The massive GAAP loss and negative operating cash flow validate the urgency behind the recent $1.68B in dilutive offerings. With stockholders' equity now negative and $5.8B in debt, watch for further capital raises or asset sales. The HPC transition is real (62% of revenue) but not yet profitable — monitor Q2 2026 for CB-3 energization and Kentucky tenant signing as key catalysts.
Price Chart
Executive Summary
TeraWulf reported Q1 2026 revenue of $34.0M (flat YoY) and a GAAP net loss of $427.7M ($1.01/share), driven by $216.3M in warrant revaluation losses and $101.4M in stock-based compensation. The company is transitioning from bitcoin mining to HPC leasing, with HPC revenue now 62% of total, but operating cash flow was negative $17.6M and total debt reached $5.8B. The earnings come just 22 days after a $878M dilutive offering, raising concerns about capital needs.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $34.0M vs $34.4M YoY (flat); HPC lease revenue $21.0M, digital asset revenue $12.99M (down 62% YoY)
- GAAP net loss $427.7M ($1.01/share) vs $61.4M loss ($0.16/share) YoY — driven by $216.3M warrant liability revaluation and $101.4M stock-based compensation
- GAAP EPS of -$1.01 vs Street consensus of -$0.17 — a 494% miss on the Street-quoted metric
- Operating cash flow negative $17.6M vs positive $56.5M in Q1 2025; free cash flow negative $730.4M
- Total debt $5.8B (convertible notes $2.5B, senior secured notes $3.2B, bridge facility $0.1B) vs $3.1B cash; net debt $2.7B
- Stockholders' equity turned negative to -$77.6M from +$140.4M at year-end 2025
- Filed $878M public offering on April 16, 2026 (22 days ago) and $800M offering on April 14, 2026 — massive dilution following weak preliminary results
- Closed $250M revolving credit facility; targeting 250-500 MW annual HPC capacity growth
Financial Impact
GAAP net loss of $427.7M driven by non-cash warrant revaluation ($216.3M) and stock-based comp ($101.4M); operating cash flow turned negative $17.6M; $1.68B in equity offerings completed in last 30 days
Risk Factors
- Massive shareholder dilution from $1.68B in recent offerings (47.4M shares at $19.00 + $800M at undisclosed price)
- Negative stockholders' equity of -$77.6M signals balance sheet stress despite $3.1B cash
- Operating cash flow turned negative; company burning cash to fund construction capex ($522.9M in Q1)
- Warrant liability of $1.06B creates ongoing P&L volatility from mark-to-market revaluation
- Bitcoin mining revenue declined 62% YoY as HPC ramp only partially offsets
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001083301-26-000083 |
| Document: terawulfq12026investorpr.htm | 0001083301-26-000083 |
| Document: wulf-20260508.htm | 0001083301-26-000083 |
| Document: 0001083301-26-000083-index-headers.html | 0001083301-26-000083 |
| Document: 0001083301-26-000083-index.html | 0001083301-26-000083 |
| Document: 0001083301-26-000083.txt | 0001083301-26-000083 |
| 8-K Data (Synthetic) | 0001083301-26-000083 |
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
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