TeraWulf (WULF) Q2 2026 earnings summary

Executive summary

• Transitioned strategic focus to power-controlled, AI/HPC infrastructure, with HPC leasing now the primary growth driver and revenue source as of Q2 2026.

• Achieved $44.8 million in Q2 2026 revenue, with 71% from HPC lease revenue, and ended the quarter with $3.0 billion in cash and restricted cash, supporting ongoing and future development.

• Major expansion included the acquisition of Justified and Muskie Data Campuses, a 20-year, ~$19 billion lease with Anthropic for 401 MW, and securing up to 1 GW of contracted electric service.

• Monetized Abernathy JV for ~$530 million, redeploying capital into wholly owned AI infrastructure and reaffirming the target of contracting 250–500 MW of incremental IT capacity annually.

• Delivered 102 MW of revenue-generating IT capacity at Lake Mariner, with 336 MW under construction and phased delivery expected in late 2026 and early 2027.

Financial highlights

• Q2 2026 revenue was $44.8 million, down from $47.6 million in Q2 2025, with HPC lease revenue at $31.9 million (71% of total revenue).

• Net loss for Q2 2026 was $939.9 million, compared to $18.4 million in Q2 2025, mainly due to non-cash charges.

• Adjusted EBITDA for Q2 2026 was $(18.3) million, compared to $14.5 million in Q2 2025.

• Cash and restricted cash totaled $3.0 billion at quarter end, up from $142.9 million at year-end 2025.

• Operating expenses and SG&A increased significantly year-over-year, with SG&A at $112.4 million in Q2 2026 versus $10.0 million in Q2 2025.

Outlook and guidance

• Reaffirmed annual target of contracting 250–500 MW of incremental critical IT capacity, supported by a 2.1 GW controlled pipeline.

• Initial delivery for the Anthropic lease at Justified expected in H2 2027, with full delivery in early 2028; Muskie Data Campus initial service expected in Q4 2028.

• Chesapeake Data Campus initial operations contemplated for 2030, pending regulatory approvals.

• Revenue mix expected to continue shifting toward contracted HPC leasing as more capacity is delivered and energized.

• Existing liquidity and Abernathy proceeds sufficient to fund all near-term commitments without accessing equity markets.