TeraWulf doubles AI revenue but posts $427M quarterly loss as mining income declines
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- Riot Platforms reported $167.2 million total revenue for Q1 2026.
- Riot Platforms' AI data‑center segment contributed $33.2 million, offsetting mining losses.
- Bitcoin mining revenue for Riot fell to $111.9 million from $142.9 million a year earlier.
- Core Scientific and peers such as MARA Holdings, Hive, Hut 8 and Iren are converting mining facilities into AI compute centers or buying AI assets.
Why it matters: Riot's AI data‑center earnings offset a 22% plunge in mining revenue, boosting its top line and reassuring investors, while pure‑play miners face tighter margins and must pivot to AI to stay profitable.
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