Terawulf reports Q3 2026 revenue of $76.2 million
Analysis
Mixed-to-positive: core HPC lease revenue grew sharply to $63.0 million and the company lined up Google credit support plus an EPC contractor for its $19 billion Anthropic lease at Justified, but adjusted EBITDA stayed negative at $(12.8) million and the large headline net income is driven by a non-cash warrant fair-value gain and a one-time JV sale gain rather than core profitability.
Key points
- Q3 2026 revenue of $76.2 million, including $63.0 million of HPC lease revenue (~83% of total)
- Net income attributable to Terawulf of $709.9 million, driven mainly by a $728.4 million non-cash gain on warrant and derivative fair value and a $95.0 million gain on the Abernathy joint venture sale
- Non-GAAP adjusted EBITDA of $(12.8) million
- Ended the quarter with $2.4 billion of cash, cash equivalents and restricted cash; total assets of $8.15 billion
- Lake Mariner (Barker, NY): 102 MW of critical IT capacity operating; 336 MW under construction, with CB-4 (168 MW) phased delivery and rent commencement targeted in Q4 2026 and CB-5 (168 MW) targeted for Q1 2027
- Justified (Hawesville, KY): 401 MW of critical IT capacity contracted under a 20-year lease with Anthropic (~$19 billion of contracted revenue); Google credit backstop and a definitive Fluor EPC agreement now in place; phased delivery expected late 2027 through Q2 2028
- Muskie (Grayson, KY): contracted power capacity expanded from 500 MW to 1 GW under amended agreements with Kentucky Power Company, subject to Kentucky Public Service Commission approval
- Completed the sale of its 50.1% interest in the Abernathy joint venture for ~$530 million of aggregate consideration, recognizing a $95 million gain in the quarter
- Revolving credit facility commitments increased from $250 million to $400 million, with an additional $150 million uncommitted accordion feature
- Reaffirmed its target of contracting 250-500 MW of incremental critical IT capacity annually
Site updates (3)
| Site | Status | Active | In build | Theoretical |
|---|---|---|---|---|
Lake MarinerBarker, NY CB-4 (168 MW) phased delivery and rent commencement targeted Q4 2026; CB-5 (168 MW) targeted Q1 2027. Cost guidance of $8-10 million per critical IT MW reaffirmed. | ActiveUnder construction | 102 MWIT | 336 MWIT | 438 MWIT |
JustifiedHawesville, KY 401 MW of critical IT capacity contracted to Anthropic under a 20-year lease (~$19 billion of contracted revenue); 482 MW of electric service approved by the Kentucky Public Service Commission (MISO). Google credit backstop for project financing and a definitive Fluor Enterprises EPC agreement now in place. Phased delivery expected late 2027 through Q2 2028. | Under construction | — | 401 MWIT | 482 MWgross |
MuskieGrayson, KY Contracted power capacity (gross) expanded from 500 MW to 1,000 MW (1 GW) under amended electric service and transmission agreements with Kentucky Power Company, subject to Kentucky Public Service Commission approval. Development-stage critical IT estimate ~800 MW per company pipeline disclosure. Second 500 MW phase delivery advanced to 2029. | Disclosed | — | — | 1,000 MWgross |