TERAWULF INC.

Listed Company

WULFCIK 0001083301NasdaqLarge AcceleratedFinance ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$168.46M

Net Income

$-661.42M

Total Assets

$6.56B

Equity

$140.44M

Shares Out

424.07M

Op. Cash Flow

$-123.18M

Business

TERAWULF INC. is a vertically integrated owner and operator of next-generation digital infrastructure focused on energy-efficient, predominantly zero-carbon compute operations. It offers bitcoin mining and high-performance computing (HPC) hosting and colocation services, including GPU-based workloads for AI, machine learning, and cloud applications. The company operates through two primary subsidiaries—one managing bitcoin mining fleets and another providing purpose-built HPC hosting and colocation infrastructure. TeraWulf’s operations and data center campus are centered in upstate New York and serve hyperscale and enterprise customers via direct hosting agreements and colocation contracts.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Digital asset revenue	152	140	69	15	—
HPC lease revenue	17	0	0	—	—
Total revenue	168	140	69	—	—
Cost of revenue (exclusive of depreciation shown below)	83	63	27	11	—
Depreciation	89	60	28	7	—
Loss (gain) on fair value of digital assets, net	600,000	−2	0	0	—
Realized gain on sale of digital assets	0	0	−3	−569,000	—
Impairment of digital assets	0	0	3	1	—
Change in fair value of contingent consideration	10	0	0	—	—
Loss on disposals of property, plant, and equipment, net	5	18	1	0	—
Total costs and expenses	355	216	99	59	—
Operating loss	−186	−76	−29	−44	−43
Interest expense	−80	−20	−35	−25	—
Change in fair value of warrants and derivatives	−430	0	0	—	—
Loss on extinguishment of debt	0	−6	0	−2	—
Other income	39	4	231,000	0	—
Loss before income tax and equity in net (loss) income of investee	−657	−98	−64	−70	−46
Income tax provision	−76,000	0	0	256,000	615,000
Equity in net (loss) income of investee, net of tax	−4	3	−9	−16	−2
Gain on sale of equity interest in investee	0	23	0	0	—
Loss from continuing operations	−661	−72	−73	−86	−47
Loss from discontinued operations, net of tax	0	0	−129,000	−5	−49
Net loss	−661	−72	−73	−91	−96
Continuing operations, basic (in dollars per share)	−1.66	−0.21	−0.35	−0.78	−0.55
Continuing operations, diluted (in dollars per share)	−1.66	−0.21	−0.35	−0.78	−0.55
Discontinued operations, basic (in dollars per share)	0	0	0	−0.04	−0.58
Discontinued operations, diluted (in dollars per share)	0	0	0	−0.04	−0.58
Earnings per share, basic (in dollars per share)	−1.66	−0.21	−0.35	−0.82	−1.13
Earnings per share, diluted (in dollars per share)	−1.66	−0.21	−0.35	−0.82	−1.13
Basic (in shares)	398	351	210	111	85
Diluted (in shares)	398	351	210	111	85

