TeraWulf Inc. (NASDAQ: WULF) reported preliminary first quarter revenue of $30 million to $35 million, falling short of the $39 million consensus estimate. The digital infrastructure company projected adjusted EBITDA between $0 million and $3 million for the quarter ended March 31, 2026.

The company reported $3.1 billion in cash, cash equivalents and restricted cash as of March 31, 2026, with total debt of $5.8 billion. The debt structure includes $2.5 billion in convertible notes at TeraWulf, $3.2 billion in senior secured notes at WULF Compute LLC, and $100 million in delayed-draw bridge loans at Kentucky subsidiaries.

TeraWulf received allocations for a revolving credit facility of up to $250 million, expected to mature in April 2030. The facility will be secured by substantially all assets of TeraWulf and certain subsidiaries, with Morgan Stanley Senior Funding, Inc. serving as Administrative Agent, Lead Arranger, and Lead Bookrunner.

The company completed delivery of CB-2, with all Core42 capacity across the Wulf Den, CB-1 and CB-2 generating revenue as of March 31. More than 50% of first quarter revenue came from HPC hosting services.

"Our preliminary results reflect a business that has effectively transitioned to long-term, credit-enhanced revenues," said Patrick Fleury, Chief Financial Officer of TeraWulf.

TeraWulf expects to release complete first quarter results in May 2026. The preliminary results are unaudited and subject to completion of quarter-end financial and accounting procedures.