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TeraWulf reports $76.2 million revenue as computing leases overtake mining
TeraWulf says computing leases supplied about 83% of third-quarter revenue, while a non-cash warrant benefit drove its reported profit and its operating result remained a loss.
TeraWulf reports $76.2 million revenue as computing leases overtake mining
TeraWulf reported $76.2 million of third-quarter revenue, with computing leases supplying about 83% as its business shifted away from bitcoin mining [2]. Its approximately $709.9 million of net income attributable to TeraWulf came with a non-cash warrant fair-value benefit, a change in the accounting value of warrants rather than cash earned from customers [2].
The Nov. 6 release puts the operating change beside that accounting result [1][2]. High-performance computing, or HPC, means data centers built to run demanding computing tasks, including artificial intelligence. Lease revenue from that business reached $63.0 million, while digital-asset revenue was $13.2 million [2]. For TeraWulf, the near-term execution test is turning more construction into space that earns rent.
The mechanism
At Lake Mariner in New York, TeraWulf had 102 megawatts of revenue-generating critical IT capacity online at Sept. 30; that is the power available to run customers' computers. Another 336 megawatts were under construction across buildings CB-4 and CB-5 [2]. Capacity under construction is separate from capacity already producing revenue.
TeraWulf says CB-4 remains on track for phased delivery and rent commencement during the fourth quarter of 2026, with CB-5 targeted to begin phased delivery in early 2027. It says WULF Compute remains within previously disclosed construction-cost guidance of $8 million to $10 million per critical IT megawatt [2]. The release treats those delivery dates as forward-looking expectations subject to risks, including construction, power availability and financing, rather than guarantees [2].
The company still operates bitcoin-mining infrastructure at Lake Mariner, with portions being repurposed for contracted computing development [2]. The revenue comparison shows how far the balance between those businesses has moved in a year.
The evidence
Computing leases supplied $7.2 million of revenue in the third quarter of 2025, against $43.4 million from digital assets. A year later the larger and smaller businesses had switched places [2].
| Revenue | 2026 | 2025 |
|---|---|---|
| HPC leases | 62.986 | 7.203 |
| Digital assets | 13.244 | 43.375 |
| Total | 76.230 | 50.578 |
Source: TeraWulf Form 8-K, Ex. 99.1, Nov. 6, 2026, unaudited statements [2]. Table: Le Coin.
Higher revenue did not produce an operating profit. TeraWulf reported an $88.2 million operating loss, compared with a $24.7 million loss a year earlier. Its income statement then recorded a $728.4 million benefit from changes in the fair value of warrant and derivative liabilities [2]. Warrants give their holders rights to acquire shares; revaluing those obligations can change reported income without bringing in cash.
That benefit accompanied the approximately $709.9 million of net income attributable to TeraWulf. The quarter also included a $95.0 million gain on the sale of its interest in the Abernathy joint venture [2]. The distinction matters when comparing the reported profit with the business's operating result.
| Measure | 2026 | 2025 |
|---|---|---|
| Operating loss | (88.225) | (24.672) |
| Warrant and derivative fair-value benefit / (expense) | 728.442 | (424.642) |
| Net income / (loss) attributable to TeraWulf (2026 includes non-cash warrant benefit above) | 709.912 | (455.050) |
| Adjusted EBITDA (non-GAAP) | (12.801) | 18.126 |
Source: TeraWulf Form 8-K, Ex. 99.1, Nov. 6, 2026, unaudited statements and reconciliation [2]. Table: Le Coin.
Adjusted EBITDA, a company-adjusted figure outside standard accounting rules, was a loss of about $12.8 million, against positive $18.1 million a year earlier. TeraWulf excludes items including warrant revaluations and the joint-venture sale gain from that measure and says it supplements rather than replaces its standard accounting results [2].
The objection
The development business has resources beyond this quarter's revenue. TeraWulf ended September with about $2.4 billion of cash, cash equivalents and restricted cash; that total includes money whose use is restricted [2]. But its cash-flow statement reports $178.9 million used in operations over the first nine months of 2026, compared with $35.0 million in the same period of 2025 [2]. Those are nine-month cash figures, not the third-quarter profit.
The Kentucky expansion is also a different timetable from Lake Mariner. This release recaps the Google credit backstop supporting Anthropic's lease and the Fluor construction agreement announced on Nov. 4. It gives expected phased completions from late 2027 through the second quarter of 2028 [2]. That is the previously announced project, not a new deal struck with these results.
The tell (Le Coin's view)
In Le Coin's view, the useful test is whether delivered capacity keeps becoming rent-producing capacity while operating losses narrow. The warrant benefit explains the reported profit; it does not establish that the lease business pays its way. The next checkable milestone in TeraWulf's release is CB-4's phased delivery and rent commencement in the fourth quarter of 2026 [2].
Sources
- [1] TeraWulf Inc., Form 8-K, Items 2.02, 7.01 and 9.01, accession 0001628280-26-071306, Nov. 6, 2026, https://www.sec.gov/Archives/edgar/data/1083301/000162828026071306/wulf-20261106.htm ; pack snapshot accessed 12:14 p.m. ET Nov. 6.
- [2] TeraWulf Inc., Exhibit 99.1, “TeraWulf Reports Third Quarter 2026 Results,” Nov. 6, 2026, https://www.sec.gov/Archives/edgar/data/1083301/000162828026071306/a_wulfearningsreleaseq32026.htm ; pack snapshot accessed 12:14 p.m. ET Nov. 6. Tables convert the primary's thousands of dollars to millions; no figures are combined or percentages calculated.
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