TeraWulf incurred a loss of $427 million in the first quarter, with AI computing revenue surpassing Bitcoin mining

According to Decrypt, Bitcoin mining company TeraWulf announced its first quarter financial report, with a net loss of $427 million, compared to $61.4 million in the same period last year. The company's revenue was 34 million US dollars, of which the AI computing business contributed approximately 21 million US dollars, accounting for 60%, with a month on month growth of 117%; Bitcoin mining revenue decreased by 50% month on month to approximately $13 million. The CEO stated that the company has established a complete platform and is transforming the foundation into operational performance and recurring revenue. CFO Patrick Fleury stated that the company is shifting towards a more stable contract revenue model, reducing reliance on Bitcoin mining volatility, and using some of its mining operations to support high-performance computing workloads.