TeraWulf Reports $76.2 Million Third-Quarter Revenue, Targets $700 Million Annualized Leasing Revenue by End of Q1 2027

TeraWulf reported third-quarter 2026 revenue of $76.2 million on Nov. 6, up from $44.8 million in the second quarter, with HPC lease revenue of $63.0 million, about 83% of the total. Bitcoin mining revenue fell to $13.2 million from $43.4 million a year earlier as the company shifts toward leasing data center capacity.

On earnings per share, MarketBeat reported a loss of $0.03 per share against a consensus loss of $0.18, a $0.15 beat. Other aggregators cite different consensus figures, so the size of the beat varies by source. The quarter's reported net income of about $710 million was driven mainly by a non-cash change in the fair value of warrant liabilities, not by operations: adjusted EBITDA was negative $12.8 million.

Management said it expects to exit the first quarter of 2027 with approximately $700 million of annualized run-rate leasing revenue, with about half of its contracted critical IT capacity operating by then; on the earnings call it said the figure would exceed $700 million once the campus is fully ramped. That compares with an annualized pace of roughly $250 million implied by third-quarter HPC revenue. The company has about $2.4 billion of cash and restricted cash, and the CEO said TeraWulf will not sign a lease that forces it to issue equity. The Anthropic lease at the Justified campus, about 401 megawatts and roughly $19 billion of contracted revenue, is expected to deliver in phases from late 2027 through the second quarter of 2028.

What to watch: delivery and rent commencement at the Lake Mariner CB-4 and CB-5 buildings, which management has tied to the $700 million exit rate, and whether the company funds its roughly $1 billion of remaining project spending without equity issuance. This is not investment advice.