Jun 2026 (Q2 FY26) — Aug 5, 2026
TeraWulf Q2 FY26 — Execution and Expansion Drive Strong Contracted Revenue
Read the full callTeraWulf (WULF) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
TeraWulf earnings: last reported Wed, 5 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 44.8 | −6.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -313.7 | −281.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -940 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
8 of 9 judged targets kept · 9 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| CB-3 (Fluidstack, Lake Mariner) delivery / lease commencement | expected to deliver in mid-May [2026] | Dec 2025 | CB-3 was fully delivered and generating lease revenue in early July, bringing total revenue generating critical IT capacity at the campus to 102 megawatts. | Achieved* |
| CB-4 & CB-5 (Fluidstack, Lake Mariner) full deployment | first 40MW online in 1H 2026; full deployment by year-end [2026] | Jun 2025 | At CB-4, we remain on track to begin energizing the first data hall in late September. At CB-5, we expect to begin energizing the First Data hole in very early January. | Delayed |
| Abernathy JV (Texas) lease commencement | fourth quarter 2026 lease commencement | Dec 2025 | Following quarter end, we entered into an agreement to sell our entire interest in the Abernathy joint venture for approximately $530 million. | Pending |
1 of TERAWULF INC.'s 18 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 15 more targets are in the full ledger.
Claimed
- Total revenue increased 31.8% QoQ to $44.8 million, driven by additional HPC capacity.
- HPC lease revenue grew 52% QoQ to $31.9 million, representing 71% of total revenue.
- Executed a 20-year lease with Anthropic for 401 MW at Justified data campus, representing approximately $19 billion of contracted revenue.
- Divested Abernathy joint venture for $530 million, achieving a 20% IRR on initial investment.
- Completed CB-3 at Lake Mariner, bringing 102 critical megawatts online and making $600 million of Google's credit support effective.
Qualified
- GAAP net loss attributable to TeraWulf increased to $939.9 million from $427.6 million QoQ, primarily due to noncash fair value adjustment of Google warrants.
- Non-GAAP adjusted EBITDA was negative $18.3 million, reflecting pre-revenue operating and development costs.
- Cost of revenue (exclusive of depreciation) increased to $12.4 million from $2.4 million QoQ, mainly due to lower demand response proceeds.
- Operating expenses increased to $23.4 million from $11.2 million QoQ, driven by scaling platform ahead of HPC capacity.
- Electrical labor constraints and evolving customer requirements led to an updated Wulf Compute project cost estimate of $9.1 million per megawatt, up from $8.6 million financed in October 2025.
Price
$12.62 +9.36% · +$1.08
Performance −18.4% 1Y
1Y: $15.46 on 14 Oct 2025 → $12.62. High $28.98 (18 Jun 2026), low $10.99 (14 Nov 2025).
- Previous close
- $11.54
- 52-week range
- $10.99 – $28.98
- One year
- −18.42%
Overview
- Symbol
- WULF
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
8 of 9 judged targets kept · 9 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| CB-3 (Fluidstack, Lake Mariner) delivery / lease commencement | expected to deliver in mid-May [2026] | Dec 2025 | CB-3 was fully delivered and generating lease revenue in early July, bringing total revenue generating critical IT capacity at the campus to 102 megawatts. | Achieved* |
| CB-4 & CB-5 (Fluidstack, Lake Mariner) full deployment | first 40MW online in 1H 2026; full deployment by year-end [2026] | Jun 2025 | At CB-4, we remain on track to begin energizing the first data hall in late September. At CB-5, we expect to begin energizing the First Data hole in very early January. | Delayed |
| Abernathy JV (Texas) lease commencement | fourth quarter 2026 lease commencement | Dec 2025 | Following quarter end, we entered into an agreement to sell our entire interest in the Abernathy joint venture for approximately $530 million. | Pending |
Claimed
- Total revenue increased 31.8% QoQ to $44.8 million, driven by additional HPC capacity.
- HPC lease revenue grew 52% QoQ to $31.9 million, representing 71% of total revenue.
- Executed a 20-year lease with Anthropic for 401 MW at Justified data campus, representing approximately $19 billion of contracted revenue.
- Divested Abernathy joint venture for $530 million, achieving a 20% IRR on initial investment.
- Completed CB-3 at Lake Mariner, bringing 102 critical megawatts online and making $600 million of Google's credit support effective.
Qualified
- GAAP net loss attributable to TeraWulf increased to $939.9 million from $427.6 million QoQ, primarily due to noncash fair value adjustment of Google warrants.
- Non-GAAP adjusted EBITDA was negative $18.3 million, reflecting pre-revenue operating and development costs.
- Cost of revenue (exclusive of depreciation) increased to $12.4 million from $2.4 million QoQ, mainly due to lower demand response proceeds.
