Overview
- TeraWulf reported Q1 2026 results with $34 million in revenue and a $427 million net loss that management attributed to non-cash revaluations and stock compensation.
- High-performance computing leases for AI workloads generated $21 million, up 117% quarter over quarter and about 60% of sales, while Bitcoin mining revenue fell to roughly $13 million.
- The Lake Mariner campus had 60 megawatts of critical IT capacity online under a Core42 lease, which began producing recurring rent from that site.
- Adjusted EBITDA improved to negative $4.1 million from negative $50.9 million as the company shifted more capacity to contract-backed computing rather than mining.
- Cash and restricted cash stood at about $3.1 billion, and TeraWulf is building out power-rich sites in Kentucky, New York, and Maryland with room to scale toward roughly 1 gigawatt.