Filing Flows › Terawulf (WULF) › Q1 2026
Terawulf (WULF) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
Terawulf (WULF) reported revenue of $34.0M for the first quarter 2026 (Q1 2026), -1% from a year earlier and -5% from the quarter before. Operating margin was -476.7%.
Terawulf, Q1 2026: revenue $34.0M (-1% year over year), operating margin -476.7%, net loss $428M, operating cash flow −$17.6M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $34.0M | -5% | -1% |
| Operating profit | −$162M | — | — |
| Net earnings | −$428M | — | — |
| Operating cash flow | −$17.6M | — | -131% |
What changed
Revenue was $34.0M in Q1 2026, down 1% year over year and down 5% from the previous quarter.
Gross margin was 60.1%, up 39.9 points from Q1 2025. Operating costs exceeded revenue by $162.1M, an operating margin of -476.7%. Operating expenses grew 174% against a revenue fall of 1%. The quarter ended with a net loss of $427.7M, wider than the previous quarter's $126.6M loss. Minority interests bore $69K of it: to shareholders the quarter was a loss of $427.6M. Net interest and other expense of $265.5M was the main reason.
Operating cash flow was −$17.6M. Non-cash charges added back $28.5M of depreciation and $101.4M of share-based compensation. Working capital and other items added $280.2M. Capital expenditures of $523.0M exceeded it, leaving free cash flow of −$540.5M.
Questions
What was Terawulf's revenue in the first quarter 2026?
Terawulf (WULF) reported revenue of $34.0M for the first quarter 2026 (Q1 2026), -1% from a year earlier and -5% from the quarter before.
Was Terawulf profitable in the first quarter 2026?
Operating loss was $162M (-476.7% of revenue) and net loss $428M.
Source: Terawulf 10-Q on SEC EDGAR.