TeraWulf’s Q1 2026 net loss widened to $427 million, though AI compute revenue jumped 117% quarter-over-quarter to $21 million.
TeraWulf reported a $427 million net loss for Q1 2026, deepening from a $61.4 million loss in the same period last year. Revenue reached $34 million, with 60% derived from AI high-performance computing, a segment that grew 117% quarter-over-quarter to $21 million.
Bitcoin mining revenue fell 50% to $13 million, reflecting the company’s shift toward AI infrastructure. The firm secured a $9.5 billion, 25-year deal with FluidStack, backed by Google, to expand its AI compute capacity.
Shares of TeraWulf (WULF) closed 2.6% lower following the earnings release, as investors weighed the wider loss against the growth in AI-driven revenue.