Shares in publicly traded Bitcoin miner TeraWulf (WULF) finished the trading day down 2.6% after the firm posted a quarterly net loss of more than $427 million in Q1 2026, compared to just a $61.4 million loss in Q1 2025. 

During the quarter, the firm reported revenues of $34 million—60% of which, or $21 million worth, came from its transition to AI compute—a 117% increase from the previous quarter. On the other hand, its Bitcoin mining revenues shrank by 50% over the same period to approximately $13 million.

“The first quarter of 2026 was defined by execution,” said TeraWulf CEO and Chairman Paul Prager, in a statement. “We entered the year with a fully established platform, including sites, contracts, and capital, and are now converting that foundation into operating performance and recurring revenue.” 

The firm’s commitment to high-performance computing (HPC) is highlighted by an October Google-backed deal, which expanded its previously announced 10-year multi-billion dollar commitment with FluidStack to a 25-year lease deal worth around $9.5 billion in contracted revenues. 

Moving forward, TeraWulf expects much more consistent, structured revenues from its AI compute deals, contrasting its future with the historical focus and reliance upon a less-steady Bitcoin mining pursuit. 

“The first quarter reflects a more stable, contracted revenue model,” said CFO Patrick Fleury, in a statement. “As we continue to scale, we expect the business to be increasingly driven by recurring, contracted revenue, reducing exposure to the volatility historically associated with Bitcoin mining.”

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The firm, which indicated it will continue to repurpose elements of its Bitcoin mining business to “support higher-value HPC workloads,” concluded the quarter with around $3.1 billion in cash and cash equivalents. 

Despite dipping on the day, shares of WULF are up more than 30% in the last month of trading, recently changing hands around $23.51. WULF has gained more than 105% since the year began.