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TeraWulf Set to Report Q3 Earnings: What's in Store for the Stock?
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Key Takeaways
WULF reports Q3 earnings on Nov. 6, with higher HPC lease revenues but continued profitability pressures.
TeraWulf's Lake Mariner capacity hit 102 MW in July, supporting HPC leasing revenue growth.
WULF's Q3 revenue estimate is $70.43 million, while the projected loss widened to 12 cents per share.
TeraWulf (WULF - Free Report) is slated to report third-quarter 2026 results on Nov. 6, before the market opens. The company’s quarterly results are likely to display a year-over-year increase in revenues, though it may continue to report a loss per share.
In the last reported quarter, revenues were $44.8 million, down 6% from $47.6 million in the year-ago period. The decline reflected a sharp reduction in digital asset mining revenues, partly offset by the ramp-up of HPC leasing revenues. Loss per share was $1.94 in second-quarter 2026 versus a loss of 5 cents in second-quarter 2025. The per-share loss widened, driven largely by non-cash warrant fair value losses and higher operating costs.
Over the preceding four quarters, WULF’s EPS missed the Zacks Consensus Estimate on all occasions, delivering an average negative surprise of 112.60%. This is depicted in the graph below:
TeraWulf is expected to have recorded higher high-performance computing (HPC) lease revenues in the third quarter of 2026. The increase is likely to have stemmed from additional revenue-generating capacity at Lake Mariner, which reached 102 megawatts in July compared with 81 megawatts at June-end. This is expected to have supported sequential revenue growth.
However, the timing of additional capacity may have limited the revenue upside. Management expected the first CB-4 data hall to begin generating lease revenues in late September, suggesting a limited quarterly contribution. CB-5 was scheduled for initial energization in January 2027.
Profitability is likely to have remained pressured by elevated operating expenses. Continued commissioning activities, electrical labor constraints and tenant-related design changes may have increased costs. Management maintained its full-year adjusted selling, general and administrative expense guidance of $75-$100 million, indicating continued spending as the company expands its HPC operations.
Meanwhile, bitcoin mining revenues are likely to have remained exposed to cryptocurrency price fluctuations and network difficulty. Despite improved HPC leasing revenues, substantial development spending and financing costs may have constrained earnings improvement.
The Zacks Consensus Estimate for third-quarter revenues is pegged at $70.43 million, implying a 39.24% decrease from the prior-year quarter’s reported number.
WULF’s activities in the to-be-reported quarter were inadequate in garnering analysts’ confidence. The Zacks Consensus Estimate for third-quarter loss per share has deteriorated to 12 cents from 10 cents over the past 30 days. It also reflects a dip from the year-ago quarter’s tally.
Here Is What Our Quantitative Model Predicts for WULF:
Our proprietary model does not conclusively predict an earnings beat for WULF this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here.
WULF has an Earnings ESP of -89.25% and a Zacks Rank #4 (Sell). You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are some companies — CoreWeave, Inc. (CRWV - Free Report) and StoneCo Ltd. (STNE - Free Report) — worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases.
View the Zacks #1 Rank List
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TeraWulf Set to Report Q3 Earnings: What's in Store for the Stock?
Key Takeaways
TeraWulf (WULF - Free Report) is slated to report third-quarter 2026 results on Nov. 6, before the market opens. The company’s quarterly results are likely to display a year-over-year increase in revenues, though it may continue to report a loss per share.
In the last reported quarter, revenues were $44.8 million, down 6% from $47.6 million in the year-ago period. The decline reflected a sharp reduction in digital asset mining revenues, partly offset by the ramp-up of HPC leasing revenues. Loss per share was $1.94 in second-quarter 2026 versus a loss of 5 cents in second-quarter 2025. The per-share loss widened, driven largely by non-cash warrant fair value losses and higher operating costs.
Over the preceding four quarters, WULF’s EPS missed the Zacks Consensus Estimate on all occasions, delivering an average negative surprise of 112.60%. This is depicted in the graph below:
TeraWulf Inc. Price and EPS Surprise
TeraWulf Inc. price-eps-surprise | TeraWulf Inc. Quote
Key Factors to Watch Ahead of WULF’s Q3 Results
TeraWulf is expected to have recorded higher high-performance computing (HPC) lease revenues in the third quarter of 2026. The increase is likely to have stemmed from additional revenue-generating capacity at Lake Mariner, which reached 102 megawatts in July compared with 81 megawatts at June-end. This is expected to have supported sequential revenue growth.
However, the timing of additional capacity may have limited the revenue upside. Management expected the first CB-4 data hall to begin generating lease revenues in late September, suggesting a limited quarterly contribution. CB-5 was scheduled for initial energization in January 2027.
Profitability is likely to have remained pressured by elevated operating expenses. Continued commissioning activities, electrical labor constraints and tenant-related design changes may have increased costs. Management maintained its full-year adjusted selling, general and administrative expense guidance of $75-$100 million, indicating continued spending as the company expands its HPC operations.
Meanwhile, bitcoin mining revenues are likely to have remained exposed to cryptocurrency price fluctuations and network difficulty. Despite improved HPC leasing revenues, substantial development spending and financing costs may have constrained earnings improvement.
The Zacks Consensus Estimate for third-quarter revenues is pegged at $70.43 million, implying a 39.24% decrease from the prior-year quarter’s reported number.
WULF’s activities in the to-be-reported quarter were inadequate in garnering analysts’ confidence. The Zacks Consensus Estimate for third-quarter loss per share has deteriorated to 12 cents from 10 cents over the past 30 days. It also reflects a dip from the year-ago quarter’s tally.
Here Is What Our Quantitative Model Predicts for WULF:
Our proprietary model does not conclusively predict an earnings beat for WULF this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here.
WULF has an Earnings ESP of -89.25% and a Zacks Rank #4 (Sell). You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are some companies — CoreWeave, Inc. (CRWV - Free Report) and StoneCo Ltd. (STNE - Free Report) — worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases.
CoreWeave currently has an Earnings ESP of +17.25% and a Zacks Rank #3. CoreWeave is scheduled to report third-quarter 2026 results on Nov. 10. You can see the complete list of today’s Zacks #1 Rank stocks here.
StoneCo currently has an Earnings ESP of +2.74% and a Zacks Rank #3. STNE is slated to report third-quarter 2026 results on Nov. 12.