Overview
- TeraWulf reported first‑quarter results Friday with $34 million in revenue, including $21 million from high‑performance compute hosting, which is rented compute for AI, supported by 60 MW leased to Core42 at its Lake Mariner site.
- The company posted a net loss of $1.01 per share as its revenue mix shifted, and filings cited a large non‑cash warrant revaluation that widened the bottom‑line loss reported by some outlets.
- Liquidity remained strong with about $3.1 billion in cash and restricted cash and a new $250 million revolving credit facility to fund data center buildouts.
- Construction advanced at Lake Mariner with CB‑3 nearing completion and later phases scheduled for 2026, while the development pipeline added power‑rich sites including Hawesville in Kentucky with access to 480 MW and the Lake Hawkeye project in New York.
- Shares swung after the release, reflecting both execution progress and risk, as the company follows a broader miner trend of repurposing power capacity into long‑term AI compute leases that can smooth cash flows for operators and customers.