The Zhitong Finance App learned that before the US stock market on November 6, TeraWulf (WULF.US) announced the results for the third quarter of 2026. According to financial reports, total revenue for the quarter was 76.23 million US dollars, up about 51% year over year, higher than market expectations of about US$70.43 million. Among them, HPC data center rental revenue was 62.99 million US dollars, accounting for about 83% of total revenue, and only 7.2 million US dollars in the same period last year; revenue from digital assets such as Bitcoin mining was 13.24 million US dollars, a year-on-year decrease of about 69.5%, reflecting the company's accelerated transformation from mining to AI computing power infrastructure.
The “gold content” of profit needs to be viewed carefully: net profit of $710 million (net loss of $455 million for the same period last year), but almost all of it came from non-cash income from changes in the fair value of the $728 million warrants; GAAP earnings per share were negative $0.03, exceeding expectations of $0.17.
Excluding non-cash items, the non-GAAP adjusted EBITDA was negative $12.8 million, compared to a positive $18.13 million in the same period last year; operating loss of $88.23 million increased year over year. As of the end of September, the company's cash, cash equivalents and restricted cash totaled approximately US$2.4 billion.
The data center layout has achieved several milestones. The flagship park, Lake Mariner, has 102 MW of critical IT capacity in operation, and another 336 MW is under construction (CB-4 will be delivered in stages starting in the fourth quarter and CB-5 delivered in early 2027); Anthropic has signed a 20-year lease with Anthropic, with initial contract revenue of about US$19 billion, and received credit support from Google Project Finance and an EPC engineering contract from Fluor (Fluor), which is expected 2027 It will be in phased operation at the end of the year; the Muskie campus has contracted to expand the power capacity from 500 MW to 1000 MW (pending approval from the Kentucky Public Service Commission).
On the capital side, the company sold 50.1% interest in the Abernathy Joint Venture to confirm $95 million in revenue and raised the revolving credit line from $250 million to $400 million.
CEO Paul Prager said the company is carefully allocating capital, focusing on delivering on promises and creating long-term value for shareholders, and reaffirms the goal of signing additional 250-500 MW of critical IT capacity each year.