EarningsQ2 2026 Earnings Report
MX:WULF Q2 2026 EPS Results
Actual EPS-$35.49
Consensus EPS-$4.46
Beat/MissMissed by -$31.03
One Year Ago EPS-$0.91
MX:WULF Q2 2026 Revenue Results
Actual Revenue$818.99M
Expected Revenue$841.50M
Beat/MissMissed by -$22.50M
YoY Revenue Growth-6.02%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeBefore Open
Conference CallWednesday, August 5, 2026
MX:WULF Upcoming Earnings
TeraWulf Inc's next earnings date is estimated for November 16, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:WULF Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasizes strong execution milestones, meaningful contracted revenue growth (notably the 401 MW Anthropic lease representing ~$19B), improved liquidity and project-level economics (FluidStack amendments, pro forma capitalization moving toward more equity). At the same time, the company faces near-term headwinds including large noncash GAAP losses from warrant revaluation, negative adjusted EBITDA driven by pre-revenue costs, elevated cash interest payments, and execution constraints around skilled electrical labor and tenant-driven design changes. On balance, the operational progress, sizable contracted backlog, solid liquidity and constructive financing posture outweigh the near-term accounting and execution challenges.Company Guidance
CB-3 Delivery and Operating Capacity
CB-3 fully delivered and generating lease revenue, bringing total revenue-generating critical IT capacity at Lake Mariner to 102 MW; completion satisfied conditions making $600M of Google credit support effective. CB-4 is in commissioning (Level 2) with first data hall expected to hit Level 4 and begin revenue late September; CB-5 first data hall expected to begin energizing in very early January.
Strong HPC Leasing Growth
Total revenue for Q2 was $44.8M (Q1 $34.0M). HPC lease revenue increased 52% quarter-over-quarter to $31.9M from $21.0M and represented ~71% of total revenue.
Large Anthropic Lease — Significant Contracted Revenue
Executed a 20-year lease with Anthropic for ~401 MW at the Justified Data campus, representing approximately $19 billion of contracted revenue over the initial lease term and expanding a direct relationship with a major AI customer.
Strategic Expansion — Muskie Acquisition and Kentucky Platform
Acquired Muskie data campus (gigawatt-scale) in Eastern Kentucky with a utility partnership (Kentucky Power / AEP) under a data center tariff providing for 1 GW of electric service; initial electric service expected Q4 2028. Company is optimistic about expanding Muskie to as much as 2 GW and is actively commercializing the site.
Abernathy Monetization and Capital Recycling
Entered agreement to sell entire interest in Abernathy JV for ~ $530M (50.1% interest), representing a ~20% IRR on the initial investment; initial $250M payment received post-quarter increased parent unrestricted cash and enables redeployment of capital into larger-scale assets.
Strong Liquidity and Project Financing Position
Cash and restricted cash totaled approximately $3.0B as of June 30. Parent-level unrestricted cash ~ $1.2B at quarter end (increased to ~ $1.45B after initial Abernathy payment). WULF Compute gross cash ~ $1.9B (~$1.5B after reserves). ~$2.3B of project capex completed with ~$1.7B remaining. Pro forma project capitalization expected ~32% equity / 68% debt; estimated total project cost ~ $9.1M per critical IT MW (within original $8M–$10M guidance).
Improved Lease Economics from FluidStack Amendments
TeraWulf will contribute ~ $150M to address tenant fit-out costs (incurred through June 30, 2026) and expects > $300M of incremental lease revenue over the initial 10-year lease term; combined with capacity increases (162 → 168 MW at CB-4/CB-5), the amendments are expected to generate > $500M incremental lease revenue for WULF Compute over the initial lease terms.
Regulatory Progress on Chesapeake (Morgantown)
FERC authorized the proposed Morgantown acquisition on July 29, clearing a significant regulatory condition toward closing. Site includes ~210 MW of existing grid-connected generation and potential to develop an integrated generation, storage and data center campus capable of supporting up to 1 GW of data center capacity.
MX:WULF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed