TeraWulf reported a net loss of $427 million in the first quarter, with AI computing revenue surpassing that of Bitcoin mining.

CoinFeed reported on May 9th that, according to Decrypt, Bitcoin mining company TeraWulf released its first-quarter financial report, showing a net loss of $427 million, compared to a loss of $61.4 million in the same period last year. The company's revenue was $34 million, with 60% (approximately $21 million) coming from AI computing, a 117% increase quarter-over-quarter; Bitcoin mining revenue, however, decreased by 50% quarter-over-quarter to approximately $13 million. The CEO stated that the first quarter was a year of execution, and the company has built a complete platform, translating its foundation into operational performance and recurring revenue. TeraWulf CFO Patrick Fleury stated that the company is shifting towards a more stable contract revenue model, reducing its reliance on the volatility of Bitcoin mining. The company will continue to repurpose some of its Bitcoin mining operations to support higher-value, high-performance computing workloads.