TeraWulf reported a net loss of $427 million for the first quarter of 2026, a sharp increase from a $61.4 million loss in the same period a year earlier. Revenue for the quarter totaled $34 million, driven largely by high-performance computing (HPC) lease income.
HPC lease revenue reached $21 million, roughly 60% of total sales and a 117% increase from the prior quarter. By contrast, Bitcoin mining revenue fell about 50% to approximately $13 million. The company said the HPC gains were powered by 60 megawatts of operational critical IT capacity at its Lake Mariner campus, leased to Core42—one of North America’s largest HPC sites. TeraWulf is also working with Fluidstack and Google on infrastructure delivery, and additional capacity buildings are slated for completion in 2026. The company finished the quarter with roughly $3.1 billion in cash on hand.
“Our capital structure is designed to align long-term financing with contracted cash flows, supporting disciplined growth while maintaining financial flexibility,” CFO Patrick Fleury said, highlighting the company’s financing approach as it scales HPC operations.
TeraWulf has been accelerating its pivot to AI and data-center leases. In October 2025 the company expanded a strategic partnership with Fluidstack, backed by Google, turning an earlier 10-year agreement into a 25-year lease arrangement that TeraWulf values at roughly $9.5 billion in contracted revenues. The miner is also building a national pipeline of power-advantaged sites: a recently acquired 480 MW property in Hawesville, Kentucky; a 300 MW project in Lansing, New York; and a 210 MW site in Morgantown, Maryland, with the three locations offering potential to scale toward 1 gigawatt of capacity.
“We are building a power-advantaged platform that we believe is increasingly differentiated in a market constrained by access to power,” CEO Paul Prager said. He added that the Abernathy joint venture—a 168 MW HPC project under a 25-year lease—remains on track for delivery in the fourth quarter of 2026.
TeraWulf’s stock (WULF) closed the day down 2.6%. The shares, however, have risen more than 105% year-to-date and climbed over 30% in the past month.
The shift toward AI and data-center services is not unique to TeraWulf. Riot Platforms reported $167.2 million in revenue for Q1 2026, with its new data-center arm contributing $33.2 million, helping offset declines in mining revenue. Across the industry, miners including Core Scientific, MARA Holdings, Hive, Hut 8 and Iren are converting mining facilities into data centers or acquiring AI compute assets as shrinking margins in Bitcoin mining push companies toward more predictable, contract-backed revenue streams.
This report is intended to summarize TeraWulf’s first-quarter performance and the broader industry trend toward AI infrastructure. Readers are encouraged to verify figures and statements independently.