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 Statements of Cash Flows for the years ended
(In thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net loss | $(661,416) | $(72,418) | $(73,421) |
| 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 | 22,181 | 11,382 | 19,515 |
| Related party expense to be settled with respect to common stock | 2,375 | — | 2,917 |
| Common stock issued for interest expense | — | — | 26 |
| Stock-based compensation expense | 50,909 | 30,927 | 5,859 |
| Depreciation | 88,597 | 59,808 | 28,350 |
| Amortization of right-of-use asset | 4,456 | 1,373 | 1,001 |
| Revenue recognized from digital asset mining and hosting services | (151,556) | (139,278) | (63,877) |
| Loss (gain) on fair value of digital assets, net | 612 | (2,200) | — |
| Realized gain on sale of digital assets | — | — | (3,174) |
| Impairment of digital assets | — | — | 3,043 |
| Proceeds from sale of digital assets | — | 97,559 | 83,902 |
| Digital assets paid as consideration for services | — | 370 | — |
| Change in fair value of contingent consideration | 10,397 | — | — |
| Loss on disposals of property, plant, and equipment, net | 4,895 | 17,824 | 1,209 |
| Change in fair value of warrants and derivatives | 429,793 | — | — |
| Loss on extinguishment of debt | — | 6,300 | — |
| Deferred income tax provision | 76 | — | — |
| Equity in net loss (income) of investee, net of tax | 4,130 | (3,363) | 9,290 |
| Gain on sale of equity interest in investee | — | (22,602) | — |
| Loss from discontinued operations, net of tax | — | — | 129 |
| Changes in operating assets and liabilities: | |||
| Increase in accounts receivable | (914) | — | — |
| (Increase) decrease in prepaid expenses | (6,592) | 2,047 | 555 |
| Decrease (increase) in other receivables | 459 | (2,774) | (1,001) |
| (Increase) decrease in other current assets | (10,672) | 288 | (215) |
| Increase in deferred charges | (57,407) | — | — |
| (Increase) decrease in other assets | (832) | (466) | 310 |
| (Decrease) increase in accounts payable | (3,238) | 740 | (7,272) |
| Increase in accrued lessor costs | 27,625 | — | — |
| Increase (decrease) in accrued compensation and other accrued liabilities | 43,217 | 694 | (931) |
| (Decrease) increase in other amounts due to related parties | (565) | 480 | (2,013) |
| Increase in deferred rent liability | 81,469 | — | — |
| Decrease in operating lease liability | (781) | (11,113) | (42) |
| Decrease in other liabilities | (398) | — | — |
| Net cash (used in) provided by operating activities from continuing operations | (123,180) | (24,422) | 4,160 |
| Net cash provided by operating activities from discontinued operations | — | — | 103 |
| Net cash (used in) provided by operating activities | (123,180) | (24,422) | 4,263 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Investments in joint venture, including direct payments made on behalf of joint venture | (450,000) | — | (2,845) |
| Proceeds from sale of equity interest in investee | — | 86,086 | — |
| Purchase of and deposits on plant and equipment | (1,060,189) | (267,940) | (75,168) |
| Proceeds from sales of property, plant and equipment | 11,648 | 23,324 | — |
| Acquisitions, net of cash acquired | (21,731) | — | — |
| Proceeds from sale of digital assets | 151,327 | 67,371 | — |
| Net cash used in investing activities | (1,368,945) | (91,159) | (78,013) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from issuance of long-term debt, net of issuance costs paid of $67,062, $0 and $0 | 3,132,938 | — | — |
| 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 | (9,159) | (941) | — |
| Proceeds from insurance premium and property, plant and equipment financing | — | 211 | 2,513 |
| Principal payments on insurance premium and property, plant and equipment financing | — | (2,103) | (2,738) |
| Payment for settlement of preferred stock conversion | (12) | — | — |
| Proceeds from issuance of common stock, net of issuance costs paid of $0, $663 and $1,051 | — | 188,715 | 135,917 |
| Proceeds from exercise of warrants | 5,686 | 4,808 | 2,500 |
| Purchase of capped call | (100,600) | (60,000) | — |
| Purchase of treasury stock | (33,292) | (118,217) | — |
| Payments of tax withholding related to net share settlements of stock-based compensation awards | (28,481) | (23,654) | (2,013) |
| Proceeds from issuance of convertible notes, net of issuance costs paid of $51,246, $12,950, and $0 | 1,973,755 | 487,050 | — |
| Proceeds from issuance of convertible promissory note | — | — | 1,250 |
| 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 | 4,940,835 | 335,207 | 119,866 |
| Net change in cash, cash equivalents and restricted cash | 3,448,710 | 219,626 | 46,116 |
| Cash, cash equivalents and restricted cash at beginning of year | 274,065 | 54,439 | 8,323 |
| Cash, cash equivalents and restricted cash at end of year | $3,722,775 | $274,065 | $54,439 |
| Cash paid during the year for: | |||
| Interest | $13,999 | $6,957 | $19,572 |
| 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.