TERAWULF INC.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), TERAWULF INC. reported revenue of $168.5M and net income of ($661.4M) (-813.3% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Digital asset revenue | $151.6M | $140.1M | $69.2M | $15.0M |
| HPC lease revenue | $16.9M | — | — | — |
| Total revenue | $168.5M | — | — | — |
| Cost of revenue (exclusive of depreciation shown below) | $82.7M | $62.6M | $27.3M | $11.1M |
| Operating expenses | $19.7M | $7.6M | $4.9M | $2.0M |
| Selling, general and administrative expenses | $147.8M | $70.6M | $37.0M | $22.8M |
| Depreciation | $88.6M | $59.8M | $28.4M | $6.7M |
| Loss (gain) on fair value of digital assets, net | $612.0K | ($2.2M) | — | — |
| Realized gain on sale of digital assets | $0 | $0 | — | — |
| Impairment of digital assets | $0 | $0 | $3.0M | $1.5M |
| Change in fair value of contingent consideration | $10.4M | — | — | — |
| Loss on disposals of property, plant, and equipment, net | $4.9M | $17.8M | $1.2M | — |
| Total costs and expenses | $354.7M | $216.3M | — | — |
| Operating loss | ($186.2M) | ($76.2M) | ($29.4M) | ($43.7M) |
| Interest expense | ($80.2M) | ($19.8M) | ($34.8M) | ($24.7M) |
| Change in fair value of warrants and derivatives | ($429.8M) | — | — | — |
| Loss on extinguishment of debt | $0 | ($6.3M) | $0 | ($2.1M) |
| Other income | $39.0M | $3.9M | $231.0K | — |
| Loss before income tax and equity in net (loss) income of investee | ($657.2M) | ($98.4M) | ($64.0M) | ($70.5M) |
| Income tax provision | ($76.0K) | $0 | $0 | $256.0K |
| Equity in net (loss) income of investee, net of tax | ($4.1M) | $3.4M | ($9.3M) | ($15.7M) |
| Gain on sale of equity interest in investee | $0 | $22.6M | — | — |
| Loss from continuing operations | ($661.4M) | ($72.4M) | ($73.3M) | ($85.9M) |
| Loss from discontinued operations, net of tax | $0 | $0 | ($129.0K) | ($4.9M) |
| Net loss | ($661.4M) | ($72.4M) | ($73.4M) | ($90.8M) |
| Continuing operations, basic (in dollars per share) | -$1.66 | -$0.21 | -$0.35 | -$0.78 |
| Continuing operations, diluted (in dollars per share) | -$1.66 | -$0.21 | -$0.35 | -$0.78 |
| Discontinued operations, basic (in dollars per share) | $0.00 | $0.00 | $0.00 | -$0.04 |
| Discontinued operations, diluted (in dollars per share) | $0.00 | $0.00 | $0.00 | -$0.04 |
| Earnings per share, basic (in dollars per share) | -$1.66 | -$0.21 | -$0.35 | -$0.82 |
| Earnings per share, diluted (in dollars per share) | -$1.66 | -$0.21 | -$0.35 | -$0.82 |
| Basic (in shares) | 397.6M | 351.3M | 210.0M | 110.6M |
| Diluted (in shares) | 397.6M | 351.3M | 210.0M | 110.6M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Digital asset revenue | $12.8M | $13.0M | $43.4M | $47.6M |
| HPC lease revenue | $31.9M | $21.0M | $7.2M | — |
| Total revenue | $44.8M | $34.0M | $50.6M | — |
| Cost of revenue (exclusive of depreciation shown below) | $12.4M | $2.4M | $17.1M | $22.1M |
| Operating expenses | $23.4M | $11.2M | $4.5M | $3.5M |
| Selling, general and administrative expenses | $126.9M | $127.8M | $16.7M | $14.3M |
| Depreciation | $21.2M | $28.5M | $26.5M | $18.8M |
| Loss (gain) on fair value of digital assets, net | $799.0K | $653.0K | ($338.0K) | ($887.0K) |
| Change in fair value of contingent consideration | $0 | — | $8.8M | $1.6M |
| Impairment of property, plant, and equipment | $0 | $25.7M | $0 | — |
| Loss on disposals of property, plant, and equipment | $399.0K | — | $2.0M | $3.8M |
| Total costs and expenses | $185.2M | $196.2M | $75.3M | $63.2M |
| Operating loss | ($140.4M) | ($162.1M) | ($24.7M) | ($15.6M) |
| Interest expense | ($56.4M) | ($67.1M) | ($9.8M) | ($4.0M) |
