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
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Consolidated Statements of Operations for the months ended and
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
(In thousands, except number of shares and loss per common share; unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue: | ||||
| Digital asset revenue | $43,375 | $27,059 | $125,416 | $105,066 |
| HPC lease revenue | 7,203 | — | 7,203 | — |
| Total revenue | 50,578 | 27,059 | 132,619 | 105,066 |
| Costs and expenses: | ||||
| Cost of revenue (exclusive of depreciation shown below) | 17,123 | 14,660 | 63,770 | 42,986 |
| Operating expenses | 2,921 | 729 | 6,104 | 2,311 |
| Operating expenses – related party | 1,582 | 856 | 4,805 | 2,619 |
| Selling, general and administrative expenses | 16,550 | 8,502 | 73,119 | 29,904 |
| Selling, general and administrative expenses – related party | 126 | 2,976 | 7,989 | 8,399 |
| Depreciation | 26,502 | 15,643 | 60,862 | 44,864 |
| Gain on fair value of digital assets, net | (338) | (951) | (355) | (1,580) |
| Change in fair value of contingent consideration | 8,797 | — | 10,397 | — |
| Impairment of property, plant, and equipment | — | 355 | — | 355 |
| Loss on disposals of property, plant, and equipment, net | 1,987 | — | 5,818 | — |
| Total costs and expenses | 75,250 | 42,770 | 232,509 | 129,858 |
| Operating loss | (24,672) | (15,711) | (99,890) | (24,792) |
| Interest expense | (9,830) | (409) | (17,891) | (16,779) |
| Change in fair value of warrant and derivative liabilities | (424,642) | — | (424,642) | — |
| Loss on extinguishment of debt | — | (4,273) | — | (6,300) |
| Interest income | 4,094 | 339 | 7,585 | 1,286 |
| Loss before income tax and equity in net income of investee | (455,050) | (20,054) | (534,838) | (46,585) |
| Income tax benefit | — | — | — | — |
| Equity in net (loss) income of investee, net of tax | — | (2,679) | — | 3,363 |
| Net loss | $(455,050) | $(22,733) | $(534,838) | $(43,222) |
| Loss per common share: | ||||
| Basic and diluted | $(1.13) | $(0.06) | $(1.37) | $(0.13) |
| Weighted average common shares outstanding: | ||||
| Basic and diluted | 401,559,291 | 382,086,768 | 390,602,067 | 337,999,865 |
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