HPC Lease Dollars Flip the Mix Past Digital Assets
TeraWulf's Investor Relations release put third-quarter revenue at $76.2 million. HPC lease revenue was $63.0 million, about 83% of the total, while digital asset revenue was $13.244 million. A year earlier the same quarter was still mostly a mining print: digital asset revenue was $43.375 million and HPC lease revenue was only $7.203 million against total revenue of $50.578 million. Lake Mariner was operating 102 MW of revenue-generating critical IT capacity as of September 30, with another 336 MW under construction across CB-4 and CB-5. CB-4 remains on track for phased delivery and rent commencement in the fourth quarter; CB-5 is targeted to begin phased delivery in early 2027. WULF Compute continues inside the company's previously disclosed cost guidance of $8 million to $10 million per critical IT MW.
Investing.com put Street revenue consensus near $64.2 million and framed an adjusted loss per share of -$0.03 against an estimate near -$0.17. That secondary framing sits beside the company's own diluted EPS of -$0.03 and basic EPS of $1.42; traders should read the primary release for the diluted-versus-basic split rather than treating secondary "adjusted LPS" labels as a separate non-GAAP EPS line the company highlighted.
Warrant Fair Value Inflates GAAP While Operations Still Lose Money
Net income attributable to TeraWulf was about $709.9 million in the quarter. The income statement shows a $728.442 million non-cash gain from the change in fair value of warrant and derivative liabilities, plus a $95.0 million gain on the sale of the company's 50.1% Abernathy joint-venture interest. Operating loss was still $88.2 million, and non-GAAP Adjusted EBITDA was about $(12.8) million after the company backs out warrant marks, the Abernathy gain, interest, depreciation, stock-based compensation, and other items. Basic EPS was $1.42; diluted EPS was -$0.03, a split that reflects how warrant dilution and the fair-value accounting reverse through the per-share math even when GAAP net income is large and positive.
That is the options-relevant accounting read: the headline GAAP income number is not an operating earnings beat in the usual sense. The HPC lease mix and the development backlog are the operating story; Adjusted EBITDA remaining negative is the cash-earnings story; the warrant mark is a non-cash swing that can reverse in later quarters if the warrant liability fair value moves the other way.
Four Hundred Megawatts and Nineteen Billion Behind the Premarket Bid
Justified remains the contracted-growth anchor. The company executed a 20-year lease with Anthropic for about 401 MW of critical IT capacity, representing about $19 billion of contracted revenue over the initial term. On November 4, 2026, it announced a Google Credit Backstop for anticipated project financing behind that lease and a definitive EPC agreement with Fluor Enterprises covering three data center buildings, with phased ready-for-service completions expected from late 2027 through the second quarter of 2028. Muskie contracted power rose from 500 MW to 1,000 MW through amended Kentucky Power agreements, subject to Kentucky Public Service Commission approval, with the second 500 MW phase advanced toward 2029.
Liquidity ended the quarter near $2.4 billion of cash, cash equivalents, and restricted cash. After quarter-end the revolving credit commitments rose from $250 million to $400 million with a $150 million uncommitted accordion. The Abernathy 50.1% sale brought $250 million of cash in the quarter, with $150 million expected by December 31, 2026, and about $130 million by April 30, 2027. Management reaffirmed a target of contracting 250 MW to 500 MW of incremental critical IT capacity annually.
Thirteen Percent Premarket Right on the Weekly Implied Move
OptionSlam tracked a 13.39% implied move on the November 6 weekly straddle and 24.90% on the November 20 monthly into the report. Measured from Thursday's $10.08 close, a 13.4% weekly band puts the break-evens near about $8.73 and $11.43. The Public.com premarket print near $11.43 is essentially at that upper weekly break-even and still deep inside the roughly 25% November monthly band, whose upper break-even would sit near about $12.59.
Delayed Cboe quotes are a reference for Friday's open rather than fills: equity options do not trade until 9:30 AM ET, premarket stock prints can fade or extend, and spreads can widen around an event open. When a name gaps roughly the full weekly implied move after a revenue beat that is still paired with negative Adjusted EBITDA and warrant-driven GAAP income, long weeklies that needed a clean break through the band are only at their stock-leg hurdle so far, while short straddles and iron condors that sold the weekly move are roughly at the edge of their priced range into the open. The Anthropic lease, Google backstop, and Fluor EPC are multi-year catalysts that can keep longer-dated IV elevated even if the weekly event premium compresses after the print. Our implied volatility guide covers how post-earnings IV usually compresses after the uncertainty resolves, and the OCC options disclosure document explains the risks of standardized options, including assignment.
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*By the OptionsPilot Editorial Team. Published November 6, 2026, 6:23 AM PT. This article is for education only and is not investment advice. Options involve risk and are not suitable for all investors.*
