TeraWulf, a Bitcoin mining and data center operator, reported a net loss of approximately $427 million for Q1 2026, a significant increase from the $61.4 million loss in the same period last year. The company's quarterly revenue was around $34 million, with about 60% derived from AI high-performance computing (HPC) services. Revenue from AI HPC surged 117% quarter-over-quarter to approximately $21 million, while Bitcoin mining revenue fell 50% to about $13 million. TeraWulf plans to focus more on AI computing driven by long-term contracts to mitigate reliance on the volatile Bitcoin mining sector.
TeraWulf Reports $427 Million Q1 Loss, Shifts Focus to AI Computing
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