| Change in fair value of warrants | ($755.7M) | ($216.3M) | — | — |
| Loss on extinguishment of debt | ($7.1M) | — | $0 | $0 |
| Interest income | $29.0M | — | $4.1M | $1.2M |
| Other income | $930.0K | $29.4M | — | — |
| Loss before income tax and equity in net loss of investee | ($929.7M) | ($416.1M) | ($455.1M) | ($18.4M) |
| Income tax provision | ($28.0K) | ($28.0K) | $0 | $0 |
| Equity in net loss of investee, net of tax | ($11.1M) | ($11.5M) | $0 | $0 |
| Net loss | ($940.8M) | ($427.7M) | — | — |
| Less: net loss attributable to noncontrolling interests | ($910.0K) | ($69.0K) | — | — |
| Net loss attributable to TeraWulf Inc | ($939.9M) | ($427.6M) | ($455.1M) | ($18.4M) |
| Basic (in dollars per share) | -$1.94 | -$1.01 | -$1.13 | -$0.05 |
| Diluted (in dollars per share) | -$1.94 | -$1.01 | -$1.13 | -$0.05 |
| Basic (in shares) | 485.7M | 423.0M | 401.6M | 386.9M |
| Diluted (in shares) | 485.7M | 423.0M | 401.6M | 386.9M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $3.3B | $274.1M | $54.4M | $1.3M |
| Restricted cash | $189.9M | — | $0 | $7.0M |
| Accounts receivable | $1.2M | — | — | — |
| Digital assets | $270.0K | $476.0K | — | — |
| Prepaid expenses | $6.3M | $2.5M | $4.5M | $5.1M |
| Other receivables | $3.4M | $3.8M | $1.0M | — |
| Other current assets | $10.8M | $598.0K | $806.0K | $543.0K |
| Total current assets | $3.5B | $281.4M | $62.6M | $14.1M |
| Property, plant and equipment, net | $1.5B | $411.9M | $205.3M | $191.5M |
| Equity in net assets of investee | $446.0M | $0 | $98.6M | $98.7M |
| Goodwill | $55.5M | — | — | — |
| Operating lease right-of-use asset | $104.0M | $85.9M | $10.9M | $11.9M |
| Finance lease right-of-use asset | $119.3M | $7.3M | — | — |
| Restricted cash | $266.5M | — | — | — |
| Deferred charges | $572.9M | — | — | — |
| Other assets | $8.1M | $1.0M | $679.0K | $1.3M |
| TOTAL ASSETS | $6.6B | $787.5M | $378.1M | $317.7M |
| Accounts payable | $65.1M | $24.4M | $15.2M | $21.9M |
| Accrued construction liabilities | $102.6M | $16.5M | $1.5M | $2.9M |
| Accrued compensation | $1.7M | $4.6M | — | — |
| Accrued interest | $52.8M | — | — | — |
| Accrued lessor costs | $27.6M | — | — | — |
| Other accrued liabilities | $44.8M | $5.0M | $9.2M | $15.0M |
| Other amounts due to related parties | $200.0K | $1.4M | $972.0K | $3.3M |
| Current portion of deferred rent liability | $58.2M | — | — | — |
| Current portion of operating lease liability | $2.0M | $25.0K | $48.0K | $42.0K |
| Current portion of finance lease liability | $2.0K | $2.0K | — | — |
| Warrant liabilities | $844.7M | — | — | — |
| Current portion of long-term debt | $46.3M | $0 | $123.5M | $51.9M |
| Short-term convertible notes | $489.8M | — | — | — |
| Total current liabilities | $1.7B | $51.8M | $154.7M | $126.0M |
| Deferred rent liability, net of current portion | $23.3M | — | — | — |
| Operating lease liability, net of current portion | $22.3M | $3.4M | $899.0K | $947.0K |
| Finance lease liability, net of current portion | $289.0K | $292.0K | — | — |
| Long-term debt | $3.1B | $0 | $56.0K | $73.0M |
| Convertible notes | $1.6B | $487.5M | — | — |
| Deferred tax liabilities | $76.0K | — | — | — |
| Other liabilities | $902.0K | — | — | — |
| TOTAL LIABILITIES | $6.4B | $543.1M | $155.6M | $199.9M |
| 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 | 9.3M | 9.3M | 9.3M |
| 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 | $444.0K | $404.0K | $277.0K | $145.0K |
| Additional paid-in capital | $1.3B | $685.3M | $472.8M | $294.8M |
| Treasury stock at cost, 24,468,750 and 18,568,750 at December 31, 2025 and 2024, respectively | ($151.5M) | ($118.2M) | — | — |
| Accumulated deficit | ($993.7M) | ($332.3M) | ($259.9M) | ($186.5M) |
