TeraWulf's bitcoin mining revenue falls 69% to $13.2M

US miner TeraWulf (Nasdaq: WULF) reported third-quarter 2026 results on Nov. 6: digital asset (bitcoin mining) revenue fell 69% to $13.2 million from $43.4 million a year earlier. High-performance computing (HPC) lease revenue, by contrast, reached $63.0 million, about 83% of the total.

Details

Total revenue rose roughly 51% to $76.2 million, according to the company's earnings release filed with the SEC. A year ago, HPC contributed only $7.2 million. The operating loss widened to $88.2 million from $24.7 million, and adjusted EBITDA was negative $12.8 million. Net income of about $709.9 million came from a $728.4 million non-cash gain on the fair value of warrant and derivative liabilities. The company ended the quarter with about $2.4 billion in cash, equivalents and restricted cash.

The pivot is anchored by a 20-year lease with Anthropic at the Justified campus in Kentucky: about 401 MW of critical IT capacity and roughly $19 billion of contracted revenue over the initial term. Google provided a credit backstop for project financing, and Fluor holds the EPC contract. First capacity is expected in late 2027. At Lake Mariner in New York, 102 MW is online and another 336 MW is under construction. Contracted power at the Muskie campus rose from 500 MW to 1 GW, subject to Kentucky regulatory approval.

CEO Paul Prager described the quarter as one of "strong execution," and the company reaffirmed its target of contracting 250⁠–⁠500 MW of additional capacity each year.

What it means for the market

The numbers show how listed miners are shifting power and sites from bitcoin production to AI data centers. That does not by itself remove hashrate from the network, but it shows capacity moving away from mining. For equity investors, such companies increasingly depend on AI contracts rather than the BTC price. For the live price, see the daily brief; for the asset, see the Bitcoin page.