Monitor closing of Abernathy JV sale and initial delivery milestones for the Anthropic lease (2H27-1H28). Near-term focus on CB-4/CB-5 delivery at Lake Mariner and the ramp of HPC lease revenue. The $530M proceeds enhance liquidity for development pipeline.
Price Chart
Executive Summary
TeraWulf reported Q2 2026 revenue of $44.8M (-5.9% YoY), missing consensus of $50.5M, with a GAAP net loss of $939.9M driven by non-cash warrant revaluation and stock-based compensation. The real story is the subsequent execution of a 20-year, ~$19B lease with Anthropic for 401 MW at the Justified Data Campus and an agreement to sell its 50.1% Abernathy JV interest for $530M, alongside FERC approval for the Chesapeake Data acquisition. These transformative deals validate TeraWulf's platform model but come amid near-term financial underperformance.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $44.8M (consensus $50.5M, miss), down from $47.6M YoY
- GAAP net loss $939.9M ($1.94/share) vs. $18.4M loss a year ago; includes $755.7M warrant revaluation charge and $83.9M stock-based compensation
- Adjusted EBITDA -$18.3M vs. +$14.5M in Q2 2025
- HPC lease revenue $31.9M (71% of total), up from $21.0M in Q1 2026
- Subsequent events: 20-year data center lease with Anthropic for 401 MW (~$19B contracted revenue) at Justified Data Campus
- Agreement to sell entire 50.1% Abernathy JV interest for ~$530M cash
- FERC authorized acquisition of Morgantown generating station for up to 1 GW Chesapeake Data Campus
- Cash and restricted cash ~$3.0B at quarter-end; total debt $5.7B
Financial Impact
Anthropic lease represents ~$19B in contracted revenue over 20 years, with up to ~$33B including extensions; Abernathy sale provides $530M cash proceeds. Q2 revenue missed by ~$5.7M.
Risk Factors
- Execution and construction delays on multi-year campus buildouts
- Customer concentration — Anthropic and Fluidstack/Google represent large portions of contracted revenue
- Remaining bitcoin mining exposure ($12.8M revenue) subject to crypto volatility
- Significant non-cash charges (warrant revaluation, SBC) may obscure underlying cash flow trends
- Potential dilution from convertible notes and warrant exercises
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001083301-26-000162 |
| Document: terawulfq22026investorpr.htm | 0001083301-26-000162 |
| Document: wulf-20260805.htm | 0001083301-26-000162 |
| Document: 0001083301-26-000162-index-headers.html | 0001083301-26-000162 |
| Document: 0001083301-26-000162-index.html | 0001083301-26-000162 |
| Document: 0001083301-26-000162.txt | 0001083301-26-000162 |
| 8-K Data (Synthetic) | 0001083301-26-000162 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 1, 2026 4w ago | Insider Cluster | $14.82 $14.80 | ▼ −0.14% | ▲ +0.20% | $15.49 (+4.52%) |
Aug 5, 2026 8w ago | 8-K | $18.07 $14.82 | ▼ −17.99% | ▼ −17.38% | $15.49 (−14.28%) |
May 26, 2026 18w ago | 8-K | $25.18 $26.34 | ▲ +4.59% | ▲ +6.54% | $15.49 (−38.48%) |
May 8, 2026 21w ago | 8-K | $23.39 $24.00 | ▼ −2.61% | ▼ −2.58% | $15.49 (+33.78%) |
May 8, 2026 21w ago | Press Release | $23.39 $24.00 | ▼ −2.61% | ▼ −2.58% | $15.49 (+33.78%) |
Apr 30, 2026 22w ago | Press Release | $21.73 $26.40 | ▲ +21.49% | ▲ +16.52% | $15.49 (−28.72%) |
Apr 16, 2026 24w ago | 8-K | $20.64 $24.17 | ▼ −17.10% | ▼ −11.73% | $15.49 (+24.95%) |
Apr 16, 2026 24w ago | 424B5 | $19.31 $23.12 | ▼ −19.73% | ▼ −13.92% | $15.49 (+19.78%) |
Apr 15, 2026 24w ago | 8-K | $19.67 $22.80 | ▼ −15.91% | ▼ −9.87% | $15.49 (+21.25%) |
Apr 14, 2026 24w ago | 8-K | $19.67 $22.80 | ▼ −15.91% | ▼ −9.87% | $15.49 (+21.25%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access