TLDR
- TeraWulf posted a $427M net loss in Q1 2026, up from $61.4M a year earlier.
- HPC lease revenue jumped 117% quarter-on-quarter to $21M, making up ~60% of total revenue.
- Bitcoin mining revenue fell 50% to around $13M.
- The company ended the quarter with ~$3.1B in cash and restricted cash.
- WULF stock closed down 2.6% on Friday but is up over 105% year-to-date.
TeraWulf reported a net loss of $427 million for Q1 2026, a sharp widening from the $61.4 million loss posted in the same quarter last year.
Total revenue came in at $34 million for the quarter. High-performance computing lease revenue hit $21 million — about 60% of total revenue — after jumping 117% from the prior quarter.
Bitcoin mining revenue, meanwhile, dropped 50% to roughly $13 million as weaker mining economics continued to pressure the sector.
$WULF Earnings are out!
Revenue: $34.0M vs $36.59M est 🔴
EPS: -1.01 vs -0.19 est 🔴TeraWulf expects a tenant for their Kentucky data center in Q2 2026 https://t.co/dzAHTYgwld pic.twitter.com/lfdjrewL0c
— Blockspace (@blockspace) May 8, 2026
WULF stock closed down 2.6% on Friday following the earnings release. Despite that, the stock has gained more than 105% year-to-date and is up over 30% in the past month.
AI Infrastructure Takes the Wheel
The HPC revenue was driven by 60 megawatts of operational critical IT capacity at the company’s Lake Mariner facility — one of North America’s largest HPC campuses — leased to Core42.
TeraWulf is also coordinating infrastructure delivery with Fluidstack and Google. Additional computing buildings, including CB-3, CB-4, and CB-5, are on track to come online later in 2026.
CEO Paul Prager said the company entered 2026 with key contracts, infrastructure, and financing already in place, with management now focused on converting that foundation into long-term recurring revenue.
In October 2025, TeraWulf signed a 25-year lease deal with Fluidstack — backed by Google — worth around $9.5 billion in contracted revenues. That expanded on an earlier 10-year commitment.
The company’s Abernathy joint venture, a 168 MW HPC project under a 25-year lease, remains on track for delivery in Q4 2026.
CFO Patrick Fleury said the company’s capital structure is designed to align long-term financing with contracted cash flows. He added that recurring AI infrastructure income could reduce the earnings swings historically tied to Bitcoin mining.
TeraWulf ended Q1 with approximately $3.1 billion in cash and restricted cash.
Power Sites Fuel Expansion Pipeline
Beyond Lake Mariner, TeraWulf is building out a national pipeline of power-advantaged sites.
That includes a newly acquired 480 MW site in Hawesville, Kentucky, a 300 MW project in Lansing, New York, and a 210 MW site in Morgantown, Maryland — with the potential to scale to 1 gigawatt.
Prager described the company as building “a power-advantaged platform” that is increasingly differentiated in a market constrained by access to power.
TeraWulf’s pivot mirrors a broader industry trend. Riot Platforms reported $167.2 million in total revenue for Q1 2026, with its data center business contributing $33.2 million, helping offset a drop in Bitcoin mining revenue.
Core Scientific has said it plans to sell more than 2,500 Bitcoin to fund AI expansion and bolster liquidity.
MARA Holdings, Hive, Hut 8, and Iren have all started converting mining operations into high-performance computing facilities targeting AI workloads.
TeraWulf’s CB-3, CB-4, and CB-5 computing buildings remain the company’s next operational milestones for 2026.
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