W
TERAWULF INC.
Period
FY 2025
Revenue
$168.46M
Net Income
$-661.42M
Total Assets
$6.56B
Equity
$140.44M
Shares Out
495.53M
Op. Cash Flow
$-123.18M
Business
TeraWulf Inc. is a vertically integrated owner, developer, and operator of utility-scale digital infrastructure purpose-built for high-performance computing workloads including artificial intelligence and machine learning. The company provides HPC hosting services to hyperscale and enterprise customers through long-term data center leases at Lake Mariner Data Campus in New York and Abernathy HPC Campus in Texas, with a development pipeline including the Cayuga Site in New York.
Summary from 10-K filed 2026-02-27
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | 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 | Trend | 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 | Trend | 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
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Frequently asked questions
What is TERAWULF INC.'s CIK number?
TERAWULF INC.'s SEC CIK number is 0001083301 (1083301). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find TERAWULF INC.'s SEC filings?
All of TERAWULF INC.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did TERAWULF INC. last report earnings?
TERAWULF INC. (WULF) most recently filed an earnings 8-K with the SEC on May 8, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001083301-26-000083). This is TERAWULF INC.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is TERAWULF INC.'s most recent earnings 8-K?
TERAWULF INC.'s latest earnings 8-K (Item 2.02) was filed May 8, 2026 under accession 0001083301-26-000083. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View TERAWULF INC.'s latest earnings 8-K →
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