We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
TeraWulf Q1 Loss Wider Than Expected, Revenues Decrease Y/Y
Read MoreHide Full Article
Key Takeaways
WULF posted a Q1 adjusted loss of 44 cents per share as revenues missed estimates and fell Y/Y.
TeraWulf generated $21M in HPC lease revenues as it shifted from bitcoin mining to HPC workloads.
WULF expanded via the Hawesville acquisition and targets 250-500 MW of new capacity annually.
TeraWulf Inc.’s (WULF - Free Report) first-quarter 2026 adjusted loss of 44 cents per share came much wider than the Zacks Consensus Estimate of a loss of 16 cents. The company posted a loss of 16 cents per share in the year-ago quarter.
Revenues of $34 million decreased 1.1% year over year in the reported quarter and missed the Zacks Consensus Estimate of $36 million. The results reflected a business in transition, with high-performance computing leasing becoming a meaningful revenue stream.
WULF's Q1 Segment Details
Digital asset revenues in the first quarter were $13.0 million, down from $34.4 million year over year, as the company continued shifting its revenue mix toward contracted HPC lease revenues.
HPC lease revenues are contributing $21.0 million. The company highlighted that the quarter included meaningful lease revenues from Core42 at Lake Mariner. Management emphasized that it is repurposing parts of its legacy bitcoin mining footprint to support higher-value HPC workloads.
WULF’s Expense Base Reflects Heavy Buildout Activity
While the revenue base is becoming more stable through contracted leasing, the income statement still reflects significant cost pressures. Selling, general and administrative expenses remained elevated, and the quarter included a large change in the fair value of warrant liabilities.
The company also recorded impairment charges related to property, plant and equipment, alongside higher year-over-year depreciation. These items, combined with higher interest expense, contributed to a much deeper net loss than in the prior-year period.
WULF’s Pipeline Execution Stays Central in 2026
Operationally, WULF reported 60 MW of energized critical IT HPC capacity for Core42 at Lake Mariner as of March 31, 2026. The company said it is nearing completion of CB-3 construction, with energization aligned to customer hardware deployment, while CB-4 and CB-5 remain on schedule for delivery and rent commencement in 2026.
Beyond Lake Mariner, WULF expanded its development platform through the Hawesville, KY, acquisition, citing immediate access to 480 MW of grid-connected power. The company also reiterated its strategy of targeting 250-500 MW of new contracted capacity annually and noted it closed a revolving credit facility providing up to $250 million of committed capacity.
WULF’s Q1 Balance Sheet & Cash Flow Details
As of March 31, 2026, WULF had cash, cash equivalents and restricted cash of $3.09 billion, compared with $3.72 billion as of Dec. 31, 2025.
Total assets increased to $7.01 billion as of March 31, 2026, from $6.56 billion as of Dec. 31, 2025.
During the first quarter, WULF had a net cash usage in operating activities of $17.6 million, compared with net cash provided by operating activities of $56.5 million in the year-ago period. During the quarter, the company’s cash flows reflected aggressive investment in expansion.
Capital spending remained heavy due to purchases of plant and equipment tied to infrastructure intended to support HPC leasing operations. WULF also deployed cash for the Hawesville site acquisition, which added a major new power-advantaged development option to its broader platform.
Bank of Nova Scotia shares have returned 5.3% in the year-to-date period. BNS is set to report its second-quarter fiscal 2026 results on May 27.
Gladstone Land shares have gained 6.4% in the year-to-date period. LAND is set to report its first-quarter 2026 results on May 12.
Canadian Imperial Bank of Commerce shares have appreciated 21.4% in the year-to-date period. CM is scheduled to report its second-quarter fiscal 2026 results on May 28.
Zacks' 7 Best Strong Buy Stocks (New Research Report)
Valued at $99, click below to receive our just-released report
predicting the 7 stocks that will soar highest in the coming month.
View the Zacks #1 Rank List
Image: Zacks
TeraWulf Q1 Loss Wider Than Expected, Revenues Decrease Y/Y
Key Takeaways
TeraWulf Inc.’s (WULF - Free Report) first-quarter 2026 adjusted loss of 44 cents per share came much wider than the Zacks Consensus Estimate of a loss of 16 cents. The company posted a loss of 16 cents per share in the year-ago quarter.
Revenues of $34 million decreased 1.1% year over year in the reported quarter and missed the Zacks Consensus Estimate of $36 million. The results reflected a business in transition, with high-performance computing leasing becoming a meaningful revenue stream.
WULF's Q1 Segment Details
Digital asset revenues in the first quarter were $13.0 million, down from $34.4 million year over year, as the company continued shifting its revenue mix toward contracted HPC lease revenues.
HPC lease revenues are contributing $21.0 million. The company highlighted that the quarter included meaningful lease revenues from Core42 at Lake Mariner. Management emphasized that it is repurposing parts of its legacy bitcoin mining footprint to support higher-value HPC workloads.
TeraWulf Inc. Price, Consensus and EPS Surprise
TeraWulf Inc. price-consensus-eps-surprise-chart | TeraWulf Inc. Quote
WULF’s Expense Base Reflects Heavy Buildout Activity
While the revenue base is becoming more stable through contracted leasing, the income statement still reflects significant cost pressures. Selling, general and administrative expenses remained elevated, and the quarter included a large change in the fair value of warrant liabilities.
The company also recorded impairment charges related to property, plant and equipment, alongside higher year-over-year depreciation. These items, combined with higher interest expense, contributed to a much deeper net loss than in the prior-year period.
WULF’s Pipeline Execution Stays Central in 2026
Operationally, WULF reported 60 MW of energized critical IT HPC capacity for Core42 at Lake Mariner as of March 31, 2026. The company said it is nearing completion of CB-3 construction, with energization aligned to customer hardware deployment, while CB-4 and CB-5 remain on schedule for delivery and rent commencement in 2026.
Beyond Lake Mariner, WULF expanded its development platform through the Hawesville, KY, acquisition, citing immediate access to 480 MW of grid-connected power. The company also reiterated its strategy of targeting 250-500 MW of new contracted capacity annually and noted it closed a revolving credit facility providing up to $250 million of committed capacity.
WULF’s Q1 Balance Sheet & Cash Flow Details
As of March 31, 2026, WULF had cash, cash equivalents and restricted cash of $3.09 billion, compared with $3.72 billion as of Dec. 31, 2025.
Total assets increased to $7.01 billion as of March 31, 2026, from $6.56 billion as of Dec. 31, 2025.
During the first quarter, WULF had a net cash usage in operating activities of $17.6 million, compared with net cash provided by operating activities of $56.5 million in the year-ago period. During the quarter, the company’s cash flows reflected aggressive investment in expansion.
Capital spending remained heavy due to purchases of plant and equipment tied to infrastructure intended to support HPC leasing operations. WULF also deployed cash for the Hawesville site acquisition, which added a major new power-advantaged development option to its broader platform.
WULF’s Zacks Rank & Stocks to Consider
Currently, WULF carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Zacks Finance sector are Bank of Nova Scotia (BNS - Free Report) , Gladstone Land (LAND - Free Report) and Canadian Imperial Bank of Commerce (CM - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Bank of Nova Scotia shares have returned 5.3% in the year-to-date period. BNS is set to report its second-quarter fiscal 2026 results on May 27.
Gladstone Land shares have gained 6.4% in the year-to-date period. LAND is set to report its first-quarter 2026 results on May 12.
Canadian Imperial Bank of Commerce shares have appreciated 21.4% in the year-to-date period. CM is scheduled to report its second-quarter fiscal 2026 results on May 28.