TERAWULF INC.
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 10, 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 Balance Sheets as of and
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2025 AND DECEMBER 31, 2024
(In thousands, except number of shares and par value; unaudited)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $711,315 | $274,065 |
| Accounts receivable | 3,506 | 475 |
| Digital assets | 492 | 476 |
| Prepaid expenses | 2,955 | 2,493 |
| Other receivables | 8,409 | 3,799 |
| Other current assets | 2,427 | 123 |
| Total current assets | 729,104 | 281,431 |
| Property, plant and equipment, net | 861,778 | 411,869 |
| Goodwill | 55,457 | — |
| Operating lease right-of-use asset | 105,067 | 85,898 |
| Finance lease right-of-use asset | 120,100 | 7,285 |
| Restricted cash | 1,439 | — |
| Deferred charges | 572,943 | — |
| Other assets | 8,557 | 1,028 |
| TOTAL ASSETS | $2,454,445 | $787,511 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| CURRENT LIABILITIES: | ||
| Accounts payable | $62,281 | $24,382 |
| Accrued construction liabilities | 51,971 | 16,520 |
| Accrued compensation | 6,216 | 4,552 |
| Accrued interest | 6,868 | 2,559 |
| Accrued lessor costs | 42,813 | — |
| Other accrued liabilities | 4,217 | 2,414 |
| Share based liability due to related party | 10,747 | — |
| Other amounts due to related parties | 145 | 1,391 |
| Current portion of deferred rent liability | 50,653 | — |
| Current portion of operating lease liability | 1,993 | 25 |
| Current portion of finance lease liability | 2 | 2 |
| Current portion of warrant liabilities | 467,945 | — |
| Total current liabilities | 705,851 | 51,845 |
| Deferred rent liability, net of current portion | 35,504 | — |
| Operating lease liability, net of current portion | 22,813 | 3,427 |
| Finance lease liability, net of current portion | 290 | 292 |
| Convertible notes | 1,060,167 | 487,502 |
| Warrant liabilities, net of current portion | 371,603 | — |
|---|---|---|
| Other liabilities | 10,876 | — |
| TOTAL LIABILITIES | 2,207,104 | 543,066 |
| Commitments and Contingencies (See Note 12) | ||
| STOCKHOLDERS’ EQUITY: | ||
| Preferred stock, $0.001 par value, 100,000,000 authorized at September 30, 2025 and December 31, 2024; 9,558 and 9,566 issued and outstanding at September 30, 2025 and December 31, 2024, respectively; aggregate liquidation preference of $13,567 and $12,609 at September 30, 2025 and December 31, 2024, respectively | 9,265 | 9,273 |
| Common stock, $0.001 par value, 950,000,000 and 600,000,000 authorized at September 30, 2025 and December 31, 2024, respectively; 439,214,244 and 404,223,028 issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 439 | 404 |
| Additional paid-in capital | 1,256,260 | 685,261 |
| Treasury stock at cost, 24,468,750 and 18,568,750 at September 30, 2025 and December 31, 2024, respectively | (151,509) | (118,217) |
| Accumulated deficit | (867,114) | (332,276) |
| Total stockholders' equity | 247,341 | 244,445 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $2,454,445 | $787,511 |
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