The GAAP EPS miss of -$1.01 vs -$0.20 consensus is severe, but largely driven by non-cash items. Watch for the stock to sell off on headline EPS miss, but the underlying HPC revenue ramp and $3.1B cash position provide a floor. The next catalyst is CB-3 energization and Fluidstack/Google deployment timing.
Price Chart
Executive Summary
TeraWulf reported Q1 2026 revenue of $34.0M (in line with $32.6M consensus) but GAAP EPS of -$1.01, far worse than the -$0.20 consensus, driven by a $216M non-cash warrant revaluation loss and $25.7M impairment. The transition to HPC lease revenue ($21.0M) is underway, but the massive GAAP loss and negative operating cash flow (-$17.6M) overshadow the narrative.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $34.0M vs consensus $32.6M (in line); GAAP EPS -$1.01 vs consensus -$0.20 (massive miss)
- HPC lease revenue contributed $21.0M, digital asset revenue $13.0M (down from $34.4M YoY)
- GAAP net loss attributable to TeraWulf of $427.6M vs $61.4M loss in Q1 2025
- Non-cash warrant liability revaluation loss of $216.3M and $25.7M impairment drove the loss
- Operating cash flow was negative $17.6M vs positive $56.5M in Q1 2025
- Cash and restricted cash of $3.09B; closed $250M revolving credit facility
- Adjusted EBITDA was -$4.1M, slightly better than -$4.7M in Q1 2025
- 60 MW of HPC capacity energized for Core42; CB-3 nearing completion
Financial Impact
GAAP net loss of $427.6M (vs $61.4M loss YoY) driven by $216.3M warrant revaluation and $25.7M impairment; revenue essentially flat at $34.0M vs $34.4M YoY
Risk Factors
- Massive GAAP loss and negative operating cash flow signal ongoing cash burn despite large cash balance
- Warrant liability revaluation ($216M) creates volatility in reported earnings each quarter
- Transition from bitcoin mining to HPC hosting is still early; digital asset revenue declined 62% YoY
- High stock-based compensation ($101.4M) dilutes shareholders significantly
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3290994 |
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