Key Highlights

  • Shares fell 8.13% to USD 11.98 on Friday, November 13, 2026, per market data, a week after the company released third-quarter results on November 6.
  • Revenue for the quarter climbed to USD 76.2 million from USD 50.6 million, and Lease income from high-performance computing supplied USD 63.0 million, about 83% of sales.
  • The USD 709.9 million Net Income attributable to the company stemmed mostly from a USD 728.4 million non-cash gain tied to Warrant and derivative liabilities, while adjusted EBITDA registered negative USD 12.8 million.
  • Debt amounted to roughly USD 5.2 billion, while cash, equivalents and restricted cash came to about USD 2.4 billion, and the nine-month net loss reached USD 657.6 million.

Profit Driven by a Non-Cash Gain, With No New Friday Catalyst

TeraWulf (NASDAQ:WULF) fell 8.13% to USD 11.98 on Friday, November 13, 2026, and that is a live market quote. My search did not turn up a company statement from November 12 or 13 that explains the slide. The company builds data-centre capacity and continues to mine bitcoin. Third-quarter figures arrived on November 6, 2026, showing net income of USD 709.9 million, chiefly a USD 728.4 million non-cash gain rather than operating profit. Adjusted EBITDA was a loss of USD 12.8 million in the quarter and USD 35.2 million negative across nine months. Revenue rose about 51% from USD 50.6 million (my arithmetic), while cash, equivalents and restricted cash were close to USD 2.4 billion at September 30, of which USD 1.60 billion was unrestricted.

High-Performance Leasing Takes Over From Mining as Debt and Dilution Build

Digital asset income slid to USD 13.2 million from USD 43.4 million, whereas high-performance computing leasing lifted lease income to USD 63.0 million, up from USD 7.2 million. Debt totalled about USD 5.2 billion, comprising USD 1.63 billion in long-term convertible notes and USD 492 million in near-term convertible notes, and liabilities overall reached USD 7.28 billion. In nine months, net proceeds from common share sales came to USD 1.20 billion. Unrestricted cash stood at USD 1.60 billion. The company disposed of its 50.1% Abernathy interest for USD 250 million, and more payments are due by December 31, 2026 and April 30, 2027. Following quarter-end, revolving Credit commitments were increased to USD 400 million from USD 250 million.

Anthropic Lease, Google Backstop and Bitcoin Pressure

For TeraWulf (NASDAQ:WULF), the growth thesis hinges on a 20-year agreement with Anthropic that covers roughly 401 MW at the Justified location and translates into around USD 19 billion of contracted revenue. Deliveries are scheduled in phases between late 2027 and the second quarter of 2028. A Google credit guarantee backs the project financing. Lake Mariner has 102 MW energised and another 336 MW in build, and the Muskie site's contracted capacity is expected to grow from 500 MW toward 1 GW once Kentucky regulators sign off. A published report noted bitcoin dipped under USD 74,000 on November 10 following a warm Inflation print, though I could not confirm a November 13 quote or cause. Convertible debt, share issuance and build timing are the chief hazards, and the stock can gap on thin headlines.

Where Things Stand

Debt is a credible factor, yet I have not confirmed it as the trigger for today. TeraWulf (NASDAQ:WULF) is 8.13% lower without company news from November 12 or 13, one week past a quarter whose headline profit was non-cash and whose core result was loss-making. The Balance Sheet shows debt of roughly USD 5.2 billion against approximately USD 2.4 billion of cash and restricted holdings, while the Anthropic agreement adds contracted revenue further out. Upcoming markers include the CB-4 rent commencement in the fourth quarter, financing steps and any additional Equity sales.