TeraWulf Reports $427 Million Q1 2026 Loss as AI/HPC Revenue Jumps to $21 Million

TeraWulf reported a $427 million loss in the first quarter of 2026 while shifting from Bitcoin mining toward AI infrastructure, with high-performance computing leases jumping 117% to $21 million.

“Skip to content Bitcoin, Markets, Mining, WULF TeraWulf posts $34 million in Q1 revenue as AI/HPC lease income offsets bitcoin mining decline May 08, 2026 By Blockspace Staff TeraWulf (NASDAQ: WULF) The revenue mix changed”

Blockspace Media

Cointelegraph said the company’s total revenue for the quarter came in at $34 million, with HPC lease revenue accounting for $21 million and roughly 60% of the total.

Cointelegraph

Cointelegraph also reported that Bitcoin mining revenue fell 50% to around $13 million, underscoring the gap between the new AI/HPC revenue line and the costs of transition.

In a separate account of the same quarter, Blockspace Media said Bitcoin mining revenue fell 62% year over year to $13 million from $34.4 million, while AI/HPC lease revenue accounted for 62% of total revenue.

Blockspace Media quoted Chief Financial Officer Patrick Fleury saying, “HPC lease revenue contributed $21.0 million in the period, representing the initial ramp of long-term customer agreements at Lake Mariner.”

TeraWulf tied its AI/HPC buildout to contracted capacity at Lake Mariner in upstate New York, where it said it had 60 MW of operational critical IT capacity for Core42 as of March 31.

Blockspace Media said construction on a third building, CB-3, was nearing completion, with CB-4 and CB-5 on schedule for delivery later in 2026, and that it was coordinating with its second tenant, Fluidstack, and with Google.

Decrypt

Cointelegraph reported that TeraWulf ended the quarter with approximately $3.1 billion in cash and said the HPC revenue was driven by the 60 megawatts of operational critical IT capacity at Lake Mariner.

In its own financial framing, The Currency analytics described the $21 million in HPC lease revenue as a “bright spot” alongside the company’s inability to break even after the quarter’s $427 million loss.

The Currency analytics also said the company “didn’t break even. Not even close,” as it continued building out data centers and upgrading equipment before returns catch up.

Beyond the quarter’s results, TeraWulf said it closed a $250 million revolving loan during the period, and Cointelegraph reported that its capital structure was designed to align long-term financing with contracted cash flows.

Blockspace Media said cash used in investing activities reached $712.8 million, up from $61.1 million a year earlier, reflecting equipment purchases and the acquisition of a site in Hawesville, Kentucky with access to 480 MW of grid-connected power.

Blockspace Media listed additional development sites including Lake Hawkeye in Lansing, New York, with up to 300 MW of capacity in two phases, and Chesapeake Data in Morgantown, Maryland, with roughly 210 MW and potential expansion to 1 GW pending regulatory approvals.

Simply Wall Street framed the broader earnings picture by reporting that TeraWulf had net income excluding extra items of a US$126.6 million loss in FY 2025 and a trailing twelve month net loss of US$661.4 million.

Simply Wall Street warned that “the business is still forecast to remain unprofitable over the next three years,” even as it cited a revenue forecast to grow at about 39.8% a year.