TeraWulf, Inc. Q1 FY2026 Earnings Call

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TeraWulf Q1 2026 Earnings Summary

  • Business Transition: Q1 2026 marked a shift from Bitcoin mining to HPC/AI leasing. The company energized 60 MW of critical IT capacity at Lake Mariner by March 31, generating the first meaningful HPC revenue. Strategy emphasizes contracting long-term, credit-backed AI capacity at power-advantaged sites before deploying capital.
  • Revenue Performance (Q1 2026 vs Q4 2025): Total revenue $34M (down from $35.8M), primarily due to lower Bitcoin production. HPC lease revenue rose sharply to $21M (up 117% from $9.7M in Q4), now representing the majority of revenue. Digital asset mining revenue ~$13M. Demand response proceeds (reducing cost of revenue) increased to $14.1M (from $4.4M).
  • Profitability & Costs: Cost of revenue (excl. depreciation) fell 88% to $2.4M (from $18.9M). Operating expenses rose to $11.2M (from $8.8M) due to HPC scaling. Adjusted SG&A (excl. stock-based comp) declined to $26.3M (from $60.1M), within 2026 guidance of $75-100M. GAAP net loss widened to $427.6M (from $126.6M) due to non-cash warrant fair value loss of $216.3M and stock-based compensation. Non-GAAP Adj. EBITDA improved to -$4.1M (from -$50.9M).

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Operator: Greetings, and welcome to the TeraWulf 2026 First Quarter Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, John Larkin, Senior Vice President, Director of Investor Relations. Thank you. You may begin. John Larkin: Thank you, operator. Good morning, and welcome to TeraWulf's First Quarter 2026 Earnings Call. Joining me today are Chairman and CEO, Paul Prager; CTO, Nazar Khan; and CFO, Patrick Fleury. Before we begin, please note that our remarks today may include forward-looking statements. These statements are subject to risks and uncertainties, and actual results may differ materially. Words such as anticipate, expect, believe, intend, estimate, project, could, should, will and similar expressions are intended to identify forward-looking statements. For a discussion of these risks, please refer to our filings with the SEC available at sec.gov and in the Investor Relations section of our website. We will also reference certain non-GAAP financial measures. Reconciliations to the most comparable GAAP measures are available in our earnings release and filings. With that, I'll turn the call over to our Chairman and CEO, Paul Prager. Paul Prager: Thanks, John, and good morning, everyone. The first quarter of 2026 was about execution. We exited 2025 with an established platform, including sites, contracts, capital and strategy. And what you are seeing in Q1 is the early conversion of tha

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