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Mining company TeraWulf's first-quarter loss widens to $427 million, AI business revenue doubles, Bitcoin mining revenue halves
BlockBeats News. On May 9, Bitcoin mining company TeraWulf released its Q1 2026 financial report. The company’s net loss for the quarter widened to $427 million, far higher than $61.4 million in the same period last year.
The financial report shows that TeraWulf’s total revenue for the quarter was $34 million. Of this, AI/HPC (high-performance computing) leasing revenue reached $21 million, up 117% quarter-over-quarter, accounting for about 60% of total revenue. Meanwhile, Bitcoin mining revenue fell 50% year-over-year to approximately $13 million.
The company said that its AI revenue mainly comes from leasing 60MW of computing capacity at its North American HPC park, Lake Mariner, which has already been rented out to Core42. In addition, TeraWulf is working with Fluidstack and Google to advance more AI infrastructure construction projects.
Previously, TeraWulf announced that it had reached an AI data center leasing agreement with Fluidstack worth approximately $9.5 billion with a term of 25 years, accelerating its transition from Bitcoin mining to operating AI infrastructure. As of the end of the quarter, the company’s cash balance was approximately $3.1 billion. Despite the widening financial-report loss, TeraWulf’s stock price has still risen by over 105% year-to-date.