- Operating expenses increased to $23.4 million from $11.2 million QoQ, driven by scaling platform ahead of HPC capacity.
- Electrical labor constraints and evolving customer requirements led to an updated Wulf Compute project cost estimate of $9.1 million per megawatt, up from $8.6 million financed in October 2025.
The full ledger
Open TERAWULF INC.’s full ledger
A free account opens 5 company ledgers a month. All 18 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 8, 2026
TeraWulf Q1 FY26 — HPC Leasing Revenue Surges Amidst Strategic Transition
Read the full callDec 2025 (Q4 FY25) — Feb 26, 2026
TeraWulf Q4 FY25 — Strategic Shift to Power-Backed AI Infrastructure Platform
Read the full callEvery analysed call
TeraWulf earnings calls (WULF)
Financials
What the filings say
Net profit, year on year: −5017% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 27 | 35 | 34 | 48 | 51 | 36 | 34 | 45 |
| Expenses | 43 | 86 | 94 | 63 | 75 | 122 | 196 | 185 |
| Operating profit | -16 | -51 | -60 | -16 | -25 | -86 | -162 | -140 |
| Operating margin | −58.1% | −147.0% | −173.3% | −32.7% | −48.8% | −240.9% | −476.7% | −313.7% |
| Interest | 0 | 3 | 4 | 4 | 10 | 62 | 67 | 56 |
| Profit before tax | -20 | -52 | -61 | -18 | -455 | -122 | -416 | -930 |
| Tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | −0.1% | −0.0% | 0.0% |
| Net profit | -23 | -29 | -61 | -18 | -455 | -127 | -428 | -940 |
| EPS ($ per share) | -0.06 | — | -0.16 | -0.05 | -1.13 | — | -1.01 | -1.94 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | 10 | 9 | 9 | -96 | -186 | -260 | -332 | -994 |
| Total liabilities | 4 | 5 | 4 | 142 | 200 | 156 | 543 | 6,418 |
| Fixed assets | 8 | 8 | 7 | 192 | 192 | 205 | 412 | 1,508 |
| Investments | 3 | 2 | 0 | — | — | — | — | — |
| Total assets | 17 | 17 | 15 | 265 | 318 | 378 | 788 | 6,558 |
| Line item | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 0 | 1 | -0 | -0 | -34 | 4 | -24 | -123 |
| Cash from investing | 0 | -0 | 0 | 2 | -94 | -78 | -91 | -1,369 |
| Cash from financing | -0 | -0 | -0 | 1 | 90 | 120 | 335 | 4,941 |
| Net cash flow | -0 | 1 | -1 | 3 | -38 | 46 | 220 | 3,449 |
| Capital expenditure | -0 | -1 | -0 | -0 | -61 | -75 | -268 | -1,060 |
| Free cash flow | -0 | 1 | -1 | -1 | -95 | -71 | -292 | -1,183 |
WULF revenue by segment
| Segment | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|
| Digital Asset Mining | — | — | — | 100% | 100% | 100% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
98 filings between Oct 17, 2025 and Sep 30, 2026.
Open market
decisions to buy or sellPurchases
$440.5K
13 purchases by 1 insider
Sales
$36.09M
17 sales by 5 insiders
47% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Some filings report no price, so the dollar figures above are a floor, not a total.
Compensation
not trading decisions- 12
- Award — granted as compensation
- 33
- Option exercise — converted options into shares
Also filed: 18 dispositions to the issuer, 4 other filings, 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Prager Paul B. | — | $23.43M | Aug 27, 2026 |
| Fleury Patrick | — | $9.68M | Mar 17, 2026 |
| Carter Walter E. | — | $1.98M | Aug 31, 2026 |
| Motz Catherine J. | — | $997.9K | Sep 8, 2026 |
| Bucella Michael C. | $440.5K | — | Sep 15, 2026 |
| Khan Nazar M. | — | $0 | Apr 24, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 30, 2026 | Prager Lisa A. Director | Award | 1,690 | — |
| Sep 30, 2026 | Carter Walter E. Director | Award | 2,112 | — |
| Sep 30, 2026 | Bucella Michael C. Director | Award | 1,690 | — |
| Sep 29, 2026 | Khan Nazar M. Chief Technology Officer | Option exercise | 666,667 | — |
| Sep 15, 2026 | Bucella Michael C. Director | Purchase | 6,085 | $90.0K |
| Sep 8, 2026 | Motz Catherine J. Director | Sale | 56,023 | $997.9K |
| Aug 31, 2026 | Carter Walter E. Director | Sale | 130,626 | $1.98M |
