TeraWulf reported first-quarter results earlier today, showing early signs that its transition from Bitcoin mining to AI infrastructure is starting to pay off.
The company generated $21 million in HPC lease revenue during the quarter, increasing total revenue to $34 million as the Lake Mariner campus began generating recurring computing revenue through 60 megawatts of activated critical IT capacity for Core42.
This result highlights TeraWulf’s move away from volatile Bitcoin mining and toward contracted, long-term computing infrastructure. The company said it continues to repurpose some of its traditional mining footprint for higher-value HPC workloads.
TeraWulf said construction at Mariner Lake is progressing well and CB-3 is nearing completion and will be powered as customers deploy the hardware. The CB-4 and CB-5 are still scheduled for delivery and rental beginning in 2026.
The company also ended the quarter with approximately $3.1 billion in cash and restricted cash, providing liquidity to fund its development pipeline. Terrawolf said its capital structure is designed to match long-term financing with contracted cash flow, as recurring revenue will become a large part of the business.
TeraWulf is expanding beyond Lake Mariner, building a national platform focused on power advantage locations. The company acquired a site in Hawesville, Kentucky, with immediate access to 480 megawatts of grid-connected power, while pursuing additional projects in New York and Maryland.
Shares initially rose more than 6% following the results, but by midday Friday they had reversed their gains and were trading about 4.5% lower on the day.