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 Operations for the years ended
(In thousands, except number of shares and loss per common share)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenue: | |||
| Digital asset revenue | $151,556 | $140,051 | $69,229 |
| HPC lease revenue | 16,899 | — | — |
| Total revenue | 168,455 | 140,051 | 69,229 |
| Costs and expenses: | |||
| Cost of revenue (exclusive of depreciation shown below) | 82,663 | 62,608 | 27,315 |
| Operating expenses | 12,115 | 3,387 | 2,116 |
| Operating expenses — related party | 7,632 | 4,262 | 2,773 |
| Selling, general and administrative expenses | 139,465 | 57,883 | 23,693 |
| Selling, general and administrative expenses — related party | 8,292 | 12,695 | 13,325 |
| Depreciation | 88,597 | 59,808 | 28,350 |
| 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 |
| Change in fair value of contingent consideration | 10,397 | — | — |
| Loss on disposals of property, plant, and equipment, net | 4,895 | 17,824 | 1,209 |
| Total costs and expenses | 354,668 | 216,267 | 98,650 |
| Operating loss | (186,213) | (76,216) | (29,421) |
| Interest expense | (80,248) | (19,794) | (34,812) |
| Change in fair value of warrants and derivatives | (429,793) | — | — |
| Loss on extinguishment of debt | — | (6,300) | — |
| Other income | 39,044 | 3,927 | 231 |
| Loss before income tax and equity in net (loss) income of investee | (657,210) | (98,383) | (64,002) |
| 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 continuing operations | (661,416) | (72,418) | (73,292) |
| Loss from discontinued operations, net of tax | — | — | (129) |
| Net loss | $(661,416) | $(72,418) | $(73,421) |
| Loss per common share: | |||
| Continuing operations | $(1.66) | $(0.21) | $(0.35) |
| Discontinued operations | — | — | — |
| Basic and diluted | $(1.66) | $(0.21) | $(0.35) |
| Weighted average common shares outstanding: | |||
| Basic and diluted | 397,608,216 | 351,315,476 | 209,956,392 |
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