In short
- Shares in TeraWulf (WULF) fell on the day the company reported a loss of $446 million in Q1.
- The company reported $34 million in revenue, 60% of which came from AI HPC growth.
- Meanwhile its Bitcoin mining revenue fell 50% in the quarter to over $13 million.
Shares that are publicly traded Bitcoin Miner TeraWulf (WULF) ended the trading day down 2.6% after the company lost $427 million in Q1 2026, compared to a loss of $61.4 million in Q1 2025.
In the quarter, the company reported revenue of $34 million – 60% of which, or $21 million, came from its transition to AI computing – a 117% increase from the previous quarter. On the other hand, its Bitcoin mining revenue decreased by 50% during the same period to almost $13 million.
“The first quarter of 2026 was defined and executed,” TeraWulf CEO and Chairman Paul Prager said in a statement. “We entered the year with a solid platform, including websites, contracts, and funding, and now we’re turning that foundation into performance and recurring revenue.”
The company’s commitment to high-performance computing (HPC) is it was shown by the October agreement sponsored by Googlewhich expanded its 10-year multi-billion dollar commitment with FluidStack to a 25-year contract with an estimated $9.5 billion in revenue.
Going forward, TeraWulf expects more stable, stable revenue from AI compute deals, differentiating its future from the past and relying on the volatile Bitcoin mining industry.
“The first quarter shows a steady, profitable path,” said CFO Patrick Fleury, in a statement. “As we continue to grow, we expect that the business will be driven more by recurring revenue, which works, reducing the complexity of historical and Bitcoin mining.”
The firm, which indicated that it will continue to repurpose its Bitcoin mining products to “support high-value HPC applications,” ended the quarter with around $3.1 billion in revenue and similar expenses.
Despite entering the day, WULF shares have risen more than 30% in the past month of trading, recently changing hands around $23.51. WULF has gained more than 105% since the beginning of the year.
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