TeraWulf Posts $427M Q1 Loss as HPC Revenue Jumps and Bitcoin Mining Revenue Falls

TeraWulf posted a $427 million net loss in the first quarter of 2026 as total revenue reached $34 million. HPC lease revenue rose 117% from the prior quarter to $21 million, while Bitcoin mining revenue fell 50% to about $13 million. TeraWulf said 60 megawatts of operational critical IT capacity at Lake Mariner were leased to Core42.

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