Bitcoin mining company TeraWulf posted a net loss of $427 million during the first quarter of 2026, significantly higher than the $61.4 million loss reported during the same period a year earlier.
The company generated total quarterly revenue of $34 million, with high-performance computing (HPC) lease revenue contributing approximately $21 million, representing a 117% increase from the previous quarter.
Meanwhile, Bitcoin mining revenue declined by nearly 50% to around $13 million. TeraWulf’s growing AI and infrastructure business is centered around its Lake Mariner campus, one of North America’s largest HPC facilities, which currently leases capacity to Core42.
The company is also working alongside Fluidstack and Google on additional infrastructure projects expected to become operational in 2026.
TeraWulf’s financial results highlight the broader industry trend of Bitcoin mining firms diversifying into AI and data infrastructure services as mining profitability faces increasing pressure from market conditions and energy costs.
Source: TeraWulf
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