TERAWULF INC.
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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
AS OF DECEMBER 31, 2025 AND 2024
(In thousands, except number of shares, per share amounts and par value)
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $3,266,389 | $274,065 |
| Restricted cash | 189,933 | — |
| Accounts receivable | 1,212 | 475 |
| Digital assets | 270 | 476 |
| Prepaid expenses | 6,272 | 2,493 |
| Other receivables | 3,395 | 3,799 |
| Other current assets | 10,802 | 123 |
| Total current assets | 3,478,273 | 281,431 |
| Property, plant and equipment, net | 1,507,699 | 411,869 |
| Equity in net assets of investee | 446,008 | — |
| Goodwill | 55,457 | — |
| Operating lease right-of-use asset | 103,975 | 85,898 |
| Finance lease right-of-use asset | 119,338 | 7,285 |
| Restricted cash | 266,453 | — |
| Deferred charges | 572,888 | — |
| Other assets | 8,091 | 1,028 |
| TOTAL ASSETS | $6,558,182 | $787,511 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| CURRENT LIABILITIES: | ||
| Accounts payable | $65,139 | $24,382 |
| Accrued construction liabilities | 102,582 | 16,520 |
| Accrued compensation | 1,717 | 4,552 |
| Accrued interest | 52,775 | 2,559 |
| Accrued lessor costs | 27,625 | — |
| Other accrued liabilities | 44,828 | 2,414 |
| Other amounts due to related parties | 200 | 1,391 |
| Current portion of deferred rent liability | 58,184 | — |
| Current portion of operating lease liability | 2,015 | 25 |
| Current portion of finance lease liability | 2 | 2 |
| Warrant liabilities | 844,698 | — |
| Current portion of long-term debt | 46,316 | — |
| Short-term convertible notes | 489,767 | — |
| Total current liabilities | 1,735,848 | 51,845 |
| Deferred rent liability, net of current portion | 23,285 | — |
| Operating lease liability, net of current portion | 22,309 | 3,427 |
| Finance lease liability, net of current portion | 289 | 292 |
| Long-term debt | 3,052,240 | — |
| Convertible notes | 1,582,788 | 487,502 |
| Deferred tax liabilities | 76 | — |
| Other liabilities | 902 | — |
| TOTAL LIABILITIES | 6,417,737 | 543,066 |
| Commitments and Contingencies (See Note 13) | ||
| STOCKHOLDERS' EQUITY: | ||
| 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 | — | 9,273 |
| 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 | 404 |
| Additional paid-in capital | 1,285,202 | 685,261 |
| Treasury stock at cost, 24,468,750 and 18,568,750 at December 31, 2025 and 2024, respectively | (151,509) | (118,217) |
| Accumulated deficit | (993,692) | (332,276) |
| Total stockholders' equity | 140,445 | 244,445 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $6,558,182 | $787,511 |
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