TeraWulf's AI Compute Revenue Outpaces Bitcoin Mining Amid $427 Million Loss

In short

Shares in TeraWulf (WULF) fell on the day after the agency reported a $446 million loss in Q1.
The agency reported revenues of $34 million, 60% of which at the moment are attributed to its growth into AI HPC.
In the meantime its Bitcoin mining revenues fell 50% quarter-over-quarter to round $13 million.

Shares in publicly traded Bitcoin miner TeraWulf (WULF) completed the buying and selling day down 2.6% after the agency posted a quarterly web lack of greater than $427 million in Q1 2026, in comparison with only a $61.4 million loss in Q1 2025.

Throughout the quarter, the agency reported revenues of $34 million—60% of which, or $21 million price, got here from its transition to AI compute—a 117% improve from the earlier quarter. Then again, its Bitcoin mining revenues shrank by 50% over the identical interval to roughly $13 million.

“The primary quarter of 2026 was outlined by execution,” stated TeraWulf CEO and Chairman Paul Prager, in an announcement. “We entered the yr with a completely established platform, together with websites, contracts, and capital, and at the moment are changing that basis into working efficiency and recurring income.”

The agency’s dedication to high-performance computing (HPC) is highlighted by an October Google-backed deal, which expanded its beforehand introduced 10-year multi-billion greenback dedication with FluidStack to a 25-year lease deal price round $9.5 billion in contracted revenues.

Transferring ahead, TeraWulf expects way more constant, structured revenues from its AI compute offers, contrasting its future with the historic focus and reliance upon a less-steady Bitcoin mining pursuit.

“The primary quarter displays a extra secure, contracted income mannequin,” stated CFO Patrick Fleury, in an announcement. “As we proceed to scale, we anticipate the enterprise to be more and more pushed by recurring, contracted income, decreasing publicity to the volatility traditionally related to Bitcoin mining.”

The agency, which indicated it’s going to proceed to repurpose parts of its Bitcoin mining enterprise to “help higher-value HPC workloads,” concluded the quarter with round $3.1 billion in money and money equivalents.

Regardless of dipping on the day, shares of WULF are up greater than 30% within the final month of buying and selling, just lately altering palms round $23.51. WULF has gained greater than 105% for the reason that yr started.