TeraWulf Inc. will announce its financial results for the third quarter ended September 30, 2026, followed by a conference call on November 6, 2026, at 8:00 am ET. The press release will be issued prior to the call on the same day.

Conference call details

Investors can participate in the earnings conference call via webcast or telephone dial-in. The event will cover the company's performance in the quarter ending September 30, 2026.

Participants are advised to log on or dial in approximately five minutes before the scheduled start time. A Call me feature is available for instant telephone access, active 15 minutes prior to the start time.

Replay availability

A telephone replay of the conference call will be available through November 20, 2026. Interested parties can access the replay using the following details:

• Dial-in: (844) 512-2921 or (412) 317-6671
• Access ID: 13763370

Company profile

TeraWulf is a vertically integrated owner, developer, and operator of large-scale digital infrastructure in the United States. The company designs its facilities for high-performance computing and artificial intelligence workloads. Key operational assets include the Lake Mariner Data Campus in New York, with additional large-scale campuses under development in Kentucky, New York, and Maryland. TeraWulf also operates existing bitcoin-mining infrastructure at Lake Mariner, portions of which are being repurposed to support contracted HPC development.

TeraWulf Inc. reported second-quarter 2026 revenue of $44.8 million, a 32% increase from the first quarter, driven by additional high-power compute (HPC) capacity coming online. The company also expanded its platform through a $19 billion contracted revenue lease with Anthropic and the sale of its Abernathy joint venture interest for approximately $530 million.

Despite these operational milestones, TeraWulf shares fell approximately 5% on Monday, closing near $14.71. The decline occurred even as broader indices like the Nasdaq and S&P 500 gained, suggesting company-specific sentiment or technical factors influenced the price action. The stock remains below several key moving averages, indicating a bearish technical picture with a "death cross" formed in September.

Strategic Capacity Expansion

The company executed an amended electric service agreement with Kentucky Power, increasing contracted power capacity at its Muskie Data Campus in eastern Kentucky from 500 megawatts to 1 gigawatt. This expansion addresses "tremendous" customer interest in large-scale digital infrastructure. The amendment accelerates the planned delivery of the campus’s second 500 MW phase from 2030 to 2029, subject to approval by the Kentucky Public Service Commission. The first 500 MW phase remains targeted to begin ramping in 2028.

Following quarter-end, TeraWulf executed a long-term lease with Anthropic for approximately 401 megawatts of critical IT capacity at its Justify Data campus in Hawesville. The agreement represents approximately $19 billion of contracted revenue over the initial 20-year lease term. Paul Prager, Chairman and CEO, stated that securing this capacity provides greater flexibility to meet prospective customers’ deployment needs. The company continues to evaluate the site’s potential to support up to 2 GW over time.

Kentucky Power is developing a 765-kV / 345-kV substation connected to the regional transmission network to serve the site. This infrastructure development aligns with Governor Beshear’s Executive Order on Data Center Development (2026-494).

Financial Performance and Capital Allocation

HPC lease revenue increased 52% quarter-over-quarter to $31.9 million from $21.0 million, representing approximately 71% of total revenue. Cost of revenue, exclusive of depreciation, increased to $12.4 million from $2.4 million in the first quarter, primarily reflecting lower demand response proceeds. Operating expenses rose to $23.4 million as the company scaled its platform ahead of additional HPC capacity entering service.

The sale of a 50.1% interest in the Abernathy Joint Venture for approximately $530 million was executed, allowing TeraWulf to focus on larger-scale opportunities. This transaction represents a 20% internal rate of return on the initial investment. Cash and restricted cash totaled approximately $3.0 billion as of June 30, with unrestricted parent liquidity increasing to approximately $1.45 billion in July.

Regulatory Context and Infrastructure

TeraWulf’s approach involves coordinating closely with utilities to ensure financial protections for existing customers while structuring agreements to allocate costs appropriately. In August, the Kentucky Public Service Commission approved a separate electric service agreement for TeraWulf’s Justified Data Campus in Hawesville, finding that its terms adequately protected existing customers.

The company reaffirmed its target of contracting an incremental 250 to 500 megawatts of critical IT capacity annually. Management emphasized regional diversity and power security, highlighting partnerships with utilities and potential international expansion. The Federal Energy Regulatory Commission (FERC) authorized the proposed acquisition of the Morgantown site in Maryland, clearing a significant regulatory condition towards closing.

Market Performance and Technical Outlook

TeraWulf’s stock is trading 8.1% below its 20-day simple moving average (SMA) of $16 and 10.1% below its 50-day SMA of $16.35. It is also well below its 100-day SMA of $20.02 and 200-day SMA of $18.07. The 20-day SMA is currently below the 50-day SMA, and the 50-day SMA moved below the 200-day SMA in September, creating a "death cross." Momentum indicators remain weak, with the MACD below its signal line and a negative histogram.

• Key Resistance: $16.50, an area near several moving averages that could limit a rebound.
• Key Support: $14.50, a level where buyers may attempt to defend the current range.

Earnings and Analyst Outlook

Analysts project a loss of 19 cents per share for the next major earnings report, compared with a loss of 7 cents a year earlier. Revenue is estimated at $75.45 million, up from $50.58 million in the prior year period. The company carries a Buy consensus rating with an average price forecast of $31.70. Recent analyst actions include:

• UBS: Initiated coverage with a Buy rating and $24 price target on September 23.
• Rothschild: Initiated coverage with a Neutral rating and $15 price target on September 21.
• Wells Fargo: Initiated coverage with an Overweight rating and $30 price target on September 17.

What the Numbers Show

The doubling of contracted capacity to 1 GW at Muskie, combined with the $19 billion Anthropic lease at Justify, signals a shift from speculative development to long-duration contracted revenue. The Q2 revenue growth of 32% QoQ validates the model of converting power-advantaged infrastructure into recurring lease income. However, the GAAP net loss of $939.9 million, driven largely by a $755.7 million non-cash loss from Google warrant fair value changes, obscures the underlying operational progress. Adjusted EBITDA was negative $18.3 million, reflecting pre-revenue operating costs ahead of full capacity utilization. The divergence between strong contracted backlog ($19 billion) and current technical weakness suggests the market is discounting execution risks and capital intensity despite visible demand.