TeraWulf Q1 earnings report: HPC revenue first surpasses Bitcoin mining, net loss reaches $427 million

According to Decrypt, on May 9, Bitcoin mining company and data center operator TeraWulf (WULF) released its 2026 first-quarter financial results, recording a net loss of approximately $427 million. Total quarterly revenue was $34 million, including $21 million in revenue from its AI-optimized high-performance computing (HPC) business—marking the first time in TeraWulf’s history that first-quarter HPC revenue surpassed Bitcoin mining.

Q1 Core Financial Highlights

According to TeraWulf’s official financial report cited by Decrypt, the company’s key financial metrics for Q1 2026 are as follows:

Net loss: approximately $427 million (Q1 2025: $61.4 million)

Total non-cash expenses: approximately $317.7 million, including a $216.3 million loss from fair value changes in warrants and $101.4 million in share-based compensation expense

Total quarterly revenue: approximately $34 million

HPC business revenue: approximately $21 million, accounting for 60% of total revenue, up 117% quarter-over-quarter

Bitcoin mining revenue: approximately $13 million, down 50% quarter-over-quarter

Cash and restricted cash at quarter end: approximately $3.1 billion

Management’s Official Statement

In a company news release, CEO and Chairman Paul Prager said: “Q1 2026 is execution-first. At the start of the year, we already had a mature platform—including sites, contracts, and capital—and we are now turning those foundations into operating performance and recurring revenue.”

CFO Patrick Fleury said in the same statement: “First-quarter results reflect a more stable, fixed revenue model. As we continue to scale up, we expect our business to become increasingly dependent on recurring, fixed revenue, thereby reducing the historically volatile risk associated with Bitcoin mining.”

TeraWulf also said the company will continue to adjust portions of its Bitcoin mining infrastructure to “support higher-value high-performance computing workloads.”

Long-Term HPC Contracts and Stock Performance

According to Decrypt, in October 2025 TeraWulf completed a Google-supported deal that expanded its existing 10-year cooperation agreement with FluidStack into a 25-year lease agreement, with total contract revenue of approximately $9.5 billion.

As for the stock, WULF fell 2.6% on the day the financial results were released, to about $23.51; however, according to Decrypt data, WULF has gained more than 30% over the past month, and is up more than 105% year-to-date.

FAQ

What were the main components of TeraWulf’s Q1 2026 net loss of $427 million?

According to TeraWulf’s official financial report cited by Decrypt, the primary reason for the net loss of approximately $427 million was non-cash items: a $216.3 million loss from fair value changes in warrants and $101.4 million in share-based compensation expense—together totaling approximately $317.7 million; total quarterly revenue was $34 million.

What specific data source shows that TeraWulf’s HPC revenue first surpassed Bitcoin mining?

According to TeraWulf’s official financial report cited by Decrypt on May 9, 2026, Q1 2026 HPC business revenue reached $21 million (60% of total revenue, up 117% quarter-over-quarter), while Bitcoin mining revenue was approximately $13 million (down 50% quarter-over-quarter), marking the first time in TeraWulf’s history that first-quarter HPC revenue surpassed Bitcoin mining.

What are the scale and source of TeraWulf’s long-term AI computing contracts?

According to Decrypt, in October 2025 TeraWulf completed a Google-supported deal that expanded its existing FluidStack cooperation agreement into a 25-year lease agreement, with total contract revenue of approximately $9.5 billion.