TeraWulf Inc (NAS:WULF)

Q2 2026 Terawulf Inc Earnings Call Transcript

Aug 5, 2026 / 12:00 PM GMT

Release Date Price: $18.07 (-4.29%)

Transcript 10-Q8-K

Key Points

Positve

TeraWulf Inc (WULF) successfully delivered CB3 at Lake Mariner, bringing total revenue-generating critical IT capacity to 102 megawatts and triggering $600 million of Google's credit support for Fluidstack's lease obligations.
The company executed a long-term 20-year lease with Anthropic for approximately 401 megawatts at the Justified Data Campus, representing roughly $19 billion in contracted revenue.
TeraWulf Inc (WULF) agreed to sell its 50.1% interest in the Abernathy joint venture for approximately $530 million, achieving a 20% internal rate of return and recycling capital into larger-scale projects.
The acquisition of the Muskie Data Campus provides a gigawatt-scale development site with a utility-supported pathway, including a state-approved tariff for 1 gigawatt of electric service from Kentucky Power.
TeraWulf Inc (WULF) maintains a strong liquidity position with approximately $1.45 billion in unrestricted parent cash after the initial Abernathy payment, allowing it to fund near-term commitments without accessing equity capital markets.
The company received FERC approval for the Chesapeake acquisition, clearing a significant regulatory hurdle for a site with 210 megawatts of existing generation and expansion potential up to 1 gigawatt.

Negative

TeraWulf Inc (WULF) reported a significant GAAP net loss of $939.9 million for Q2 2026, driven primarily by a $755.7 million non-cash loss from the change in fair value of Google warrants.
The HPC leasing segment profit margin was only 28% during the quarter, well below the long-term target of 85%, due to pre-revenue operating costs and development expenses.
The company faces execution challenges from constrained electrical labor availability, which has required scaling to approximately 1,000 electricians and contributed to increased project costs.
Total project costs at Wolf Compute are now estimated at approximately $9.1 million per megawatt, modestly above the $8.6 million per megawatt financed in October 2025.
Non-GAAP adjusted EBITDA was negative $18.3 million in Q2, reflecting continued pre-revenue operating and development costs ahead of additional contracted HPC capacity entering service.
The Fluidstack lease amendments required TeraWulf Inc (WULF) to contribute approximately $150 million for tenant fit-out costs, increasing the project's equity capitalization to 32% from 26%.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

WULF.OQ - TeraWulf Inc.
Q2 2026 Terawulf Inc Earnings Call
Aug 05, 2026 / 12:00PM GMT

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Presentation
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Unidentified_1 [1]
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Greetings and welcome to the TerraWolf Second Quarter 2026 Earnings Conference Call.

At this time, all participants are in listen-only mode.

A question-and-answer session will follow the prepared remarks.

Please note that this call is being recorded.

I will now turn the call over to John Larkin, Senior Vice President and Director of Investor Relations with TerraWolf. Please go ahead.

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Unidentified_2 [2]
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Good morning, and welcome to TerraWolf's second-quarter 2026 earnings call. Joining me today are our Chairman and CEO, Paul

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