BlockBeats News, May 9th, Bitcoin mining firm TeraWulf released its Q1 2026 financial report, with the company's quarterly net loss widening to $427 million, significantly higher than the $61.4 million in the same period last year.

The report shows that TeraWulf's total revenue for the quarter was $34 million, with AI/HPC (High-Performance Computing) leasing revenue reaching $21 million, a 117% increase from the previous quarter, accounting for approximately 60% of total revenue; while Bitcoin mining revenue declined by 50% year-on-year to about $13 million.

The company stated that AI revenue mainly came from the leasing of 60MW of computing power at its North American HPC campus Lake Mariner, currently leased to Core42. In addition, TeraWulf is collaborating with Fluidstack and Google to advance more AI infrastructure projects.

Previously, TeraWulf announced a $9.5 billion, 25-year AI data center leasing agreement with Fluidstack, accelerating its transition from Bitcoin mining to AI infrastructure operation. As of the end of the quarter, the company's cash reserves were approximately $3.1 billion. Despite the expanded loss in the financial report, TeraWulf's stock price has still risen by over 105% year-to-date.