| Total stockholders' equity | $140.4M | $244.4M | $222.5M | $117.8M |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $2.6B | $2.6B | $711.3M | $90.0M |
| Restricted cash | $142.9M | $196.3M | — | — |
| Accounts receivable | $13.2M | $5.6M | $3.5M | $1.2M |
| Digital assets | $133.0K | $1.2M | $492.0K | $0 |
| Prepaid expenses | $18.3M | $20.6M | $3.0M | $2.9M |
| Other current assets | $12.7M | $13.7M | $2.4M | $487.0K |
| Total current assets | $2.8B | $2.9B | $729.1M | $99.1M |
| Property, plant and equipment, net | $3.6B | $2.6B | $861.8M | $604.8M |
| Equity in net assets of investee | $424.1M | $434.8M | — | — |
| Goodwill | $55.5M | $55.5M | $55.5M | $55.5M |
| Operating lease right-of-use asset | $101.8M | $102.9M | $105.1M | $92.7M |
| Finance lease right-of-use asset | $117.8M | $118.6M | $120.1M | $7.1M |
| Restricted cash | $266.5M | $266.5M | $1.4M | $1.4M |
| Deferred charges | $572.6M | $572.8M | $572.9M | — |
| Restricted trust investments | $20.6M | — | — | — |
| Other assets | $82.9M | $8.3M | $8.6M | $8.8M |
| TOTAL ASSETS | $8.0B | $7.0B | $2.5B | $869.4M |
| Accounts payable | $197.8M | $227.6M | $62.3M | $38.8M |
| Accrued construction liabilities | $287.5M | $201.8M | $52.0M | $20.9M |
| Accrued interest | $57.3M | $114.8M | $6.9M | $2.3M |
| Other current liabilities, other amounts | $160.1M | $88.4M | $145.0K | $15.0K |
| Current portion of deferred rent liability | $49.7M | $56.7M | $50.7M | $47.7M |
| Current portion of operating lease liability | $2.1M | $2.1M | $2.0M | $616.0K |
| Current portion of finance lease liability | $2.0K | $2.0K | $2.0K | $2.0K |
| Warrant liabilities | $1.8B | $1.1B | $467.9M | — |
| Current portion of long-term debt, Short-term convertible notes | $1.2B | — | — | — |
| Total current liabilities | $3.8B | $2.4B | $705.9M | $151.3M |
| Deferred rent liability, net of current portion | $944.0K | $14.0M | $35.5M | $42.3M |
| Operating lease liability, net of current portion | $21.2M | $21.8M | $22.8M | $11.3M |
| Finance lease liability, net of current portion | $288.0K | $289.0K | $290.0K | $290.0K |
| Long-term debt, convertible notes | $4.0B | — | — | — |
| Deferred tax liabilities | $132.0K | $104.0K | — | — |
| Other liabilities | $94.0M | $7.9M | $10.9M | $1.2M |
| TOTAL LIABILITIES | $7.9B | $7.1B | $2.2B | $695.1M |
| Preferred stock, $0.001 par value, 100,000,000 authorized at June 30, 2026 and December 31, 2025; none issued and outstanding at June 30, 2026 and December 31, 2025; aggregate liquidation preference of $0 at June 30, 2026 and December 31, 2025 | $0 | $0 | $9.3M | $9.3M |
| Common stock, $0.001 par value, 950,000,000 authorized at June 30, 2026 and December 31, 2025; 522,901,181 and 444,534,694 issued at June 30, 2026 and December 31, 2025, respectively; 498,932,431 and 420,065,944 outstanding at June 30, 2026 and December 31, 2025, respectively | $523.0K | $450.0K | $439.0K | $415.0K |
| Additional paid-in capital | $2.7B | $1.5B | $1.3B | $728.2M |
| Treasury stock at cost, 23,968,750 and 24,468,750 at June 30, 2026 and December 31, 2025, respectively | ($148.3M) | ($151.5M) | ($151.5M) | ($151.5M) |
| Accumulated deficit | ($2.4B) | ($1.4B) | ($867.1M) | ($412.1M) |
| Total TeraWulf Inc. stockholders' equity | $147.3M | ($78.8M) | $247.3M | $174.3M |
| Noncontrolling interests | $244.0K | $1.2M | — | — |
| Total equity | $147.5M | ($77.6M) | — | — |
| TOTAL LIABILITIES AND EQUITY | $8.0B | $7.0B | $2.5B | $869.4M |
| Treasury stock at cost (in shares) | 24.0M | — | — | — |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net loss | ($661.4M) | ($72.4M) | ($73.4M) | ($90.8M) |
