TeraWulf Posts $427M Q1 Loss as AI Computing Revenue Surges 117%, Overtakes Bitcoin Mining

According to Decrypt, TeraWulf reported a net loss of $427 million for Q1 2026 on May 9, compared to a $61.4 million loss in the same quarter last year. The company generated $34 million in total revenue, with 60% ($21 million) coming from AI computing services, up 117% sequentially, while Bitcoin mining revenue fell 50% to approximately $13 million.

CFO Patrick Fleury stated the company is shifting toward stable contracted revenue models to reduce dependence on Bitcoin mining volatility. TeraWulf held approximately $3.1 billion in cash and equivalents at quarter-end. WULF stock declined 2.6% on the day but gained over 30% in the past month and 105% year-to-date.