TeraWulf reported its first-quarter outcomes at present, displaying the primary indicators that its shift from Bitcoin mining to AI infrastructure is beginning to produce outcomes.
The corporate generated $21 million in HPC leasing income throughout the quarter, serving to elevate complete income to $34 million as its Lake Mariner campus started producing recurring computing income by 60 megawatts of crucial IT capability powered for Core42.
The outcomes spotlight TeraWulf’s transfer away from the volatility of Bitcoin mining towards a long-lived, contracted computing infrastructure. The corporate mentioned it continues to repurpose components of its legacy mining footprint for larger worth HPC workloads.
TeraWulf mentioned building at Lake Mariner is ongoing, with CB-3 nearing completion and its energization aligned with the client’s {hardware} deployment. Supply and begin of leasing of CB-4 and CB-5 stay scheduled for 2026.
The corporate additionally ended the quarter with about $3.1 billion in money and restricted money, giving it liquidity to fund its growth pipeline. TeraWulf mentioned its capital construction is designed to align long-term financing with contracted money flows as recurring income turns into a extra necessary a part of the enterprise.
TeraWulf is increasing past Lake Mariner because it builds a nationwide platform targeted on energy-advantaged websites. The corporate acquired a web site in Hawesville, Kentucky, with fast entry to 480 megawatts of grid-connected energy, whereas advancing further tasks in New York and Maryland.
Shares initially rose greater than 6% after the outcomes, however gave up positive aspects noon Friday and traded about 4.5% decrease on the day.