| Amortization of debt issuance costs, commitment fees and accretion of debt discount | $22.2M | $11.4M | $19.5M | $11.7M |
| Related party expense to be settled with respect to common stock | $2.4M | $0 | $2.9M | $2.1M |
| Common stock issued for interest expense | $0 | $0 | $26.0K | $82.0K |
| Stock-based compensation expense | $50.9M | $30.9M | $5.9M | $1.6M |
| Depreciation | $88.6M | $59.8M | $28.4M | $6.7M |
| Amortization of right-of-use asset | $4.5M | $1.4M | $1.0M | $303.0K |
| Revenue recognized from digital asset mining and hosting services | ($151.6M) | ($139.3M) | — | — |
| Loss (gain) on fair value of digital assets, net | $612.0K | ($2.2M) | — | — |
| Realized gain on sale of digital assets | $0 | $0 | — | — |
| Impairment of digital assets | $0 | $0 | — | — |
| Proceeds from sale of digital assets | $0 | $97.6M | — | — |
| Digital assets paid as consideration for services | $0 | $370.0K | — | — |
| Change in fair value of contingent consideration | $10.4M | — | — | — |
| Loss on disposals of property, plant, and equipment, net | $4.9M | $17.8M | $1.2M | — |
| Change in fair value of warrants and derivatives | $429.8M | — | — | — |
| Loss on extinguishment of debt | $0 | $6.3M | $0 | $2.1M |
| Deferred income tax provision | $76.0K | $0 | $0 | — |
| Equity in net loss (income) of investee, net of tax | $4.1M | ($3.4M) | $9.3M | $15.7M |
| Gain on sale of equity interest in investee | $0 | ($22.6M) | — | — |
| Loss from discontinued operations, net of tax | $0 | $0 | $129.0K | $4.9M |
| Increase in accounts receivable | ($914.0K) | — | — | — |
| (Increase) decrease in prepaid expenses | ($6.6M) | $2.0M | $555.0K | ($3.6M) |
| Decrease (increase) in other receivables | $459.0K | ($2.8M) | ($1.0M) | — |
| (Increase) decrease in other current assets | ($10.7M) | $288.0K | ($215.0K) | ($46.0K) |
| Increase in deferred charges | ($57.4M) | — | — | — |
| (Increase) decrease in other assets | ($832.0K) | ($466.0K) | $310.0K | ($994.0K) |
| (Decrease) increase in accounts payable | ($3.2M) | $740.0K | ($7.3M) | $10.2M |
| Increase in accrued lessor costs | $27.6M | — | — | — |
| Increase (decrease) in accrued compensation and other accrued liabilities | $43.2M | $694.0K | ($931.0K) | $5.9M |
| (Decrease) increase in other amounts due to related parties | ($565.0K) | $480.0K | ($2.0M) | $700.0K |
| Increase in deferred rent liability | $81.5M | — | — | — |
| Decrease in operating lease liability | ($781.0K) | ($11.1M) | ($42.0K) | $175.0K |
| Decrease in other liabilities | ($398.0K) | — | — | — |
| Net cash (used in) provided by operating activities from continuing operations | ($123.2M) | ($24.4M) | $4.2M | ($32.3M) |
| Net cash provided by operating activities from discontinued operations | $0 | $0 | $103.0K | ($1.8M) |
| Net cash (used in) provided by operating activities | ($123.2M) | ($24.4M) | $4.3M | ($34.1M) |
| Investments in joint venture, including direct payments made on behalf of joint venture | ($450.0M) | $0 | ($2.8M) | ($46.2M) |
| Proceeds from sale of equity interest in investee | $0 | $86.1M | — | — |
| Purchase of and deposits on plant and equipment | ($1.1B) | ($267.9M) | ($75.2M) | ($61.1M) |
| Proceeds from sales of property, plant and equipment | $11.6M | $23.3M | — | — |
| Acquisitions, net of cash acquired | ($21.7M) | — | — | — |
| Proceeds from sale of digital assets | $151.3M | $67.4M | — | — |
| Net cash used in investing activities | ($1.4B) | ($91.2M) | ($78.0M) | ($94.0M) |
| Proceeds from issuance of long-term debt, net of issuance costs paid of $67,062, $0 and $0 | $3.1B | $0 | $0 | $22.5M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net loss | ($1.4B) | ($427.7M) | ($534.8M) | ($79.8M) |
