TeraWulf’s AI computing revenue exceeds Bitcoin mining revenue for the first time; Q1 net loss of $427 million

According to Decrypt, publicly traded Bitcoin mining company TeraWulf (WULF) released its Q1 2026 financial results, reporting a net loss of $427 million for the quarter—significantly higher than the $61.4 million net loss in the same period last year. Total revenue amounted to $34 million, of which AI high-performance computing (HPC) revenue accounted for 60%, or approximately $21 million—a 117% sequential increase. In contrast, Bitcoin mining revenue declined by 50% sequentially to roughly $13 million, marking the first time AI compute revenue has surpassed mining revenue. The company previously signed a 25-year lease agreement with FluidStack, valued at approximately $9.5 billion in total, and has received Google’s endorsement.