| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 44.77 | 31.6% | 6.0% |
| Total Income | 44.77 | 31.6% | 6.0% |
| Expenditure | 185.22 | 5.6% | 192.9% |
| PBT | -929.74 | 123.4% | 4961.2% |
| Net Profit | -939.92 | 119.8% | 5016.6% |
| OPM | — | ||
| NPM | — | ||
| EPS | -1.94 | 92.1% | 3780.0% |
TeraWulf Reports Q2 2026 Results, Expands Power-Backed Platform
05 Aug 2026 · 5 Aug, 4:37 pm
Summary
TeraWulf reported second-quarter revenue of $44.8 million, with HPC lease revenue comprising 71% of the total. The company is expanding its operational capacity and advancing construction on new data halls, with phased deliveries expected in the latter half of 2026. Significant strategic developments include a 20-year lease with Anthropic for 401 MW and the agreement to monetize its Abernathy Joint Venture interest for $530 million. Management highlighted the company's transition to scaled execution and its repeatable model for controlling power-advantaged infrastructure and securing long-duration customer contracts.
Key Highlights
- 1
TeraWulf generated second-quarter revenue of $44.8 million, with HPC lease revenue accounting for approximately 71% of the total.
- 2
The company operated 81 MW of revenue-generating critical IT capacity at Lake Mariner as of June 30, 2026, increasing to 102 MW with the completion of CB-3 in early July.
- 3
Construction continues on an additional 336 MW across CB-4 and CB-5, with phased delivery and rent commencement expected during the second half of 2026 for CB-4.
- 4
Subsequent to quarter-end, TeraWulf entered into a 20-year data center lease with Anthropic for approximately 401 MW of critical IT capacity, representing approximately $19 billion of contracted revenue.
- 5
TeraWulf agreed to monetize its entire 50.1% interest in the Abernathy Joint Venture for aggregate cash consideration of approximately $530 million.
- 6
The company reaffirmed its target of contracting 250 MW to 500 MW of incremental critical IT capacity annually.
Management Comments
Paul Prager
The second quarter demonstrates that TeraWulf is moving from platform formation to scaled execution. At Lake Mariner, we delivered additional contracted capacity and converted it into recurring lease revenue. In Kentucky, we established the next phase of growth through the Anthropic lease at Justified and the acquisition of the gigawatt-scale Muskie Data Campus. These are not isolated developments. They reflect a repeatable model built around controlling power-advantaged infrastructure, securing long-duration customer contracts and delivering capacity in phases. As access to power becomes the defining constraint on AI infrastructure development, we believe our ability to combine energy expertise, infrastructure control and execution at scale will become increasingly valuable. Our agreement to monetize Abernathy reflects the same discipline. We are prepared to realize value where appropriate and redeploy capital toward larger-scale opportunities where we have greater control over the infrastructure, customer relationship and long-term economics. Our objective is not simply to accumulate megawatts—it is to build a durable, capital-efficient platform that compounds value for shareholders.
Patrick Fleury
The second quarter marked another meaningful step in the transformation of our financial profile, with HPC leasing representing approximately 71% of total revenue. The delivery of CB-3 also unlocked $600 million of Google’s credit support for Fluidstack’s lease obligations. This is an important credit milestone that further strengthens the contracted revenue profile of the Lake Mariner buildout. With substantial liquidity and access to project-level financing, we have the flexibility to complete our contracted developments and fund the next phase of growth. We remain focused on matching capital deployment to contracted demand and selectively recycling capital when doing so improves control, scale and long-term shareholder returns.
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