TeraWulf Reports Q1 2026 Results and New Revolving Credit Facility

TeraWulf (NASDAQ: WULF) Inc. reported total revenue of $34.0 million for the three months ended March 31, 2026, including $12.99 million from digital asset revenue and $21.02 million from HPC lease revenue. The company incurred a net loss of $427.6 million, significantly higher than the $59.6 million loss in the prior year period, driven by increased operating expenses, depreciation, impairment charges, and interest expense.

Operating expenses increased to $9.0 million, with related party operating expenses of $2.2 million. Selling, general and administrative expenses rose to $127.6 million, including $0.2 million related party expenses. Depreciation expense was $28.5 million, and the company recorded a $25.7 million impairment of property, plant, and equipment.

Interest expense increased substantially to $67.1 million from $4.0 million in the prior year period, and the company recognized a $216.3 million loss on the fair value of warrants. Interest income was $29.4 million.

As of March 31, 2026, TeraWulf had total assets of approximately $7.0 billion and total liabilities of $7.1 billion, resulting in a total deficit equity of $77.6 million. The company had 449.5 million common shares issued and 425.1 million outstanding.

On May 7, 2026, TeraWulf entered into a revolving credit agreement with a syndicate led by Morgan Stanley Senior Funding, Inc., including other major banks such as Banco Santander, BofA Securities, Citibank, Citizens Bank, Sumitomo Mitsui Banking Corporation, TD Securities, and Wells Fargo Securities.