TeraWulf Inc. (WULF) Earnings
TeraWulf Inc. is expected to report next earnings on August 14, 2026 (in NaN days), with a consensus EPS estimate of $-0.18. WULF has beaten EPS estimates in 1 of its last 10 reported quarters (average surprise -96.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 8, 2026 | $-0.19 | $-0.44 | -130.5% | $34M | -2.0% |
| Aug 8, 2025 | $-0.04 | $-0.05 | -25.0% | $48M | -13.7% |
| May 9, 2025 | $-0.07 | $-0.16 | -128.6% | $34M | -25.0% |
| Feb 28, 2025 | $-0.04 | $-0.08 | -100.0% | $35M | -6.5% |
| Mar 19, 2024 | $-0.02 | $-0.03 | -30.4% | $23M | -3.6% |
| Aug 14, 2023 | $-0.03 | $-0.08 | -140.0% | $15M | -19.4% |
| May 15, 2023 | $-0.04 | $-0.16 | -300.0% | $12M | -21.5% |
| Nov 14, 2022 | $-0.10 | $-0.31 | -210.0% | $4M | -89.1% |
| Aug 16, 2022 | $-0.14 | $-0.13 | +7.1% | $1M | +246.3% |
| May 16, 2022 | $-0.02 | $-0.18 | -800.0% | $217000 | -98.6% |
| Mar 31, 2022 | — | $-0.45 | — | $676000 | — |
| Oct 29, 2021 | — | $-0.01 | — | $5M | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 8, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
The first quarter was about execution with the strategy guiding operations. Scaled HPC platform at Lake Mariner with 60 megawatts of critical IT capacity energized and generating revenue. Transitioning legacy mining footprint to higher value HPC workloads. Advanced construction for FluidStack and Google at Lake Mariner. Added new power-backed capacity like Hawesville, Kentucky site and progressed Morgantown acquisition in Maryland. Demand remains strong with active engagement from hyperscalers and AI compute platforms. Platform designed to operate across paths to power: immediate access, bring your own generation, utility partnerships.
Guidance
SG&A expenses expected to be $75 to $100 million for 2026. Targeting 480 megawatts online in the second half of 2027. After capital raises, liquidity at parent and subsidiaries remains strong.
Segment performance
In the first quarter of 2026, revenue was $34 million, down from $35.8 million in 4Q25, primarily due to lower Bitcoin production. HPC lease revenue increased to $21 million in Q1, up 117% from $9.7 million in Q4. Cost of revenue, exclusive of depreciation, decreased 88% from $18.9 million in Q4 to 2.4 million in Q1. Operating expenses increased as the platform was scaled to support HPC deployment. The HPC leasing segment profitability had a difference from long-term guidance due to tenant fit-out revenue/costs, pre-revenue operating costs, and development costs across uncontracted sites.
Risks & headwinds
Market moving towards higher bar for execution certainty around grid access. Project approval processes including regulatory approvals for sites like Morgantown. Environmental impact and power cost concerns related to projects like Kentucky site.
Analyst Q&A
Q: Mike Grondahl from Northland Securities asked about post-Kentucky sites and pipeline of new sites.
A: Paul mentioned excitement about Kentucky's expansion, Morgantown's potential with mid-summer FERC decision, and Kerry's team working on more sites.
Q: Steven Glegola from KBW asked about partnering with utilities and Cayuga Lake site plan.
A: Nazar talked about utilities wanting load and generation partners, and Paul provided update on Cayuga Lake planning permit process.
Q: Brett Knobloch from Cantor Fitzgerald asked about Lake Mariner interconnect and Maryland site progress.
A: Paul and Nazir discussed Lake Mariner interconnect feedback expected mid-year and Maryland site waiting on FERC approval.
Q: Nick Giles from B Riley Securities asked about Justified's key items.
A: Paul said it's a competitive process, highly confident of customer by second quarter.
Q: Tim Horan from Oppenheimer and Company asked about contract terms and Justified construction.
A: Nazar talked about contract term changes like 15-year terms and alignment on hardware transitions, Paul discussed construction timeline.
Q: Chris Brendler from Rosenblatt asked about demand environment and financing.
A: Paul said demand will continue due to slow power supply, Patrick talked about improving financing with revolvers and aim to be investment grade.
Q: Brian Dobson from Clear Street asked about contract terms vs last year and constraints.
A: Nazir talked about customer alignment and site footprint, Patrick talked about economic focus on NOI yield and credit support.
Q: John Todaro from Needham & Company asked about Kentucky frontrunner and Bitcoin mining ramp down.
A: Paul said there's a frontrunner for Kentucky, Patrick talked about Bitcoin mining hash rate.
Q: Martin Toner from ATB Coremark asked about political risk and EBITDA lower than range.
A: Paul talked about mitigating NIMBY risk through education, Patrick explained EBITDA difference due to accounting items.
Q: Michael Donovan from Compass Point asked about Maryland site existing capacity and regulatory concerns.
A: Paul said existing capacity will continue to operate and incremental capacity will be added to address concerns