TeraWulf Q1 HPC Revenue Tops Bitcoin Mining at $21M

TeraWulf Inc. reported first-quarter 2026 earnings on Wednesday showing high-performance computing (HPC) hosting revenue of $21 million surpassing Bitcoin mining income of less than $13 million for the first time, marking a pivotal shift in its business model.

Total revenue reached $34 million, nearly flat from $34.4 million in the year-ago period. The results reflect expansions at the company's Lake Mariner facility in New York, where 60 megawatts of HPC capacity now generate recurring revenue. Key clients include Core42, with additional deployments coordinated alongside Fluidstack and Google-linked operations. Construction on the CB3 building neared completion during the quarter, while CB4 and CB5 remain on track for delivery later in 2026.

"This is the first period where HPC leasing is meaningfully reflected in our financials," CEO Paul Prager said on the earnings call. Chief Financial Officer Patrick Fleury described the quarter as "a business in transition from volatile Bitcoin mining revenue to stable, contracted HPC revenue," noting that mining operations continue to support the broader shift.

The company posted a net loss of $427.6 million, widened from the prior year...