TeraWulf (WULF) Q1 2026 earnings summary

Executive summary

• Transitioned from bitcoin mining to high-value, contracted HPC leasing, with HPC leasing representing over 60% of Q1 2026 revenue and $21 million in HPC lease revenue.

• Platform controls 2.3 GW of HPC capacity, with 522 MW leased, and is expanding with new sites in Kentucky and Maryland, including major acquisitions and joint ventures for regional diversification.

• Long-term, credit-backed contracts drive stable cash flows and support multi-year growth, with strong demand from hyperscalers and AI compute platforms.

• Maintained robust liquidity with $3.1 billion in cash and restricted cash at quarter-end, supported by equity raises and a $250 million revolving credit facility.

• Disciplined capital deployment focuses on contracted projects and avoids speculative builds, with proven execution and regional diversity.

Financial highlights

• Q1 2026 revenue was $34 million, with $21 million from HPC leasing and $13 million from digital asset mining.

• HPC lease revenue rose 117% quarter-over-quarter, now the largest revenue segment.

• GAAP net loss was $427.6 million, up from $126.6 million in Q4, mainly due to non-cash fair value adjustments and stock-based compensation.

• Adjusted EBITDA improved to negative $4.1 million from negative $50.9 million in Q4.

• Cash and restricted cash at March 31, 2026: $3.1 billion; net debt stood at $2.7 billion.

Outlook and guidance

• Revenue mix will continue shifting toward stable, contracted HPC revenue as additional buildings come online throughout 2026.

• Targeting 250–500 MW of new contracted HPC IT capacity signings annually, with multi-year development runway supporting 1.8–3.0 GW of future capacity.

• Expecting FERC decision on Morgantown (Maryland) site by mid-summer 2026.

• Guidance for 2026 SG&A expenses remains $75–100 million.

• Capital deployment will focus on contracted HPC projects and disciplined expansion of the development pipeline.