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Terawulf vs Hut 8: WULF and HUT compared
Terawulf is the larger company: $76.2M of revenue in its latest quarter (Q3 2026) against $71.1M for Hut 8 (Q3 2026). Terawulf is growing faster (+51% against -15% a year earlier). Hut 8 is more profitable, with an operating margin of 447.7% against -115.7%.
Where the money goes: WULF and HUT
Terawulf (WULF) · Q3 2026
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.
Hut 8 (HUT) · Q3 2026
Hut 8, Q3 2026: revenue $71.1M (-15% year over year), operating margin 447.7%, net earnings $131M, operating cash flow $27.8M. The chart follows the revenue to costs, profit and cash.
| Terawulf (WULF) | Hut 8 (HUT) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $76.2M | $71.1M |
| Revenue growth, Y/Y | +51% | -15% |
| Operating margin | -115.7% | 447.7% |
| Net earnings | $710M | $131M |
| Net margin | 930.8% | 184.4% |
| Operating cash flow | −$24.6M | $27.8M |
Where the revenue comes from
Hut 8
- High Performance Computing Colocation and Cloud: $68.4M (96%)
- Digital Infrastructure: $1.4M (2%)
- Power: $1.3M (2%)
Questions
Which is bigger, Terawulf or Hut 8?
Terawulf is the larger company: $76.2M of revenue in its latest quarter (Q3 2026) against $71.1M for Hut 8 (Q3 2026).
Is Terawulf or Hut 8 growing faster?
Terawulf is growing faster (+51% against -15% a year earlier).
Which is more profitable, Terawulf or Hut 8?
Hut 8 is more profitable, with an operating margin of 447.7% against -115.7%.
More: Terawulf earnings · how Terawulf makes money · Hut 8 earnings · how Hut 8 makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 6, 2026; 10-Q filed Nov 4, 2026). Fiscal quarters can end on different dates. Not investment advice.