TeraWulf Q1: HPC revenue surpasses mining, shares fall

TeraWulf’s Q1 2026: HPC leasing revenue ($21M) surpassed Bitcoin mining for the first time. Shares fell over 6% after a larger-than-expected loss.

TeraWulf reported its Q1 2026 results, marking a significant shift in its revenue streams. For the first time, high-performance computing (HPC) leasing revenue reached $21 million, surpassing Bitcoin mining revenue, which was under $13 million. Total revenue for the quarter was $34 million, remaining nearly flat year-over-year. The Lake Mariner facility contributed 60 MW of operational HPC capacity, supporting Core42 operations. Despite holding $3.1 billion in cash and pivoting toward AI and cloud computing infrastructure, TeraWulf posted a net loss of $1.01 per share—worse than both analyst expectations and last year’s results. Initially, the stock rose in premarket trading but dropped over 6% after earnings were released. TeraWulf continues to expand its infrastructure-as-a-service business, developing the Hawesville and Lake Hawkeye sites to secure more stable, contract-based revenues as it reduces reliance on crypto mining.