Quarterly ResultMay 8, 2026, 07:03 AM
TeraWulf Q1 Revenue $34.0M, Net Loss $(427.7)M; $250M Credit Facility
AI Summary
TeraWulf Inc. announced its first quarter 2026 financial results, reporting $34.0 million in revenue, including $21.0 million from HPC lease revenue, marking a significant transition towards a contracted revenue model. The company reported a net loss of $(427.7) million for the quarter. Operationally, TeraWulf advanced its HPC development, with 60 MW of critical IT capacity energized at Lake Mariner, and expanded its development pipeline with the acquisition of a 480 MW site in Hawesville, Kentucky. The company also closed a $250 million revolving credit facility to support its growth strategy.
Key Highlights
- Q1 2026 revenue was $34.0 million, including $21.0 million from HPC lease revenue.
- Net loss for Q1 2026 was $(427.7) million, compared to $(61.4) million in Q1 2025.
- Adjusted EBITDA improved slightly to $(4.073) million from $(4.695) million YoY.
- Closed a $250 million revolving credit facility to support growth.
- Maintained strong liquidity with approximately $3.1 billion in cash and restricted cash.
- 60 MW of operational critical IT HPC capacity at Lake Mariner as of March 31, 2026.
- Acquired Hawesville, Kentucky site with immediate access to 480 MW of power.
- CB-3 construction nearing completion; CB-4 and CB-5 on schedule for 2026 delivery.