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🇺🇸 SECTerawulf Inc.Codex · 实盘不做把握 6/10
北京时间·🕒 发布 19:00:50时区推断·⟳ 抓取 19:24:34·⚡ 决策 08-05 21:53:00 +2h28m·82.7 天前

TeraWulf发布二季度业绩,HPC收入提升但营收低于预期且核心利好多为旧信息

二季度收入4480万美元,其中HPC租赁收入3190万美元、占总收入约71%,说明业务继续向AI/HPC基础设施转型。

📄 原文Terawulf Inc.↗ 原文
0001083301 FALSE 0001083301 2026-08-05 2026-08-05 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 205…
不做 TeraWulf(WULF.US)
不做:Q2财报收入低于一致预期、Adjusted EBITDA走弱;核心正面事项已于7月6日披露,本次盘中已大涨后追多edge不足,正面经营进展又不支持反手做空。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

🔎 新鲜度:最早出现 2026-08-05 · 扩散 medium · price-in 风险 high ↗ ↗

消息传播链

  1. 2026-08-05 07:00 ET首发TeraWulf/GlobeNewswire一手源原文 ↗
    公司正式发布Q2业绩,披露收入4480万美元、HPC租赁收入3190万美元,并更新102MW已上线、336MW在建等进展。
  2. 2026-08-05 07:00 ET官方确认/否认SEC EDGAR一手源原文 ↗
    公司同步提交8-K,附件为Q2 earnings release和投资者演示材料,确认该披露为正式监管文件。
  3. 2026-08-05 09:45 ET市场反应Yahoo Finance搜索摘要非一手原文 ↗
    公开行情摘要显示WULF盘中约上涨12%,说明市场已在交易财报与AI基础设施叙事。
    市场反应:WULF.US盘中大幅高开后仍维持两位数涨幅,追多price-in风险高。

关键理由

  • 二季度收入4480万美元,其中HPC租赁收入3190万美元、占总收入约71%,说明业务继续向AI/HPC基础设施转型。
  • 但市场一致预期收入约4645万至4732万美元,实际收入小幅低于预期,非GAAP Adjusted EBITDA为-1834万美元,较Q1的-410万美元走弱。
  • 本次稿中最吸引人的约190亿美元Anthropic租约和约5.3亿美元Abernathy出售,已在2026-07-06单独公告并被交易,本次更多是财报复述而非新催化。

主要风险

  • 若电话会披露新的客户、融资成本下降或新增签约MW,可能重新打开做多窗口。
  • 公司仍处于重资产建设期,现金充足但经营现金流为负,股价对融资、交付延期和客户信用支持条款敏感。

反向证据

  • 做多前查反向 · 来源 web · 影响 weakens
    一致预期口径显示收入约4645万至4732万美元,高于实际4480万美元,且Adjusted EBITDA较Q1走弱,削弱财报追多。
    检索:TeraWulf Q2 2026 revenue consensus EPS estimate Adjusted EBITDA 原文 ↗
  • 做空前查反向 · 来源 web · 日期 2026-08-05 · 影响 weakens
    HPC收入占比升至约71%,CB-3交付触发6亿美元Google信用支持生效,仍有明确正面经营进展,不满足强空催化。
    检索:TeraWulf Q2 2026 HPC revenue Anthropic lease Google credit support 原文 ↗
  • 做多前查反向 · 来源 web · 日期 2026-07-06 · 影响 weakens
    本次最强多头叙事已在一个月前单独公告并引发市场反应,降低本次财报作为新增催化的边际新鲜度。
    检索:TeraWulf Anthropic lease July 6 2026 $19 billion Abernathy $530 million already announced 原文 ↗

原文全文

展开原文 · 8,262 字
0001083301
FALSE
0001083301
2026-08-05
2026-08-05
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
:
August 5, 2026
TERAWULF INC.
(Exact name of registrant as specified in its charter)
Delaware
001-41163
87-1909475
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
9 Federal Street
Easton,
Maryland
21601
(Address of principal executive offices) (Zip Code)
(410)
770-9500
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (
see
General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, $0.001 par value per share
WULF
The
Nasdaq
Capital Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 2.02. Results of Operations and Financial Condition.
On August 5, 2026, TeraWulf Inc. (“TeraWulf” or the “Company”) issued a press release (“Press Release”) announcing the Company’s results for the second quarter ended June 30, 2026. The Press Release is attached as Exhibit 99.1 to this Current Report on Form 8-K (this “Report”) and is incorporated herein by reference.
Item 7.01. Regulation FD Disclosure.
On August 5, 2026, the Company posted a presentation to its website at https://investors.terawulf.com (the “Presentation”). A copy of the Presentation is furnished as Exhibit 99.2 to this Report. The Company expects to use the Presentation, in whole or in part, and possibly with modifications, in connection with the earnings call with investors, analysts and others.
The information contained in the Presentation is summary information that is intended to be considered in the context of the Company’s Securities and Exchange Commission (“SEC”) filings and other public announcements that the Company may make, by press release or otherwise, from time to time. The Presentation speaks only as of the date of this Report. The Company undertakes no duty or obligation to publicly update or revise the information contained in the Presentation, although it may do so from time to time. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure. In addition, the exhibit furnished herewith contains statements intended as “forward-looking statements” that are subject to the cautionary statements about forward-looking statements set forth in such exhibit. By furnishing the information contained in the Presentation, the Company makes no admission as to the materiality of any information in the Presentation that is required to be disclosed solely by reason of Regulation FD.
The information contained in Items 2.02 and 7.01 of this Report (as well as in Exhibits 99.1 and 99.2 attached hereto) is furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and such information shall not be deemed to be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended or the Exchange Act.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
99.1
Press Release, dated August 5, 2026
.
99.2
Presentation of the Company, dated August 5, 2026.
104.1
Cover Page Interactive Data File (embedded within the inline XBRL document).
Cautionary Note Regarding Forward-Looking Statements.
Statements in this Current Report on Form 8-K about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995 as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary
materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) TeraWulf’s ability to attract additional customers to lease its HPC data centers; (2) TeraWulf’s ability to complete its data center campuses and future strategic growth initiatives in a timely manner or within anticipated cost estimates; (3) operational risks associated with its data centers and TeraWulf’s ability to perform under its existing data center lease agreements; (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations; (6) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (7) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (8) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (9) other risks and uncertainties detailed from time to time in TeraWulf’s filings with the Securities and Exchange Commission (“SEC”). Any forward-looking statements contained in this Current Report on Form 8-K speak only as of the date hereof, and TeraWulf specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required by applicable law.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
TERAWULF INC.
By:
/s/ Patrick A. Fleury
Name:
Patrick A. Fleury
Title:
Chief Financial Officer
Date:
August 5, 2026

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