Why Is WULF Stock On Retail Radar Today? TeraWulf Just Flipped Its Revenue Mix – HPC Now Outearns Bitcoin Mining

• 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.

"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."

– Paul Prager, Chief Executive, TeraWulf

 WULF Stock Swings After Earnings Miss

The net loss for the quarter was $427.7 million. Nearly half of that was a non-cash mark-to-market charge on warrant liabilities, which have ballooned to over $1 billion on the balance sheet as the stock has risen. 

WULF’s stock dropped as much as 3.5% in pre-market trade, then gained almost 1.7% closer to market open. It was among the top trending tickers on Stocktwits at the time of writing. Retail sentiment on the platform around the company trended in ‘bullish’ territory, accompanied by ‘high’ levels of chatter. 

Retail traders on Stocktwits shrugged off the early dip in share price.

TeraWulf’s Cost Structure Changes Amid Shift From Bitcoin Mining

The margins after TeraWulf’s pivot to data center infrastructure from Bitcoin mining show cost structures improving quite dramatically. In Q1 of 2025, TeraWulf spent $24.6 million in cost of revenue to generate $34.4 million in digital asset revenue. Over the past quarter, it spent $2.4 million against $34 million in revenue.

"We expect the business to be increasingly driven by recurring, contracted revenue, reducing exposure to the volatility historically associated with bitcoin mining," said Chief Financial Officer Patrick Fleury.

TeraWulf’s AI Infrastructure Push Accelerates

At the end of Q1, the company said it had 60 megawatts of critical IT capacity 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 biggest in North America by power capacity. 

It also said that 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. 

TeraWulf added that it's coordinating infrastructure delivery with Fluidstack, a compute platform that connects enterprise AI workloads to data center capacity globally, and Google (GOOG/GOOGL), to deploy at Lake Mariner.

WULF’s share price has more than doubled this year and gained nearly 650% over the past 12 months. 

Read also: Tom Lee Says BMNR May Pull Back On Ethereum Buys – ‘There’s Other Things To Be Doing In Crypto Right Now’

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