TeraWulf reported revenue of 76.2 million dollars for the third quarter ended September 30, 2026, including 63.0 million dollars of high performance computing lease revenue, about 83 percent of the total, with 102 MW of critical IT capacity online at Lake Mariner and a further 336 MW under construction. Net income was about 709.9 million dollars, a figure the company attributes in part to a non-cash change in the fair value of warrants, while non-GAAP adjusted EBITDA was about negative 12.8 million dollars.
The company ended the quarter with about 2.4 billion dollars of cash, cash equivalents and restricted cash, and after quarter end raised its revolving credit commitments from 250 million dollars to 400 million dollars, with an uncommitted accordion for up to 150 million dollars more. It also completed the sale of its 50.1 percent interest in the Abernathy joint venture for 250 million dollars received in the quarter, with 150 million dollars due on or before December 31, 2026 and about 130 million dollars due on or before April 30, 2027, and booked a 95 million dollar gain on the sale.