arrangement.
Whether the approximately $19bn figure is a gross contracted rent total or net of any pass-through power cost is not stated.
The Abernathy sale is an agreement, not a closing; no expected close date, conditions, or expected gain or loss on the $424.1m carrying value is disclosed.
The company provides no revenue, EBITDA or earnings guidance of any kind, so the second-half revenue trajectory as CB-4 phases in cannot be assessed from this document.
CB-4 delivery and rent commencement are described as "expected during the second half of 2026" without a MW-by-quarter schedule, so the timing of the revenue step-up is not determinable here.
The Muskie campus has up to 1 GW of contracted electric service but initial service is not expected until the fourth quarter of 2028, and no customer, capital plan, or cost is attached to it in this release.
Chesapeake still requires remaining closing conditions and approvals beyond the FERC authorization, and initial data center operations are only "currently contemplated for 2030."
The 250 MW of incremental power capacity being pursued at Lake Mariner is explicitly subject to interconnection approval, with no timeline given.
Stock-based compensation of $83.9m in a quarter with $44.8m of revenue is not broken out by award type, recipient group, or vesting schedule in this release.
The release does not state the remaining committed capital required to complete the 336 MW under construction, so the $8–10m per MW guidance cannot be converted into a funding requirement here.
Short-term convertible notes of $1,102.0m are within current liabilities but the release does not disclose their maturity, conversion price, or settlement mechanics.
No bitcoin production, hash rate, fleet efficiency or power cost statistics are provided for the remaining mining operation, so the rate of decline in that revenue stream cannot be projected.
A transcript for the 8:00 a.m. ET call exists but is covered separately; management's account of the warrant charge, the Anthropic economics, the Abernathy close and the funding plan is not assessed at this stage.

Market context

API Ninjas snapshot: WULF $19.24 on NASDAQ, volume 5,718,453, quote timestamped 2026-08-05T13:50:18Z, retrieved 2026-08-05T13:51:00Z. The release was published before the U.S. open on 2026-08-05 and this quote sits in the pre-open window, albeit on unusually heavy volume for that window. It is a single quote of unstated session basis, not a measured reaction to the release.

Source limitations

Every actual above comes from the Quartr Q2 2026 earnings release document. Quartr standardized financials for this event are not yet populated.
API Ninjas supplied no actual or difference fields for this event, so each beat/miss is calculated locally as Quartr actual minus API Ninjas estimate. The API row carried no fiscal year or quarter, so the exact ticker-and-event-date match path was used.
TeraWulf reports a single basic-and-diluted loss per share; no adjusted or non-GAAP per-share figure exists in this release, so the scorecard EPS row uses the GAAP figure. The API Ninjas estimate of $(0.2437) is an adjusted-basis consensus by convention, and the release provides no comparable adjusted per-share measure.
Percentage changes against a prior-period figure of zero are shown as "new" rather than as a percentage.
Year-over-year and period-to-period percentage changes not printed in the release are calculated from the release's own columns.
Balance-sheet comparatives are to 31 December 2025 and cash-flow comparatives are six-month figures, not quarterly.
The condensed consolidated statements in this release are unaudited.
The Anthropic lease, the Abernathy sale agreement, the FERC authorization and the CB-3 delivery are all subsequent events after the 30 June 2026 balance-sheet date and are not reflected in any reported figure above.
The release contains no forward financial guidance table; the operational disclosures tabulated above are the only forward-looking quantification provided.

earnings-desk

WULF — TeraWulf