TeraWulf Inc. reported its financial results for the first quarter of 2026, revealing total revenue of $34.0 million, a slight decrease from $34.4 million in the same period last year. The company's digital asset revenue fell significantly to $13.0 million from $34.4 million, primarily due to a reduction in bitcoin mining operations as two miner buildings were repurposed for high-performance computing (HPC) development. In contrast, HPC lease revenue reached $21.0 million, marking the first time it constituted a majority of the company's total revenue, reflecting the ramp-up of long-term contracted capacity at the Lake Mariner Data Campus.
The company's operational metrics showed a notable shift, with TeraWulf mining 168 bitcoins during the quarter, down from 372 bitcoins mined in the prior year. The average price of bitcoin also decreased, impacting revenue. TeraWulf's total costs and expenses surged to $196.2 million, up from $94.0 million year-over-year, largely driven by increased selling, general, and administrative expenses, which rose to $127.6 million from $46.6 million. This increase was attributed to higher stock-based compensation and employee-related costs following the acquisition of Beowulf E&D in May 2025.
In terms of strategic developments, TeraWulf has been transitioning its focus from bitcoin mining to HPC leasing, which is expected to drive future growth. The company has made significant investments in infrastructure, including the acquisition of the Hawesville site, which is set to support HPC and AI data center operations. Additionally, TeraWulf entered into a joint venture for the Abernathy HPC Campus, which is fully pre-leased to Fluidstack under a long-term agreement, further diversifying its revenue streams.
As of March 31, 2026, TeraWulf's cash and cash equivalents stood at approximately $2.6 billion, down from $3.3 billion at the end of 2025. The company reported a net loss of $427.7 million for the quarter, compared to a loss of $61.4 million in the prior year. This loss was influenced by significant interest expenses and changes in the fair value of warrants. Looking ahead, TeraWulf anticipates that its revenue mix will continue to shift towards HPC leasing as it further develops its infrastructure and customer contracts, with a focus on disciplined capital allocation and project financing to support its growth strategy.
About TERAWULF INC.
TeraWulf Inc. develops and operates sustainable digital infrastructure, including high-performance data centers for bitcoin mining and HPC workloads. Powered predominantly by zero-carbon energy sources, the company leverages scalable, proprietary facilities to provide energy-efficient mining and colocation services. Its focus on renewable energy, operational control, and expanding high-capacity infrastructure positions it as a leader in environmentally responsible blockchain and AI compute markets.
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