TeraWulf's HPC Revenue Hits $21M, Surpasses Bitcoin Mining for First Time in Q1 2026

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According to TeraWulf's Q1 2026 earnings report, HPC lease revenue reached $21 million, surpassing digital asset mining revenue of approximately $12.7 million for the first time. The company reported total revenue of $34 million for the quarter, roughly flat from $34.4 million a year earlier. CEO Paul Prager stated this was "the first period where HPC leasing is meaningfully reflected in our financials" as the company ramps up long-term compute contracts. TeraWulf reported a net loss of $427.6 million, widening from $61.4 million a year earlier, though nearly half was attributed to non-cash warrant revaluations. At its Lake Mariner facility in New York, the company reported 60 megawatts of HPC capacity now generating revenue.
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