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-07-31
Cash and cash equivalents	3,266	274	54	1	—
Restricted cash	190	0	—	—	—
Accounts receivable	1	475,000	—	—	—
Digital assets	270,000	476,000	2	—	—
Prepaid expenses	6	2	5	5	—
Other receivables	3	4	1	0	—
Other current assets	11	123,000	806,000	543,000	—
Total current assets	3,478	281	63	14	—
Property, plant and equipment, net	1,508	412	205	192	—
Equity in net assets of investee	446	0	99	99	—
Goodwill	55	0	—	—	—
Operating lease right-of-use asset	104	86	11	12	11
Finance lease right-of-use asset	119	7	0	—	—
Restricted cash	267	0	—	—	—
Deferred charges	573	0	—	—	—
Other assets	8	1	679,000	1	—
TOTAL ASSETS	6,558	788	378	318	—
Accounts payable	65	24	15	22	—
Accrued construction liabilities	103	17	2	3	—
Accrued compensation	2	5	4	—	—
Accrued interest	53	3	—	—	—
Accrued lessor costs	28	0	—	—	—
Other accrued liabilities	45	2	5	15	—
Other amounts due to related parties	200,000	1	972,000	3	—
Current portion of deferred rent liability	58	0	—	—	—
Current portion of operating lease liability	2	25,000	48,000	42,000	—
Current portion of finance lease liability	2,000	2,000	0	—	—
Warrant liabilities	845	0	—	—	—
Current portion of long-term debt	46	0	—	—	—
Short-term convertible notes	490	0	—	—	—
Total current liabilities	1,736	52	155	126	—
Deferred rent liability, net of current portion	23	0	—	—	—
Operating lease liability, net of current portion	22	3	899,000	947,000	—
Finance lease liability, net of current portion	289,000	292,000	0	—	—
Long-term debt	3,052	0	56,000	—	—
Convertible notes	1,583	488	0	—	—
Deferred tax liabilities	76,000	0	—	—	—
Other liabilities	902,000	0	—	—	—
TOTAL LIABILITIES	6,418	543	156	200	—
Commitments and Contingencies (See Note 13)	—	—	—	—	—
Preferred stock, $0.001 par value, 100,000,000 authorized at December 31, 2025 and 2024; 0 and 9,566 shares issued and outstanding at December 31, 2025 and 2024, respectively; aggregate liquidation preference of $0 and $12,609 at December 31, 2025 and 2024, respectively	0	9	9	9	—
Common stock, $0.001 par value, 950,000,000 and 600,000,000 authorized at December 31, 2025 and 2024, respectively; 444,534,694 and 404,223,028 issued at December 31, 2025 and 2024, respectively; 420,065,944 and 385,654,278 outstanding at December 31, 2025 and 2024, respectively	444,000	404,000	277,000	145,000	—
Additional paid-in capital	1,285	685	473	295	—
Treasury stock at cost, 24,468,750 and 18,568,750 at December 31, 2025 and 2024, respectively	−152	−118	0	—	—
Accumulated deficit	−994	−332	−260	−186	—
Total stockholders' equity	140	244	222	118	—
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	6,558	788	378	318	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−661	−72	−73	−91	−96
Amortization of debt issuance costs, commitment fees and accretion of debt discount	22	11	20	12	—
Related party expense to be settled with respect to common stock	2	0	3	2	13
Common stock issued for interest expense	0	0	26,000	82,000	—
Stock-based compensation expense	51	31	6	2	—
Amortization of right-of-use asset	4	1	1	303,000	52,000
Revenue recognized from digital asset mining and hosting services	−152	−139	−64	−11	—
Impairment of digital assets	0	0	3	1	—
Proceeds from sale of digital assets	0	98	84	10	—
Digital assets paid as consideration for services	0	370,000	0	0	—
Deferred income tax provision	76,000	0	0	−256,000	—
Gain on sale of equity interest in investee	0	−23	0	0	—
Increase in accounts receivable	−914,000	0	0	—	—
(Increase) decrease in prepaid expenses	−7	2	555,000	−4	−1
Decrease (increase) in other receivables	459,000	−3	−1	0	—
(Increase) decrease in other current assets	−11	288,000	−215,000	−46,000	−113,000
Increase in deferred charges	−57	0	0	—	—
(Increase) decrease in other assets	−832,000	−466,000	310,000	−994,000	−109,000
(Decrease) increase in accounts payable	−3	740,000	−7	10	10
Increase in accrued lessor costs	28	0	0	—	—
Increase (decrease) in accrued compensation and other accrued liabilities	43	694,000	−931,000	6	4
(Decrease) increase in other amounts due to related parties	−565,000	480,000	−2	700,000	60,000
Increase in deferred rent liability	81	0	0	—	—
Decrease in operating lease liability	−781,000	−11	−42,000	175,000	4,000
Decrease in other liabilities	−398,000	0	0	—	—
Net cash (used in) provided by operating activities from continuing operations	−123	−24	4	−32	−21
Net cash provided by operating activities from discontinued operations	0	0	103,000	−2	−3
Net cash (used in) provided by operating activities	−123	−24	4	−34	−24
Investments in joint venture, including direct payments made on behalf of joint venture	−450	0	−3	−46	−94
Proceeds from sale of equity interest in investee	0	86	0	0	—
Purchase of and deposits on plant and equipment	−1,060	−268	−75	−61	−109
Proceeds from sales of property, plant and equipment	12	23	0	0	—
Acquisitions, net of cash acquired	−22	0	0	—	−10
Proceeds from sale of digital assets	151	67	0	0	—
Net cash used in investing activities	−1,369	−91	−78	−94	−201
Proceeds from issuance of long-term debt, net of issuance costs paid of $67,062, $0 and $0	3,133	0	0	22	118
Principal payments on long-term debt	0	−139	−7	0	—
Payments of prepayment fees associated with early extinguishment of long-term debt	0	−1	0	0	—
Principal payments on finance lease	−9	−900,000	0	0	—
Proceeds from insurance premium and property, plant and equipment financing	0	211,000	3	7	—
Principal payments on insurance premium and property, plant and equipment financing	0	−2	−3	−5	—
Payment for settlement of preferred stock conversion	−12,000	0	0	—	—
Proceeds from issuance of common stock, net of issuance costs paid of $0, $663 and $1,051	0	189	136	47	104
Proceeds from exercise of warrants	6	5	3	6	—
Purchase of capped call	−101	−60	0	—	—
Purchase of treasury stock	−33	−118	0	0	—
Payments of tax withholding related to net share settlements of stock-based compensation awards	−28	−24	−2	0	—
Proceeds from issuance of convertible notes, net of issuance costs paid of $51,246, $12,950, and $0	1,974	487	0	—	—
Proceeds from issuance of convertible promissory note	0	0	1	15	—
Payment of contingent value rights liability related to proceeds from sale of net assets held for sale	0	0	−11	0	—
Net cash provided by financing activities	4,941	335	120	90	272
Net change in cash, cash equivalents and restricted cash	3,449	220	46	−38	46
Interest	14	7	20	14	252,000
Income taxes	0	0	0	0	—

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro