TeraWulf’s HPC Lease Revenue Overtakes Bitcoin Mining in First Quarter
TeraWulf reported first-quarter 2026 revenue of $34.0 million, including $21.0 million of high-performance computing lease revenue, as it continues shifting its business mix away from bitcoin mining. HPC lease revenue exceeded bitcoin mining revenue of $13.0 million for the first time, and the company said it ended the quarter with about $3.1 billion of cash and restricted cash.
At Lake Mariner, TeraWulf said 60 megawatts of energized critical IT capacity for Core42 began generating lease revenue during the quarter. The company said CB-3 is nearing completion, CB-4 and CB-5 remain on schedule for delivery and rent commencement in 2026, and a newly acquired site in Hawesville, Kentucky adds 480 MW of immediate grid-connected power as it targets 250 MW to 500 MW of new contracted capacity annually.
From the sources (3 posts)
@wallstengine$WULF Q1’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $34.0M (Est $36.59M) 🔴 🔹 EPS: $(1.01) (Est $(0.19)) 🔴 🔹 HPC Lease Revenue: $21.0M 🔹 Operational Critical IT HPC Capacity: 60 MW for Core42 at Lake Mariner 🔹 Cash & Restricted Cash: ~$3.1B Other M
@alphasenseinc$WULF Earnings: - Generated Q1 2026 revenue of $34.0 million, including $21.0 million of HPC lease revenue. - Maintained strong liquidity position, with approximately $3.1 billion of cash and restricted cash as of quarter-end. Paul Prager
@finsee_main$WULF Q1 2026 earnings: The Crossover: HPC Overtakes Bitcoin as TeraWulf Reinvents Itself TeraWulf has officially crossed the Rubicon. In Q1 2026, High-Performance Computing (HPC) lease revenue ($21.0M) surpassed Bitcoin mining revenue ($1