TeraWulf’s HPC Leasing Supplies 83% of Q3 Revenue as Mining Income Falls

TeraWulf’s high-performance computing (HPC) leasing business accounted for about 83% of its third-quarter revenue, as income from Bitcoin (BTC) mining and other digital assets fell sharply year over year.

The company generated $76.23 million in revenue for the third quarter of 2026, up 50.7% from a year earlier. HPC leasing brought in $62.99 million, compared with $7.2 million in the year-ago quarter. Digital asset revenue fell 69.5% to $13.24 million.

TeraWulf reported net income of about $710 million, reversing a $455 million net loss a year earlier. The result included a roughly $728 million noncash gain from changes in the fair value of warrants. Adjusted EBITDA was negative $12.8 million, compared with positive $18.13 million in the year-ago quarter.

The revenue mix reflects TeraWulf’s work as both a Bitcoin miner and data center operator. As of Sept. 30, 102 megawatts of critical IT capacity were operating at its Lake Mariner site, with another 336 MW under construction. The company’s roughly 401-MW, 20-year lease at its Justified campus has about $19 billion in contracted revenue, with phased deliveries expected to begin in late 2027.