Terawulf's high-performance computing (HPC) business revenue surpassed its bitcoin mining revenue for the first time in the first quarter of this year.
The Block reported on Thursday that Terawulf's first-quarter HPC leasing revenue was $21 million, topping the digital assets segment, which was below $13 million.
Terawulf's total first-quarter revenue was $34 million. That was similar to $34.4 million a year earlier. Net loss was $427.6 million, sharply wider than $61.4 million a year ago. The company said nearly half of the net loss reflected warrant revaluation that did not involve a cash outflow.
Terawulf's revenue mix is shifting toward HPC as it expands long-term compute contracts.
Terawulf CEO Paul Prager (폴 프라저) said in an earnings release that the first quarter was the first period in which HPC leasing revenue was meaningfully reflected in the financial statements. CFO Patrick Fleury (패트릭 플러리) also described the first quarter as a turning point, saying revenue is increasingly being tied to a more stable, contract-based compute business.
Chi-gyu Hwang
delight@d-today.co.kr