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TeraWulf Reports Q1 Loss of $427 Million, AI Revenue Doubles While Bitcoin Mining Income Halves
On May 9, Bitcoin mining company TeraWulf announced its financial report for the first quarter of 2026, revealing a net loss of $427 million for the quarter, significantly higher than the $61.4 million loss in the same period last year. The report indicated that TeraWulf’s total revenue for the quarter was $34 million, with AI/HPC (High-Performance Computing) leasing revenue reaching $21 million, a 117% increase quarter-over-quarter, accounting for about 60% of total revenue. In contrast, Bitcoin mining revenue fell by 50% year-over-year to approximately $13 million. The company stated that AI revenue primarily comes from its North American HPC facility, Lake Mariner, which has a 60MW computing capacity leased to Core42. Additionally, TeraWulf is advancing more AI infrastructure projects in collaboration with Fluidstack and Google. Previously, TeraWulf announced a 25-year AI data center leasing agreement with Fluidstack valued at approximately $9.5 billion, accelerating its transition from Bitcoin mining to AI infrastructure operations. By the end of the quarter, the company’s cash reserves were approximately $3.1 billion. Despite the expanded losses reported, TeraWulf’s stock price has increased by over 105% year-to-date.