TeraWulf reported its Q1 results earlier today, showing early signs that its shift from Bitcoin mining to AI infrastructure is beginning to produce results.
The company generated $21 million in HPC lease revenue during the quarter, helping lift total revenue to $34 million as its Lake Mariner campus began producing recurring compute revenue through 60 megawatts of energized critical IT capacity for Core42.
The results highlight TeraWulf’s move away from the volatility of Bitcoin mining toward contracted, long duration compute infrastructure. The company said it continues to repurpose parts of its legacy mining footprint for higher value HPC workloads.
TeraWulf said construction at Lake Mariner remains on track, with CB-3 nearing completion and energization aligned with customer hardware deployment. CB-4 and CB-5 remain scheduled for delivery and rent commencement in 2026.
The company also ended the quarter with about $3.1 billion in cash and restricted cash, giving it liquidity to fund its development pipeline. TeraWulf said its capital structure is designed to align long term financing with contracted cash flows as recurring revenue becomes a larger part of the business.
TeraWulf is expanding beyond Lake Mariner as it builds out a national platform focused on power advantaged sites. The company acquired a Hawesville, Kentucky site with immediate access to 480 megawatts of grid connected power, while advancing additional projects in New York and Maryland.
Shares initially rose more than 6% after the results, but gave back the gains by midday Friday and traded about 4.5% lower on the day.