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.

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.

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.

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.