TeraWulf Q2 Revenue Hits $44.8M as HPC Leasing Dominates; $939.9M Net Loss Driven by Non-Cash Warrant Charge
WULF has more than doubled off its 52-week low of $4.67.
Summary
TeraWulf reported Q2 2026 revenue of $44.8M, with HPC leasing contributing 71%, and a net loss of $939.9M driven by a non-cash warrant liability remeasurement. The company ended the quarter with $3.0B in cash and reaffirmed its annual capacity signing target.
Key Events · Earnings and Guidance · WULF
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Q2 Revenue Reaches $44.8M
Total revenue of $44.8M, with HPC lease revenue of $31.9M (71% of total) and digital asset revenue of $12.8M, reflecting the ongoing transition to contracted AI infrastructure.
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Net Loss of $939.9M Includes Non-Cash Warrant Charge
Net loss of $939.9M was driven by a $755.7M non-cash change in fair value of warrant liabilities, a mark-to-market adjustment reflecting the higher share price, not a cash outflow or new dilution.
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Strong Liquidity Position at $3.0B
Cash, cash equivalents, and restricted cash totaled $3.0B as of June 30, 2026, providing substantial funding for the 336 MW under construction and future campus development.
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Operational Milestones: 102 MW Online, 336 MW Under Construction
102 MW of critical IT capacity is now revenue-generating at Lake Mariner, with CB-4 and CB-5 (336 MW combined) progressing toward phased delivery in 2H26 and early 2027.
Analysis · WULF · Crypto Assets
TeraWulf's Q2 results show a sharp pivot to recurring HPC lease revenue, now 71% of the top line, but the bottom line is dominated by a $755.7M non-cash fair-value loss on warrant liabilities — a mark-to-market adjustment tied to the rising stock price, not a cash outflow or dilution. The company holds $3.0B in cash and restricted cash, providing ample liquidity to fund its 336 MW under construction and future growth. The reaffirmed target of 250-500 MW of annual capacity signings signals confidence in the AI infrastructure pipeline, while the Lake Mariner lease amendments add $500M in contracted revenue. This filing provides the first detailed look at the financial transition since the landmark Anthropic lease and Abernathy sale, confirming the shift from bitcoin mining to a power-backed AI infrastructure platform.
How filings like this one have moved
In the 30 days to Sep 15, 2026, 35.6% of the 1100 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.43%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, WULF was trading at $18.45 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $9.4B. The 52-week trading range was $4.67 to $29.84. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.