TeraWulf Reports $34M Q1 Revenue, 60 MW HPC Capacity and $250M Facility
WULF•TeraWulf generated Q1 2026 revenue of $34 million, including $21 million in HPC lease income, supported by 60 MW of energized IT capacity at Lake Mariner and a $250 million revolving credit facility. It ended the quarter with $3.1 billion of cash and expanded its pipeline with a 480 MW Kentucky site.
1. Financial Highlights
TeraWulf generated $34.0 million in revenue during the first quarter of 2026, including $21.0 million from high-performance computing lease agreements, and ended the quarter with $3.1 billion of cash and restricted cash. The company also secured a $250 million revolving credit facility to support its development pipeline.
2. Operational Progress at Lake Mariner
As of March 31, 2026, TeraWulf has energized 60 MW of critical IT capacity at its Lake Mariner campus and began generating lease revenue. Construction of facility CB-3 is nearing completion with energization aligned to customer hardware, while CB-4 and CB-5 remain on schedule for rent commencement later this year.
3. Development Pipeline Expansion
The company expanded its national footprint through the acquisition of a Hawesville, Kentucky site offering immediate access to 480 MW of grid-connected power and over 250 buildable acres. Construction of the Abernathy joint venture is progressing to support 168 MW under a 25-year lease, with delivery targeted for Q4 2026.
4. Strategic Positioning
TeraWulf is transitioning toward stable, contracted revenue streams by repurposing its legacy bitcoin mining assets for high-value compute workloads. Its strategy focuses on power-advantaged infrastructure, leveraging on-site generation, utility partnerships, and disciplined execution to address industry power constraints.
