Bitcoin miner TeraWulf posted a internet lack of $427 million within the first quarter of 2026, up from the $61.4 million loss recorded in the identical interval a 12 months earlier.
Whole income for the quarter got here in at $34 million, with high-performance computing (HPC) lease income accounting for $21 million, roughly 60% of the overall and a 117% leap from the prior quarter, according to a Friday announcement. Bitcoin mining income fell 50% to round $13 million.
The HPC income was pushed by 60 megawatts of operational important IT capability at Lake Mariner, considered one of North America’s largest HPC campuses, leased to Core42. TeraWulf can be coordinating infrastructure supply with Fluidstack and Google, with extra capability buildings on observe for supply in 2026. The corporate ended the quarter with roughly $3.1 billion in money.
“Our capital construction is designed to align long-term financing with contracted money flows, supporting disciplined progress whereas sustaining monetary flexibility,” chief monetary officer Patrick Fleury stated.
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TeraWulf accelerates AI transition
In October final 12 months, TeraWulf announced a 25-year lease cope with Fluidstack, backed by Google, price round $9.5 billion in contracted revenues, an growth of an earlier 10-year dedication. The miner can be constructing out a nationwide pipeline of power-advantaged websites, together with a newly acquired 480 MW web site in Hawesville, Kentucky, a 300 MW mission in Lansing, New York, and a 210 MW web site in Morgantown, Maryland, with potential to scale to 1 gigawatt.
“We’re constructing a power-advantaged platform that we consider is more and more differentiated in a market constrained by entry to energy,” CEO Paul Prager stated, noting that the corporate’s Abernathy three way partnership, a 168 MW HPC mission beneath a 25-year lease, stays on observe for supply within the fourth quarter of 2026.
Shares of WULF closed the day down 2.6%, although the inventory has gained greater than 105% for the reason that begin of the 12 months and is up over 30% up to now month.
TeraWulf shares decline. Supply: Yahoo! Finance
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Riot’s information heart enterprise generates $33 million in income
As Cointelegraph reported, Riot Platforms posted $167.2 million in income for the primary quarter of 2026, with its newly launched information heart enterprise contributing $33.2 million, serving to offset a decline in Bitcoin mining income, which fell to $111.9 million from $142.9 million a 12 months earlier.
Bitcoin miners are pivoting to AI infrastructure as shrinking margins push the trade towards extra predictable income, with Core ScientificMARA Holdings, HiveHut 8 and Iren changing mining amenities into information facilities or buying AI compute belongings.
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