Terawulf Inc. (WULF)
NASDAQ:WULF
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Earnings Data
Report Date
Aug 17, 2026TBA (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
-0.25Last Year’s EPS
-0.05Same Quarter Last Year
Strong Buy
Based on 17 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlights a clear operational transition from Bitcoin mining toward contracted HPC leasing with strong early execution: energized capacity at Lake Mariner, a 117% QoQ increase in HPC revenue, meaningful liquidity ($3.1B cash/restricted cash), an improved adjusted EBITDA trajectory and an adjusted HPC segment margin consistent with long-term guidance (~85%). Offsetting these positives are sizable GAAP losses driven by noncash warrant fair value volatility ($216.3M), impairment charges ($25.7M), higher headline SG&A and transitional mining revenue declines. Most of the headline negatives are noncash or transitional while core operating metrics and liquidity are demonstrably strengthening, supporting constructive execution and growth outlook.Company Guidance
Sharp Ramp in HPC Leasing Revenue
HPC leasing contributed $21.0M in Q1, the first meaningful quarter of HPC leasing revenue, up 117% from $9.7M in Q4 2025, signaling early conversion to stable, contracted revenue.
Operational Milestones at Lake Mariner
60 MW of critical IT capacity at Lake Mariner energized and generating revenue as of March 31; CB-2 achieved RFS and Core42 lease commenced. CB-3 on track to complete scope by end of May; CB-4 and CB-5 remain on schedule for 3Q and 4Q 2026.
Large Liquidity & Funded Development Pipeline
Cash and restricted cash totaled $3.1B at quarter end; parent unrestricted cash ~ $300M (increased to ~ $1.5B after April equity raise). WULF Compute had ~$2.8B gross cash ($2.3B net) with $1.5B CapEx spent and $2.2B remaining, and Abernathy JV had ~$1.4B gross ($1.0B net).
Material Reduction in Cost of Revenue and Strong Demand Response
Cost of revenue (ex-depreciation) fell 88% QoQ from $18.9M to $2.4M. Demand response proceeds increased to $14.1M from $4.4M, a ~220% increase, which materially reduced reported cost of revenue.
Improved Adjusted EBITDA
Non-GAAP adjusted EBITDA improved to a negative $4.1M in Q1 from negative $50.9M in Q4, demonstrating meaningful operational improvement during the transition to HPC leasing.
HPC Segment Profitability (Adjusted)
As-reported HPC segment margin was ~50% in Q1, but after adjusting for $2.1M tenant fit-out revenue/costs, $3.5M pre-revenue WULF Compute costs and $2.1M development costs, the adjusted segment profit margin is approximately 85%, in line with long-term guidance.
Strategic Site Additions and Pipeline Progress
Added Hawesville, KY (immediate power availability) and progressing Morgantown, MD acquisition (FERC decision expected mid-summer). Management is targeting 480 MW online in H2 2027 and guiding a development cadence of ~250–500 MW per year.
Discipline on Capital Deployment
Management reiterated capital discipline: $3.1B of cash/restricted cash is being deployed into contracted or actively commercializing assets and the company repaid and terminated a $100M bridge draw post-quarter.
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
WULF Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 08, 2026 | $24.02 | $23.39 | -2.62% |
Feb 26, 2026 | $17.88 | $16.22 | -9.28% |
Nov 10, 2025 | $14.30 | $12.37 | -13.50% |
Aug 08, 2025 | $4.94 | $5.03 | +1.82% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Terawulf Inc. (WULF) report earnings?
Terawulf Inc. (WULF) is schdueled to report earning on Aug 17, 2026, TBA (Confirmed).
What is Terawulf Inc. (WULF) earnings time?
Terawulf Inc. (WULF) earnings time is at Aug 17, 2026, TBA (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is WULF EPS forecast?
WULF EPS forecast for the fiscal quarter 2026 (Q2) is -0.25.