TERAWULF INC
For the period ended Dec 31, 2024. Filed Mar 3, 2025.
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FY2024 · Filed Mar 3, 2025
WULF$12.56+1.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows for the years ended
(In thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net loss | $(72,418) | $(73,421) | $(90,791) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
| Amortization of debt issuance costs, commitment fees and accretion of debt discount | 11,382 | 19,515 | 11,676 |
| Related party expense to be settled with respect to common stock | — | 2,917 | 2,083 |
| Common stock issued for interest expense | — | 26 | 82 |
| Stock-based compensation expense | 30,927 | 5,859 | 1,568 |
| Depreciation | 59,808 | 28,350 | 6,667 |
| Amortization of right-of-use asset | 1,373 | 1,001 | 303 |
| Revenue recognized from digital currency mining and hosting services | (139,278) | (63,877) | (10,810) |
| Gain on fair value of digital currency, net | (2,200) | — | — |
| Realized gain on sale of digital currency | — | (3,174) | (569) |
| Impairment of digital currency | — | 3,043 | 1,457 |
| Proceeds from sale of digital currency | 97,559 | 83,902 | 9,739 |
| Digital currency paid as consideration for services | 370 | — | — |
| Loss on disposals of property, plant, and equipment, net | 17,824 | 1,209 | — |
| Loss on nonmonetary miner exchange | — | — | 804 |
| Loss on extinguishment of debt | 6,300 | — | 2,054 |
| Deferred income tax benefit | — | — | (256) |
| Equity in net loss of investee, net of tax | (3,363) | 9,290 | 15,712 |
| Gain on sale of equity interest in investee | (22,602) | — | — |
| Loss from discontinued operations, net of tax | — | 129 | 4,857 |
| Changes in operating assets and liabilities: | |||
| Decrease (increase) in prepaid expenses | 2,047 | 555 | (3,601) |
| Decrease in amounts due from related parties | — | — | 815 |
| Increase in other receivables | (2,774) | (1,001) | — |
| Decrease (increase) in other current assets | 288 | (215) | (46) |
| (Increase) decrease in other assets | (466) | 310 | (994) |
| Increase (decrease) increase in accounts payable | 740 | (7,272) | 10,197 |
| Increase (decrease) in accrued compensation and other accrued liabilities | 694 | (931) | 5,916 |
| Increase (decrease) increase in other amounts due to related parties | 480 | (2,013) | 700 |
| (Decrease) increase in operating lease liability | (11,113) | (42) | 175 |
| Net cash (used in) provided by operating activities from continuing operations | (24,422) | 4,160 | (32,262) |
| Net cash (used in) provided by operating activities from discontinued operations | — | 103 | (1,804) |
| Net cash (used in) provided by operating activities | (24,422) | 4,263 | (34,066) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Investments in joint venture, including direct payments made on behalf of joint venture | — | (2,845) | (46,172) |
| Reimbursable payments for deposits on plant and equipment made on behalf of a joint venture or joint venture partner | — | — | (11,741) |
| Reimbursement of payments for deposits on plant and equipment made on behalf of a joint venture or joint venture partner | — | — | 11,716 |
| Proceeds from sale of equity interest in investee | 86,086 | — | — |
| Purchase of and deposits on plant and equipment | (267,940) | (75,168) | (61,116) |
| Proceeds from sales of property, plant and equipment | 23,324 | — | — |
| Proceeds from sale of net assets held for sale | — | — | 13,266 |
| Proceeds from sale of digital currency | 67,371 | — | — |
| Net cash used in investing activities | (91,159) | (78,013) | (94,047) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from issuance of long-term debt, net of issuance costs paid of $0, $0 and $38 | — | — | 22,462 |
| Principal payments on long-term debt | (139,401) | (6,599) | — |
| Payments of prepayment fees associated with early extinguishment of long-term debt | (1,261) | — | — |
| Principal payments on finance lease | (941) | — | — |
| Proceeds from insurance premium and property, plant and equipment financing | 211 | 2,513 | 7,041 |
| Principal payments on insurance premium and property, plant and equipment financing | (2,103) | (2,738) | (4,924) |
| Proceeds from issuance of promissory notes to stockholders | — | — | 3,416 |
| Proceeds from issuance of common stock, net of issuance costs paid of $663, $1,051 and $142 | 188,715 | 135,917 | 47,326 |
| Proceeds from exercise of warrants | 4,808 | 2,500 | 5,700 |
| Purchase of capped call | (60,000) | — | — |
| Purchase of treasury stock | (118,217) | — | — |
| Payments of tax withholding related to net share settlements of stock-based compensation awards | (23,654) | (2,013) | — |
| Proceeds from issuance of preferred stock | — | — | 9,566 |
| Proceeds from issuance of convertible notes, net of issuance costs paid of $12,950, $0, and $0 | 487,050 | — | — |
| Proceeds from issuance of convertible promissory note | — | 1,250 | 14,700 |
| Principal payments on convertible promissory note | — | — | (15,306) |
| Payment of contingent value rights liability related to proceeds from sale of net assets held for sale | — | (10,964) | — |
| Net cash provided by financing activities | 335,207 | 119,866 | 89,981 |
| Net change in cash, cash equivalents and restricted cash | 219,626 | 46,116 | (38,132) |
| Cash, cash equivalents and restricted cash at beginning of year | 54,439 | 8,323 | 46,455 |
| Cash, cash equivalents and restricted cash at end of year | $274,065 | $54,439 | $8,323 |
| Cash paid during the year for: | |||
| Interest | $6,957 | $19,572 | $13,989 |
| Income taxes | $— | $— | $— |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.