WU

TeraWulf Inc. Common Stock Earnings Recaps

WULF Financials 2 recaps
Next earnings: November 9, 2026 (estimated) · full calendar
Q2 2026 Aug 7, 2026

TeraWulf’s shares fell 6.7% post-earnings as investors reacted negatively to cautious outlook signals and potential margin pressure, despite ongoing execution and expansion efforts. The market appears concerned about deceleration risks and selective asset monetization diminishing future growth optionality.

Key takeaways
  • Delivered full operations of CB-3 at Lake Mariner, adding 102 megawatts of revenue-generating compute capacity and triggering $600 million in Google credit support.
  • Advanced construction and commissioning at CB-4 and CB-5, with early data hall energizing expected in late September and early January, respectively.
  • Expanded presence in Kentucky via a 401-megawatt long-term lease with Anthropic, securing approximately $19 billion in contracted revenue over 20 years.
  • Acquired the Muskie site in Eastern Kentucky, a gigawatt-scale, utility-supported data campus with initial power service anticipated by Q4 2028.
  • Monetized the Abernathy joint venture with a $530 million sale agreement, signaling a more cautious capital allocation approach focused on sites with greater control and visibility.
Full recap
Q3 2025 Nov 11, 2025

TeraWulf achieved significant operational and financial milestones in Q3 2025, highlighted by a transformative 10-year agreement with Fluidstack and Google, and marked the commencement of its high-performance computing (HPC) revenue stream.

Key takeaways
  • Signed a 10-year contract for approximately 360 megawatts of IT load with Fluidstack, generating $670 million in average annual revenue.
  • Closed $3.2 billion in senior secured financing backed by Google, facilitating the Lake Mariner HPC build-out.
  • Recorded first HPC revenues of $7.2 million during the quarter, with substantial progress on multiple construction projects.
  • Expanded the operational footprint with a new joint venture for a 168-megawatt HPC campus in Texas, emphasizing scalability and efficiency.
  • Increased annual target for new HPC signings to a range of 250 to 500 megawatts, reflecting robust customer demand and strategic growth.
Full recap

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