TeraWulf Posts $427M Q1 Loss Despite AI Revenue Doubling to $21M Over Halved Mining

TeraWulf confirmed a $427 million Q1 2026 net loss on May 9 amid a strategic pivot, with AI/HPC lease revenue doubling 117% quarter-over-quarter to $21 million—topping Bitcoin mining's $13 million (down 50%) for the first time and comprising 60% of flat $34 million total revenue. Initial May 8 coverage spotlighted the revenue shift, $3.1 billion cash reserves, 522 MW of $12.8 billion AI contracts, and targets for 250-500 MW new capacity annually with 480 MW online by H2 2027. Shares fell 2.6-3.8% on regulatory delay worries but have doubled year-to-date.