| Amortization of debt issuance costs, commitment fees and accretion of debt discount | $23.0M | $13.2M | $7.1M | $1.2M |
| Related party expense settled with respect to common stock | $0 | — | $2.4M | $2.4M |
| Stock-based compensation expense | $185.4M | $101.4M | $44.3M | $40.0M |
| Stock-based charitable contribution | $14.4M | — | — | — |
| Depreciation | $49.7M | $28.5M | $60.9M | $34.4M |
| Accretion of asset retirement obligations | $435.0K | $168.0K | — | — |
| Change in asset retirement obligations estimate | $15.0K | — | — | — |
| Amortization of right-of-use asset | $3.7M | $1.9M | $2.6M | $1.4M |
| Revenue recognized from digital assets mined and hosting services | ($25.8M) | ($13.0M) | ($125.4M) | ($82.0M) |
| Loss (gain) on fair value of digital assets, net | $1.5M | $653.0K | ($355.0K) | ($17.0K) |
| Change in fair value of contingent consideration | $0 | — | $10.4M | $1.6M |
| Impairment of property, plant, and equipment | $25.7M | $25.7M | $0 | — |
| Loss on disposals of property, plant, and equipment | $399.0K | — | $5.8M | $3.8M |
| Change in fair value of warrants | $972.0M | $216.3M | — | — |
| Loss on extinguishment of debt | $7.1M | — | $0 | $0 |
| Deferred income tax provision | $56.0K | $28.0K | — | — |
| Other income | ($43.0K) | — | — | — |
| Equity in net loss of investee, net of tax | $22.6M | $11.5M | $0 | $0 |
| Increase in accounts receivable | ($12.1M) | ($4.5M) | ($3.1M) | ($544.0K) |
| Increase in prepaid expenses | ($12.0M) | ($14.3M) | ($3.3M) | ($3.3M) |
| Increase in other current assets | ($7.4M) | ($9.1M) | ($107.0K) | ($357.0K) |
| Decrease in deferred charges | $289.0K | $114.0K | ($57.5M) | — |
| Decrease (increase) in other assets | $5.3M | $5.8M | ($200.0K) | ($7.7M) |
| Increase in accounts payable | $5.6M | $4.3M | ($5.7M) | $355.0K |
| (Decrease) increase in accrued interest and other current liabilities | ($12.4M) | $52.5M | $4.1M | $1.1M |
| Increase (decrease) in other amounts due to related parties | $464.0K | $259.0K | ($620.0K) | ($750.0K) |
| (Decrease) increase in deferred rent liability | ($30.8M) | ($10.8M) | $86.2M | $90.0M |
| Decrease in operating lease liability | ($1.0M) | ($499.0K) | ($299.0K) | ($43.0K) |
| Decrease in other liabilities | ($1.7M) | ($162.0K) | $9.6M | ($73.0K) |
| Net cash (used in) provided by operating activities | ($154.3M) | ($17.6M) | ($35.0M) | $1.7M |
| Purchase of and deposits on plant and equipment | ($1.4B) | ($523.0M) | ($445.2M) | ($213.6M) |
| Proceeds from sales of property, plant and equipment | $68.0K | — | — | $1.9M |
| Cash paid for asset acquisition | ($231.3M) | ($201.3M) | — | — |
| Acquisition of a business, net of cash acquired | $0 | — | ($21.7M) | ($2.7M) |
| Purchase of securities | ($20.6M) | — | — | — |
| Proceeds from sale of digital assets | $24.6M | $11.5M | $0 | $82.4M |
| Net cash used in investing activities | ($1.6B) | ($712.8M) | ($332.3M) | ($132.1M) |
| Proceeds from issuance of short-term debt, net of issuance costs paid of $7,250 and $0 | $92.8M | $92.8M | — | — |
| Repayment of short-term debt | ($100.1M) | — | — | — |
| Payment of debt issuance costs for revolving credit facility | ($2.1M) | — | — | — |
| Proceeds from issuance of common stock, net of issuance costs paid of $35,864 and $0 | $1.2B | $9.0M | $0 | $0 |
| Proceeds from exercise of warrants | $7.0M | $4.0M | $3.1M | $0 |
| Purchase of treasury stock | $0 | $0 | ($33.3M) | ($33.3M) |
| Payments of tax withholding related to net share settlements of stock-based compensation awards | ($131.5M) | ($5.3M) | ($28.3M) | ($18.9M) |
TERAWULF INC. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.