Filing Flows › Terawulf (WULF) › Q3 2026
Terawulf (WULF) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 6, 2026
Terawulf (WULF) reported revenue of $76.2M for the third quarter 2026 (Q3 2026), +51% from a year earlier and +70% from the quarter before. Operating margin was -115.7%, net earnings $710M (930.8% of revenue).
Terawulf, Q3 2026: revenue $76.2M (+51% year over year), operating margin -115.7%, net earnings $710M, operating cash flow −$24.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $76.2M | +70% | +51% |
| Operating profit | −$88.2M | — | — |
| Net earnings | $710M | — | — |
| Operating cash flow | −$24.6M | — | — |
What changed
Revenue was $76.2M in Q3 2026, up 51% year over year and up 70% from the previous quarter.
Gross margin was 15.2%, down 42.0 points from Q3 2025. Operating costs exceeded revenue by $88.2M, an operating margin of -115.7%. Operating expenses grew 86% against revenue growth of 51%. Net earnings were $709.9M ($709.5M including minority interests, which bore $378K of losses). The effective tax rate was 0.0%. Non-operating items added $797.8M, 112% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$24.6M. Non-cash charges added back $29.6M of depreciation and $30.0M of share-based compensation. Working capital and other items used $793.8M. Capital expenditures of $852.3M exceeded it, leaving free cash flow of −$876.9M.
Questions
What was Terawulf's revenue in the third quarter 2026?
Terawulf (WULF) reported revenue of $76.2M for the third quarter 2026 (Q3 2026), +51% from a year earlier and +70% from the quarter before.
Was Terawulf profitable in the third quarter 2026?
Operating loss was $88.2M (-115.7% of revenue) and net earnings $710M.
Source: Terawulf 10-Q on SEC EDGAR.