TeraWulf completes pivot to HPC data centers; mining revenue now minority of business

Filed May 8, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 9, 2025 · ~2 min read

Key Changes

• high

  HPC leasing revenue exceeded bitcoin mining for the first time in Q1 2026, generating $21M as company curtails mining operations to repurpose infrastructure for data center expansion.

  MD&A: Strategic Transition verify on EDGAR →
• high

  Company raised $1.2B in new capital (equity and ATM sales) while cash position surged to $2.6B, but stockholders' equity turned negative (-$78.8M) and operating cash flow is now negative (-$17.6M).

  MD&A: Liquidity verify on EDGAR →
• high

  Capital expenditures jumped from $61M to $713M quarter-over-quarter, driven by $429M in HPC infrastructure buildout and $201M Hawesville site acquisition (480 MW Kentucky facility).

  MD&A: Investing Activities verify on EDGAR →