- TeraWulf’s digital-asset mining revenue fell to $13.2 million in the third quarter of 2026, down from $43.4 million in the same quarter a year earlier
- High-performance computing lease revenue reached $63.0 million for the quarter, making up the large majority of the company’s total $76.2 million in revenue
- The company reported approximately $2.4 billion in total cash, cash equivalents and restricted cash on its balance sheet
TeraWulf filed its third-quarter 2026 earnings release with the SEC on November 6, 2026, showing a business that has shifted decisively away from bitcoin mining as its primary revenue driver. Digital-asset mining revenue came in at just $13.2 million for the quarter, a steep decline from the $43.4 million the company generated from mining in the same quarter of 2025, a drop of roughly 70%.
In mining’s place, high-performance computing lease revenue has become the company’s dominant business line, contributing $63.0 million of the quarter’s total $76.2 million in revenue. That split means leasing out computing infrastructure, largely to serve demand tied to artificial intelligence workloads, now accounts for well over four-fifths of TeraWulf’s quarterly top line, a dramatic reweighting for a company that built its original business around bitcoin mining.
The company’s balance sheet reflects substantial liquidity built up through this transition: approximately $2.4 billion in total cash, cash equivalents and restricted cash, a sizable reserve that gives the company considerable flexibility to continue investing in data-center infrastructure and capacity for its HPC leasing business without needing to raise additional capital in the near term. The filing also shows the company’s own digital-asset holdings grew modestly to $1.527 million, up from $270,000 at the end of 2025, a relatively small balance-sheet position compared to the scale of its cash reserves.
Over the first nine months of 2026, digital-asset revenue totaled $39.1 million with proceeds from digital-asset sales of $37.0 million, figures that, taken together with the sharp third-quarter year-over-year decline, confirm that bitcoin mining has become a steadily shrinking part of TeraWulf’s overall business even as the company retains some ongoing mining operations.
TeraWulf’s trajectory illustrates a broader pattern among companies that entered the bitcoin mining business during an earlier period of the industry’s growth and have since redirected much of their infrastructure toward serving the computing demands of artificial intelligence, a shift that has reshaped revenue mixes across a number of previously mining-focused firms this year. The full earnings release is filed as an exhibit on SEC EDGAR.
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