Shares in Bitcoin mining firm TeraWulf (WULF) fell after it reported a significant first-quarter net loss of $427 million. The company’s revenue for the quarter was $34 million, with 60% now derived from its expansion into artificial intelligence high-performance compute (AI HPC). This shift comes as its Bitcoin mining revenue fell by half compared to the previous quarter.
Publicly traded Bitcoin miner TeraWulf saw its shares decline following the release of its first-quarter 2026 financial results. The firm posted a net loss of $427 million, a substantial increase from a $61.4 million loss in the same period last year.
The company reported total revenues of $34 million for the quarter. Sixty percent of this income, or $21 million, was attributed to its AI compute operations, representing a 117% increase from the previous quarter.
In contrast, revenue from Bitcoin mining fell by 50% quarter-over-quarter to approximately $13 million. “The first quarter of 2026 was defined by execution,” said TeraWulf CEO and Chairman Paul Prager.
The firm’s strategic pivot is highlighted by an October Google-backed deal that expanded a prior commitment. This resulted in a 25-year lease agreement worth an estimated $9.5 billion in contracted revenues.
TeraWulf expects its future revenue to be more stable due to these long-term AI compute contracts. “The first quarter reflects a more stable, contracted revenue model,” stated CFO Patrick Fleury.
The company indicated it will continue repurposing parts of its Bitcoin mining infrastructure for high-performance computing workloads. It ended the quarter with about $3.1 billion in cash and cash equivalents.
Despite the daily drop, WULF shares have risen more than 30% over the past month and are up over 105% since the start of the year. The stock recently traded around $23.51.
