TeraWulf reported Q1 2026 total revenue of $34 million, with its high-performance computing business overtaking bitcoin mining for the first time, according to the company’s earnings report. HPC lease revenue reached $21 million, surpassing digital asset revenue of just under $13 million as the company ramps up long-term compute contracts.
HPC Revenue Milestone
The shift marks a significant transition for the company. “This is the first period where HPC leasing is meaningfully reflected in our financials,” CEO Paul Prager said on the earnings call. The milestone reflects a broader industry trend, as other former pure-play bitcoin miners shift focus to AI and hyperscaler infrastructure. Riot Platforms recently reported $33.2 million in first-time data center revenue in Q1, with its AMD deal driving the bulk of that segment as it expands beyond bitcoin mining.
Financial Performance
TeraWulf’s total Q1 revenue was roughly flat compared to $34.4 million from a year earlier. The company reported a $427.6 million net loss, widening from $61.4 million a year earlier, though nearly half was attributed to non-cash warrant revaluations. CFO Patrick Fleury described the quarter as “a business in transition,” with revenue increasingly tied to “stable, contracted” compute contracts.
Operational Expansion
At its Lake Mariner facility in New York, TeraWulf reported that 60 MW of HPC capacity is now generating revenue, with additional buildings slated to come online later this year. The company is repurposing part of its bitcoin mining infrastructure to support HPC workloads, causing costs to rise to nearly $200 million. That includes $25.7 million in impairments tied partly to shutting down mining operations.
Cash Position and Future Plans
TeraWulf ended the quarter with about $3.1 billion in cash and restricted cash and reiterated plans to add between 250 and 500 megawatts of new contracted capacity annually. Shares of TeraWulf (NASDAQ: WULF) were down 1% on the day to $23, according to The Block’s crypto equities price page.
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