TeraWulf’s HPC lease revenue jumped 117% quarter-on-quarter to $21 million, but a $427 million net loss highlights the costs of transitioning from Bitcoin mining to AI infrastructure.
Bitcoin miner TeraWulf posted a net loss of $427 million in the first quarter of 2026, up from the $61.4 million loss recorded in the same period a year earlier.
Total revenue for the quarter came in at $34 million, with high-performance computing (HPC) lease revenue accounting for $21 million, roughly 60% of the total and a 117% jump from the prior quarter, according to a Friday announcement. Bitcoin mining revenue fell 50% to around $13 million.
The HPC revenue was driven by 60 megawatts of operational critical IT capacity at Lake Mariner, one of North America’s largest HPC campuses, leased to Core42. TeraWulf is also coordinating infrastructure delivery with Fluidstack and Google, with additional capacity buildings on track for delivery in 2026. The company ended the quarter with approximately $3.1 billion in cash.
