WULF Nasdaq Russell 1000 Earnings call
TeraWulf (WULF) · Q2 2026 results
Share price: $13.36 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 5 Aug 2026 and 8 May 2026
Net loss widened on the previous quarter. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Loss widened
Net income vs Q1 2026
Outlook given
Net income -939.9M vs -427.6M
Revenue +31.6%
Net income -939.9M vs -18.4M in Q2 2025 and -427.6M last quarter.
2 · How management spoke
Restrained
Less upbeat than 74% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Key theme
CB-3 was fully delivered and generating lease revenue in early July.
Valuation
Reverse DCF. Free cash flow from the last full fiscal year, grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
Valuation unavailable: free cash flow and profit were negative in the last full year and on average over the last three, so there is nothing to discount.
Current price
$13.36
close of 2026-11-11
Free cash flow 2023
−$0.1B
Free cash flow 2024
−$0.3B
Free cash flow 2025
−$1.2B
Read between the lines
-
Guidance
The company expects to receive an additional $150 million by December 31, 2026, and approximately $130 million by April 30, 2027, subject to the terms.
Source quote
“We expect to receive an additional $150 million on or before December 31, 2026, and approximately $130 million on or before April 30, 2027, subject to the terms...”
-
Figure
The agreement with Anthropic expands the company's relationship and represents approximately $19 billion of contracted revenue over the initial 20-year lease.
Source quote
“The agreement expands our relationship with Anthropic and represents approximately $19 billion of contracted revenue over the initial 20-year lease...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“We think, again, they want to win and create an opportunity in business environment where we could do a win-win.”
“Given its near-term power availability, we are increasingly optimistic about the potential to expand the Muskie campus to as much as 2 gigawatts and accelerate portions of the current development...”
“Non-GAAP adjusted EBITDA was negative $18.3 million compared with negative $4.1 million in the first quarter, reflecting continued pre-revenue operating and development costs incurred ahead of additional contracted HPC capacity...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 44.8M | 34.0M | +31.6% | 47.6M | −6.0% |
| Gross profit | 8.9M | 20.4M | −56.3% | 22.0M | −59.5% |
| Operating income | -140.4M | -162.1M | Loss narrowed | -15.6M | Loss widened |
| Net income | -939.9M | -427.6M | Loss widened | -18.4M | Loss widened |
| EPS | -1.94 | -1.01 | Loss widened | -0.05 | Loss widened |
| P/E | 12-mo loss | 12-mo loss | — | 12-mo loss | — |
Topics
Most discussed now
- Taken together, these developments demonstrate the model TeraWulf has been building, which is to secure power advantaged infrastructure…
- New From an execution standpoint, the 2 most significant variables have been electrical labor availability and ongoing design optimization for…
- At Lake Mariner, TeraWulf converted additional contracted capacity into operating infrastructure and recurring lease revenue.
- Electrical labor remains highly constrained across the data center industry.
- Although this added complexity to execution, it enabled TeraWulf's customers to establish a deployment standard tailored to the latest…
Faded since Q1 2026
- Dropped At the same time, TeraWulf is transitioning portions of its legacy mining footprint to support higher-value HPC workloads.
- Fading As a reminder, the Abernathy joint venture project is being delivered under a lump sum EPC agreement with Hypertec with...
- Fading While execution remains on track relative to its scope commitments, TeraWulf is working closely with Hypertech and Fluidstack alongside…
- Fading Turning to the Fluidstack deployment, including CB-3, CB-4 and CB-5, all major project time lines remain unchanged from TeraWulf's prior...
Latest announcements
Official filings, newest first.
- Other events · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Other events · SEC 8-K
- Shareholder vote results · SEC 8-K
- Other events · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Material agreement; Other events · SEC 8-K
- Regulation FD disclosure · SEC 8-K