TeraWulf Q3 Revenue Hits $76.2 Million as AI Leases Now Drive 83% of Sales

TeraWulf reported third-quarter 2026 revenue of $76.2 million, surpassing Wall Street expectations of $61.8 million by more than $14 million. The bitcoin miner turned AI infrastructure provider swung to a reported net income of $709.9 million for the quarter, a figure heavily inflated by a $728.4 million fair-value mark-to-market gain on warrants and derivatives and a $95 million gain from the $250 million sale of its 50.1% stake in its Abernathy facility.

High-Performance Computing lease revenue was the defining story of the quarter, coming in at $63.0 million and accounting for 83% of total sales, underscoring how dramatically the company has shifted away from pure Bitcoin mining. That business was anchored by an expanded lease agreement with Anthropic covering approximately 401 megawatts and carrying roughly $19 billion in contracted revenue. Diluted EPS of -$0.03 also beat the consensus estimate of -$0.19, though Adjusted EBITDA remained negative at -$12.8 million.

On the balance sheet, TeraWulf ended the quarter with approximately $2.4 billion in cash. The company has 102 megawatts of critical IT capacity online at its Lake Mariner facility, 336 megawatts under construction, and 1,000 megawatts of contracted power secured at its Muskie site. Management also put in place a $400 million revolving credit facility with a $150 million accordion feature and reaffirmed full-year 2026 guidance to add between 250 megawatts and 500 megawatts of incremental critical IT capacity annually. Shares surged following the release.