WULF · TeraWulf Inc.

TeraWulf's Q1 2026 results reflect a strategic pivot toward high-performance computing (HPC) infrastructure, with HPC lease revenue of $21.0 million comprising over 60% of total $34.0 million revenue, up from zero in Q1 2025, while digital asset mining revenue declined to $13.0 million from $34.4 million year-over-year. This transition drove a significant net loss of $427.6 million or $1.01 per share, compared to $61.4 million or $0.16 per share last year, primarily due to elevated selling, general and administrative expenses of $127.6 million, depreciation of $28.5 million, impairment of $25.7 million on property, plant and equipment, and a $216.3 million negative change in warrant fair value, alongside $67.1 million interest expense. Despite the loss, operational execution advanced with 60 MW of energized critical IT capacity at Lake Mariner for Core42 generating revenue, nearing CB-3 completion in May 2026, and CB-4/CB-5 on track for later 2026 delivery. CEO Paul Prager emphasized converting established platforms into recurring revenue, while CFO Patrick Fleury highlighted stable contracted revenue reducing bitcoin volatility exposure. Balance sheet strength persists with $3.1 billion in cash and restricted cash funding growth, bolstered by a new $250 million revolving credit facility. Development expanded via Hawesville acquisition offering 480 MW power access, supporting a 2.3 GW HPC pipeline targeting 250-500 MW annual contracted capacity across power-advantaged sites including Abernathy JV, Lake Hawkeye, and Chesapeake Data.