PANews reported on May 9th that, according to Decrypt, Bitcoin mining company TeraWulf released its first-quarter financial report, showing a net loss of $427 million, compared to a loss of $61.4 million in the same period last year. The company's revenue was $34 million, with 60% (approximately $21 million) coming from AI computing, a 117% increase quarter-over-quarter; Bitcoin mining revenue, however, decreased by 50% quarter-over-quarter to approximately $13 million. The CEO stated that the first quarter was a year of execution, and the company has established a complete platform, translating its foundation into operational performance and recurring revenue.

TeraWulf CFO Patrick Fleury stated that the company is shifting towards a more stable contract revenue model, reducing its reliance on the volatility of Bitcoin mining. The company will continue to repurpose some of its Bitcoin mining operations to support higher-value, high-performance computing workloads. At the end of the quarter, the company held approximately $3.1 billion in cash and cash equivalents. WULF's stock price fell 2.6% that day, but has risen over 30% in the past month and is up over 105% year-to-date.