TLDR
- TeraWulf posted a Q1 loss of $1.01 per share, well above the 20-cent loss analysts expected
- AI lease revenue hit $21 million, beating Wall Street’s $18.6 million forecast
- Total Q1 revenue came in at $34 million, roughly flat year-over-year
- The company has 60 MW of operational HPC capacity leased to Core42 at its Lake Mariner campus
- WULF stock is up 109% year-to-date and nearly 700% over the past 12 months
TeraWulf (WULF) stock edged up around 0.5% in premarket trading on Thursday after the company reported first-quarter 2026 results. The stock had initially jumped as much as 4% before the earnings figures were released.
The company posted a net loss of $1.01 per share for Q1. That’s a steep jump from the 16-cent loss it reported a year ago, and well past the 20-cent loss analysts had penciled in.
Total revenue came in at $34 million, nearly flat compared to $34.4 million in the same quarter last year.
$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
The headline miss on the bottom line didn’t shake investors much, and for good reason — the AI side of the business is gaining traction fast.
High-performance compute lease revenue hit $21 million in the quarter, beating Wall Street’s estimate of $18.6 million. A year ago, that number was zero.
AI Pivot Takes Shape
TeraWulf is in the middle of a full pivot away from Bitcoin mining toward AI data center infrastructure. The company is partnering with Alphabet’s Google and AI cloud platform Fluidstack to build a large-scale data center campus in upstate New York.
Core42, an AI cloud provider based in the UAE, is already leasing 60 megawatts of capacity at the Lake Mariner site in New York.
TeraWulf also closed a $250 million revolving credit facility during the quarter to support its development pipeline.
The company reported approximately $3.1 billion in cash and restricted cash as of March 31, 2026 — a liquidity position that gives it room to keep building.
CFO Patrick Fleury pointed to contracted revenue as the goal. “As we continue to scale, we expect the business to be increasingly driven by recurring, contracted revenue, reducing exposure to the volatility historically associated with bitcoin mining,” he said.
Growth Pipeline
Beyond Lake Mariner, TeraWulf is pushing forward on several other projects. Its Abernathy joint venture is targeting 168 MW under a 25-year lease structure.
The company also acquired a site in Hawesville, Kentucky during the quarter, adding to existing projects in New York and Maryland.
TeraWulf is repurposing legacy Bitcoin mining assets for higher-value HPC workloads — a playbook several other former miners are running.
IREN stock jumped 9.5% on the same day after announcing an infrastructure deal with Nvidia. Cipher Digital, another Fluidstack partner, rose 1.7%.
WULF stock is up 109% so far in 2026 and has gained nearly 700% over the past 12 months, fueled by investor enthusiasm around the AI compute pivot.
The most recent analyst rating on WULF is a Buy with a $32 price target.
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