| Aug 27, 2026 | Prager Paul B. Chief Executive Officer | Sale 10b5-1 plan | 137,500 | $2.35M |
| Aug 17, 2026 | Bucella Michael C. Director | Purchase | 2,860 | $50.0K |
| Aug 16, 2026 | Tanimoto William Joseph Chief Accounting Officer | Option exercise | 6,666 | — |
| Aug 14, 2026 | Bucella Michael C. Director | Purchase | 3,023 | $50.0K |
| Aug 3, 2026 | Langlais Kerri M. Chief Strategy Officer | Disposition to issuer | 276,500 | — |
| Aug 1, 2026 | Fleury Patrick Chief Financial Officer | Option exercise | 500,000 | — |
| Aug 1, 2026 | Langlais Kerri M. Chief Strategy Officer | Option exercise | 500,000 | — |
| Jun 30, 2026 | Carter Walter E. Director | Award | 1,266 | — |
| Jun 30, 2026 | Bucella Michael C. Director | Award | 1,013 | — |
| Jun 30, 2026 | Prager Lisa A. Director | Award | 1,013 | — |
| Jun 29, 2026 | Prager Paul B. Chief Executive Officer | Sale 10b5-1 plan | 137,500 | $3.66M |
| Jun 24, 2026 | Tanimoto William Joseph Chief Accounting Officer | Option exercise | 10,000 | — |
| Jun 23, 2026 | Pincus Steven T. Director | Option exercise | 63,026 | — |
| Jun 23, 2026 | Motz Catherine J. Director | Option exercise | 56,023 | — |
| Jun 23, 2026 | Fabiano Amanda Director | Option exercise | 56,023 | — |
| Jun 23, 2026 | Carter Walter E. Director | Option exercise | 56,023 | — |
| Jun 23, 2026 | Prager Lisa A. Director | Option exercise | 56,023 | — |
| Jun 23, 2026 | Bucella Michael C. Director | Option exercise | 56,023 | — |
| May 27, 2026 | Prager Paul B. Chief Executive Officer | Sale 10b5-1 plan | 109,849 | $2.81M |
| May 27, 2026 | Prager Paul B. Chief Executive Officer | Sale 10b5-1 plan | 56,801 | $1.51M |
| May 26, 2026 | Prager Paul B. Chief Executive Officer | Sale 10b5-1 plan | 166,650 | $4.07M |
| May 18, 2026 | Langlais Kerri M. Chief Strategy Officer | Disposition to issuer | 180,860 | — |
| May 18, 2026 | Fleury Patrick Chief Financial Officer | Option exercise | 327,054 | — |
| May 18, 2026 | Prager Paul B. Chief Executive Officer | Disposition to issuer | 542,582 | — |
| May 18, 2026 | Prager Paul B. Chief Executive Officer | Option exercise | 981,161 | — |
| May 18, 2026 | Khan Nazar M. Chief Technology Officer | Disposition to issuer | 452,151 | — |
| May 18, 2026 | Khan Nazar M. Chief Technology Officer | Option exercise | 817,634 | — |
| May 18, 2026 | Langlais Kerri M. Chief Strategy Officer | Option exercise | 327,054 | — |
| May 18, 2026 | Fleury Patrick Chief Financial Officer | Disposition to issuer | 128,695 | — |
| May 6, 2026 | Fleury Patrick Chief Financial Officer | Option exercise | 327,054 | — |
| May 6, 2026 | Fleury Patrick Chief Financial Officer | Disposition to issuer | 128,695 | — |
| May 6, 2026 | Khan Nazar M. Chief Technology Officer | Option exercise | 817,635 | — |
| May 6, 2026 | Langlais Kerri M. Chief Strategy Officer | Disposition to issuer | 180,860 | — |
| May 6, 2026 | Prager Paul B. Chief Executive Officer | Disposition to issuer | 542,582 | — |
| May 6, 2026 | Langlais Kerri M. Chief Strategy Officer | Option exercise | 327,054 | — |
| May 6, 2026 | Prager Paul B. Chief Executive Officer | Option exercise | 981,162 | — |
| May 6, 2026 | Khan Nazar M. Chief Technology Officer | Disposition to issuer | 452,152 | — |
| Apr 28, 2026 | Prager Paul B. Chief Executive Officer | Sale | 100 | $2.1K |
| Apr 28, 2026 | Prager Paul B. Chief Executive Officer | Sale | 79,100 | $1.63M |
| Apr 27, 2026 | Prager Paul B. Chief Executive Officer | Sale | 56,909 | $1.21M |
| Apr 27, 2026 | Prager Paul B. Chief Executive Officer | Sale | 80,591 | $1.65M |
| Apr 24, 2026 | Langlais Kerri M. Chief Strategy Officer | Disposition to issuer | 180,860 | — |
| Apr 24, 2026 | Khan Nazar M. Chief Technology Officer | Option exercise | 817,635 | — |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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