TeraWulf(WULF)은 실적 미달 이후 고성능 컴퓨팅 수익이 기존 비트코인 채굴 사업을 공식적으로 추월했다고 보고했다.

Shares of TeraWulf (WULF) swung between losses and gains in early-morning trade on Friday following an earnings miss, but the company’s data center operations now account for a larger share of revenue than its Bitcoin (BTC) mining business. Over 62% of TeraWulf’s revenue now comes from its pivot toward data center infrastructure, with Core42, Fluidstack, and Google in the tenant mix. High-performance computing (HPC) lease revenue from Core42 accounted for roughly 62% of total first-quarter revenue, surpassing Bitcoin mining revenue for the first time in company history. The company recorded zero HPC revenue a year ago; in the first quarter of 2026, Core42 leases generated $21 million of the $34 million in total revenue.

Digital asset revenue collapsed to $13 million from $34.4 million year-over-year. Total revenue remained flat but beat Wall Street’s estimate of $33 million, according to Koyfin data. Profitability metrics, however, disappointed. The net loss for the quarter was $427.7 million, nearly half of which was a non-cash mark-to-market charge on warrant liabilities that ballooned to over $1 billion on the balance sheet as the stock appreciated. Loss per share came in at $1.01, significantly worse than the $0.23 analysts had projected.

“We entered the year with a fully established platform — sites, contracts, and capital — and are now converting that foundation into operating performance and recurring revenue,” said Chief Executive Paul Prager. Chief Financial Officer Patrick Fleury added, “We expect the business to be increasingly driven by recurring, contracted revenue, reducing exposure to the volatility historically associated with bitcoin mining.” This strategic transition is reflected in TeraWulf’s rapidly improving cost structure. In Q1 2025, the company spent $24.6 million in cost of revenue to generate $34.4 million in digital asset revenue. Over the past quarter, it incurred just $2.4 million in costs against $34 million in revenue.

Despite the earnings miss and early share price decline, retail traders on Stocktwits remained ‘bullish’ on WULF. The stock dropped as much as 3.5% in pre-market trade before recovering to gain almost 1.7% closer to market open. It was among the top trending tickers on Stocktwits at the time of writing, with retail sentiment trending in ‘bullish’ territory accompanied by ‘high’ levels of chatter. Traders largely shrugged off the early dip, focusing instead on the structural shift in the company’s revenue profile.

TeraWulf’s AI infrastructure push continues to accelerate. At the end of Q1, the company reported that 60 megawatts of critical IT capacity were energized and generating revenue for Core42, the Abu Dhabi-based AI infrastructure company backed by G42, at its Lake Mariner campus in New York. The facility is one of the largest in North America by power capacity. Construction of a third building, CB-3, was nearing completion at quarter-end, with energization aligned with customer hardware deployment. Two additional buildings—CB-4 and CB-5—remain on schedule for delivery later in 2026. The company is also coordinating infrastructure delivery with Fluidstack, a compute platform that connects enterprise AI workloads to data center capacity globally, and Google (GOOG/GOOGL) for deployments at Lake Mariner.

The operational pivot has coincided with substantial market appreciation. WULF’s share price has more than doubled this year and gained nearly 650% over the past 12 months.