TeraWulf (WULF) reported first-quarter 2026 results that highlighted a rapid shift from Bitcoin mining to high-performance computing (HPC) infrastructure. The company posted total revenue of $34 million, roughly flat year-over-year, but HPC lease revenue surged to $21 million, exceeding the $18.6 million consensus estimate. A year earlier, that segment was non-existent. The AI-driven transformation is now the core narrative, as TeraWulf expects recurring contracted revenue to reduce exposure to Bitcoin mining volatility.
The bottom line showed a net loss of $1.01 per share, far worse than the -$0.20 estimate and a -$0.16 loss a year ago. Despite the miss, the stock initially rose in premarket, then slipped, closing down 6.68% at $24.02. The company ended the quarter with $3.1 billion in cash and restricted cash and secured a $250 million revolving credit facility, giving it ample liquidity for expansion.
Operationally, TeraWulf now has 60 MW of critical IT capacity at Lake Mariner leased to Core42, an AI cloud provider. It is also collaborating with Google and Fluidstack to build a large-scale data center campus in upstate New York. Beyond Lake Mariner, the company acquired a site in Hawesville, Kentucky, with 480 MW of grid-connected power, and is developing Lake Hawkeye in Lansing, New York (up to 300 MW). Chesapeake Data in Maryland could eventually support 1 GW. CFO Patrick Fleury emphasized that the pivot will make the business “increasingly driven by recurring, contracted revenue.” WULF stock is still up 109% year-to-date and nearly 700% over the past 12 months, fueled by investor enthusiasm for the AI compute bet.
