Terawulf

Q3 FY2026 EarningsQ3 FY26 beat revenue consensus with $76.2M vs. $64.1M expected, driven by a rapid shift to HPC lease revenue which now accounts for 83% of total sales. GAAP Net Income of $709.9M significantly exceeded the expected loss of $88.4M, primarily due to a $728.4M non-cash gain from the change in fair value of warrant liabilities. Management reaffirmed high-growth targets of 250-500 MW incremental capacity annually and secured a Google credit backstop for the massive $19B Anthropic lease, signaling strong institutional support for its AI infrastructure pivot.