Key Highlights

  • Shares were trading down 8.13% at USD 11.98 on Friday, November 13, 2026 in market data, a week after third-quarter results published on November 6.
  • Third-quarter Revenue was USD 76.2 million versus USD 50.6 million, with high-performance computing Lease revenue of USD 63.0 million, about 83% of the total.
  • Net income attributable to the company was USD 709.9 million, driven mainly by a USD 728.4 million non-cash gain on Warrant and derivative liabilities, while adjusted EBITDA was negative USD 12.8 million.
  • Debt was about USD 5.2 billion against about USD 2.4 billion of cash, equivalents and restricted cash, and nine-month net loss was USD 657.6 million.

A Non-Cash Profit and No Fresh Catalyst for Friday

TeraWulf (NASDAQ:WULF) was trading down 8.13% at USD 11.98 on Friday, November 13, 2026, in market data that is the figure of record for the live session only. No company announcement dated November 12 or 13 explaining the move was found. The company develops data-center capacity and still mines bitcoin. It reported third-quarter results on November 6, 2026, with Net Income of USD 709.9 million that came mostly from a USD 728.4 million non-cash gain, not from operations. Adjusted EBITDA was negative USD 12.8 million for the quarter and negative USD 35.2 million for nine months. Revenue grew about 51% from USD 50.6 million (calculated), and cash, equivalents and restricted cash were about USD 2.4 billion at September 30, with USD 1.60 billion unrestricted.

HPC Leasing Replaces Mining as Debt and Dilution Build

Digital asset revenue fell to USD 13.2 million from USD 43.4 million, while lease revenue from high-performance computing rose to USD 63.0 million from USD 7.2 million. Total debt was about USD 5.2 billion, including USD 1.63 billion of long-term convertible notes and USD 492 million of short-term convertible notes, and total liabilities were USD 7.28 billion. The company issued USD 1.20 billion of common stock net of costs in nine months. Unrestricted cash was USD 1.60 billion. It also sold its 50.1% Abernathy interest, receiving USD 250 million with more due by December 31, 2026 and April 30, 2027. After quarter-end it raised revolver commitments from USD 250 million to USD 400 million.

Anthropic Lease, Google Backstop and Bitcoin Pressure

The growth case rests on a 20-year lease with Anthropic for about 401 MW at the Justified site, worth about USD 19 billion of contracted revenue, with completions from late 2027 through the second quarter of 2028. A Google Credit backstop supports project financing. At Lake Mariner, 102 MW is online and 336 MW is under construction, and contracted power at the Muskie site is set to rise from 500 MW to 1 GW, subject to Kentucky regulatory approval. Bitcoin fell below USD 74,000 on November 10 after a hot Inflation reading, per a published report, but no November 13 price or driver was verified. Convertible notes, Equity issuance and construction timing are the risks, and shares can move sharply on thin news.

Where Things Stand

Debt is a plausible factor, but it is not verified as today's trigger. TeraWulf (NASDAQ:WULF) is down 8.13% with no company news from November 12 or 13, a week after a quarter whose headline profit was non-cash and whose operating profit was negative. The Balance Sheet carries about USD 5.2 billion of debt against about USD 2.4 billion of cash, while the Anthropic lease offers contracted revenue years out. Next markers are the CB-4 rent start in the fourth quarter, financing steps and any further equity issuance.