Filing Flows › Terawulf (WULF) › Q2 2026
Terawulf (WULF) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 5, 2026
Terawulf (WULF) reported revenue of $44.8M for the second quarter 2026 (Q2 2026), -6% from a year earlier and +32% from the quarter before. Operating margin was -313.7%.
Terawulf, Q2 2026: revenue $44.8M (-6% year over year), operating margin -313.7%, net loss $941M, operating cash flow −$137M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $44.8M | +32% | -6% |
| Operating profit | −$140M | — | — |
| Net earnings | −$941M | — | — |
| Operating cash flow | −$137M | — | — |
What changed
Revenue was $44.8M in Q2 2026, down 6% year over year and up 32% from the previous quarter.
Gross margin was 19.9%, down 26.3 points from Q2 2025. Operating costs exceeded revenue by $140.4M, an operating margin of -313.7%. Operating expenses grew 297% against a revenue fall of 6%. The quarter ended with a net loss of $940.8M, wider than the previous quarter's $427.7M loss. Minority interests bore $910K of it: to shareholders the quarter was a loss of $939.9M. Net interest and other expense of $800.3M was the main reason.
Operating cash flow was −$136.7M. Non-cash charges added back $21.2M of depreciation and $83.9M of share-based compensation. Working capital and other items added $698.9M. Capital expenditures of $855.6M exceeded it, leaving free cash flow of −$992.3M.
Questions
What was Terawulf's revenue in the second quarter 2026?
Terawulf (WULF) reported revenue of $44.8M for the second quarter 2026 (Q2 2026), -6% from a year earlier and +32% from the quarter before.
Was Terawulf profitable in the second quarter 2026?
Operating loss was $140M (-313.7% of revenue) and net loss $941M.
Source: Terawulf 10-Q on SEC EDGAR.