TERAWULF INC. Segments Disclosure
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Digital Asset Mining Segment | |||||||||||||||||
| Digital asset mining revenue | $ | 151,556 | $ | 140,051 | $ | 69,229 | |||||||||||
| Cost of revenue (exclusive of depreciation) | 80,199 | 62,608 | 27,315 | ||||||||||||||
| Operating expenses (including related party) | 12,394 | 7,583 | 4,889 | ||||||||||||||
| Digital asset mining segment profit | $ | 58,963 | $ | 69,860 | $ | 37,025 | |||||||||||
| HPC Leasing Segment | |||||||||||||||||
| HPC lease revenue | $ | 16,899 | $ | — | $ | — | |||||||||||
| Cost of revenue (exclusive of depreciation) | 2,464 | — | — | ||||||||||||||
| Operating expenses (including related party) | 7,353 | 66 | — | ||||||||||||||
| HPC leasing segment profit (loss) | $ | 7,082 | $ | (66) | $ | — | |||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Reportable segment profit | $ | 66,045 | $ | 69,794 | $ | 37,025 | |||||||||||
| Selling, general and administrative expenses | 139,465 | 57,883 | 23,693 | ||||||||||||||
| Selling, general and administrative expenses — related party | 8,292 | 12,695 | 13,325 | ||||||||||||||
| Depreciation | 88,597 | 59,808 | 28,350 | ||||||||||||||
Loss (gain) on fair value of digital assets, net | 612 | (2,200) | — | ||||||||||||||
Realized gain on sale of digital assets | — | — | (3,174) | ||||||||||||||
Impairment of digital assets | — | — | 3,043 | ||||||||||||||
Change in fair value of contingent consideration | 10,397 | — | — | ||||||||||||||
Loss on disposals of property, plant, and equipment, net | 4,895 | 17,824 | 1,209 | ||||||||||||||
| Operating loss | (186,213) | (76,216) | (29,421) | ||||||||||||||
| Interest expense | (80,248) | (19,794) | (34,812) | ||||||||||||||
Change in fair value of warrants and derivatives | (429,793) | — | — | ||||||||||||||
| Loss on extinguishment of debt | — | (6,300) | — | ||||||||||||||
Other income | 39,044 | 3,927 | 231 | ||||||||||||||
Loss before income tax and equity in net (loss) income of investee | $ | (657,210) | $ | (98,383) | $ | (64,002) | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2020 | Mar 3, 2021 | |
| 2019 | Mar 3, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Mar 2, 2018 | |
| 2016 | Mar 3, 2017 | |
| 2015 | Mar 2, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.