TeraWulf's HPC revenue hits $21M, overtaking bitcoin mining for the first time in Q1!

TeraWulf's high-performance computing segment generated $21 million in Q1 revenue, surpassing its digital asset mining revenue of just under $13 million for the first time — out of $34 million in total quarterly revenue. CEO Paul Prager called it "the first period where HPC leasing is meaningfully reflected in our financials."

CFO Patrick Fleury framed the quarter as "a business in transition," with revenue increasingly tied to stable, contracted compute deals. At its Lake Mariner facility in New York, 60 MW of HPC capacity is now revenue-generating, with additional buildings expected online later this year. TeraWulf is also repurposing part of its existing bitcoin mining infrastructure to support HPC workloads — a conversion that pushed costs to nearly $200 million, including $25.7 million in impairments from shuttered mining operations.

The company posted a $427.6 million net loss…