Terawulf

Q2 FY2026 EarningsQ2 FY26 revenue of $44.8M missed the consensus of $50.5M by 11.3%, primarily due to a lower-than-expected contribution from legacy digital asset mining as the company pivots to HPC. GAAP EPS of -$1.94 significantly missed the -$0.28 consensus, driven by a massive $755.7M non-cash charge related to the change in fair value of warrant liabilities. Despite the bottom-line miss, HPC lease revenue reached $31.9M (71% of sales) and the landmark 20-year Anthropic lease for 401 MW (~$19B in contracted revenue) signals a massive acceleration in the AI infrastructure growth trajectory.