The publicly traded stock of bitcoin mining company TeraWulf (WULF) fell 2.6% on the day, after the company reported a net loss of over $427 million for the first quarter of 2026, compared to a net loss of $61.4 million in the first quarter of 2025.
This quarter, the company generated $34 million in revenue, with 60% ($21 million) coming from its transition to AI computing, a 117% increase from the previous quarter. Meanwhile, its Bitcoin mining revenue declined by 50% during the same period to approximately $13 million.
Paul Plagge, CEO and Chairman of TeraWulf, stated in a press release: "The first quarter of 2026 is centered on execution. We began the year with a mature platform, including sites, contracts, and funding, and are now turning these foundations into operational performance and recurring revenue."
The company’s investment in high-performance computing (HPC) is highlighted by its October transaction backed by Google, expanding its previously announced decade-long, multi-billion-dollar partnership with FluidStack into a 25-year lease agreement with approximately $9.5 billion in contract revenue.
Looking ahead, TeraWulf expects its AI computing transactions to generate more stable and structured revenue, in stark contrast to its previous focus on the less stable Bitcoin mining business.
Chief Financial Officer Patrick Fleurier stated in a statement: "The first quarter reflects a more stable and consistent revenue model. As we continue to scale, we expect our business to increasingly rely on recurring, fixed income, thereby reducing the volatility risks historically associated with Bitcoin mining."
The company stated that it will continue to adjust certain aspects of its Bitcoin mining operations to "support higher-value high-performance computing workloads." As of the end of this quarter, the company held approximately $3.1 billion in cash and cash equivalents.
Although the stock price declined today, WULF's stock has risen over 30% in trading over the past month, with a recent trading price of approximately $23.51. WULF's stock has increased over 105% since the beginning of the year.