WULF Stock Swings After Earnings Miss – TeraWulf’s HPC Revenue Overtakes Bitcoin Mining

Over 62% of TeraWulf’s revenue now comes from its pivot towards data center infrastructure, with Core42, Fluidstack, and Google in the tenant mix

• TeraWulf reported that high-performance computing revenue exceeded Bitcoin mining revenue for the first time in company history.
• HPC lease revenue from Core42 accounted for roughly 62% of total first-quarter revenue.
• Retail traders on Stocktwits remained ‘bullish’ on WULF despite the earnings miss and early share price decline.

Shares of TeraWulf (WULF) swung between losses and gains in early-morning trade on Friday, after reporting an earnings miss, but its data center business now accounted for a larger share of revenue than its Bitcoin (BTC) mining business. 

TeraWulf had zero revenue from high-performance computing (HPC) a year ago. In the first quarter (Q1) of 2026, the company said HPC lease revenue from Core42 accounted for $21 million of its $34 million in total revenue. This means 62% of TeraWulf’s revenue now comes from its pivot toward data center infrastructure. 

Digital asset revenue, meanwhile, collapsed to $13 million from $34.4 million year-over-year (YoY). Total revenue remained flat, but beat Wall Street’s estimate of $33 million, according to Koyfin data. Loss per share of $1.01 came in worse than the $0.23 loss per share expected by analysts.