TERAWULF INC.
For the period ended Mar 31, 2026. Filed May 8, 2026.
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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.
Mar 31, 2026 · Filed May 8, 2026
WULF$12.56+1.5%Stored close · as of Nov 10, 2026
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Consolidated Balance Sheets as of and
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2026 AND DECEMBER 31, 2025
(In thousands, except number of shares and par value; unaudited)
| March 31, 2026 | December 31, 2025 | |
|---|---|---|
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | $2,629,995 | $3,266,389 |
| Restricted cash | 196,282 | 189,933 |
| Accounts receivable | 5,604 | 1,212 |
| Digital assets | 1,237 | 270 |
| Prepaid expenses | 20,573 | 6,272 |
| Other current assets | 13,737 | 14,197 |
| Total current assets | 2,867,428 | 3,478,273 |
| Property, plant and equipment, net | 2,582,169 | 1,507,699 |
| Equity in net assets of investee | 434,793 | 446,008 |
| Goodwill | 55,457 | 55,457 |
| Operating lease right-of-use asset | 102,866 | 103,975 |
| Finance lease right-of-use asset | 118,576 | 119,338 |
| Restricted cash | 266,466 | 266,453 |
| Deferred charges | 572,774 | 572,888 |
| Other assets | 8,257 | 8,091 |
| TOTAL ASSETS | $7,008,786 | $6,558,182 |
| LIABILITIES AND (DEFICIT) EQUITY | ||
| CURRENT LIABILITIES: | ||
| Accounts payable | $227,598 | $65,139 |
| Accrued construction liabilities | 201,779 | 102,582 |
| Accrued interest | 114,825 | 52,775 |
| Other current liabilities | 87,944 | 74,170 |
| Other amounts due to related parties | 459 | 200 |
| Current portion of deferred rent liability | 56,683 | 58,184 |
| Current portion of operating lease liability | 2,065 | 2,015 |
| Current portion of finance lease liability | 2 | 2 |
| Warrant liabilities | 1,061,024 | 844,698 |
| Short-term debt | 98,573 | — |
| Current portion of long-term debt | 43,564 | 46,316 |
| Short-term convertible notes | 490,354 | 489,767 |
| Total current liabilities | 2,384,870 | 1,735,848 |
| Deferred rent liability, net of current portion | 14,035 | 23,285 |
| Operating lease liability, net of current portion | 21,760 | 22,309 |
| Finance lease liability, net of current portion | 289 | 289 |
| Long-term debt | 3,060,194 | 3,052,240 |
| Convertible notes | 1,597,266 | 1,582,788 |
| Deferred tax liabilities | 104 | 76 |
|---|---|---|
| Other liabilities | 7,888 | 902 |
| TOTAL LIABILITIES | 7,086,406 | 6,417,737 |
| Commitments and Contingencies (See Note 12) | ||
| (DEFICIT) EQUITY: | ||
| Preferred stock, $0.001 par value, 100,000,000 authorized at March 31, 2026 and December 31, 2025; none issued and outstanding at March 31, 2026 and December 31, 2025; aggregate liquidation preference of $0 at March 31, 2026 and December 31, 2025 | — | — |
| Common stock, $0.001 par value, 950,000,000 authorized at March 31, 2026 and December 31, 2025; 449,519,078 and 444,534,694 issued at March 31, 2026 and December 31, 2025, respectively; 425,050,328 and 420,065,944 outstanding at March 31, 2026 and December 31, 2025, respectively | 450 | 444 |
| Additional paid-in capital | 1,493,611 | 1,285,202 |
| Treasury stock at cost, 24,468,750 at March 31, 2026 and December 31, 2025 | (151,509) | (151,509) |
| Accumulated deficit | (1,421,326) | (993,692) |
| Total TeraWulf Inc. stockholders' (deficit) equity | (78,774) | 140,445 |
| Noncontrolling interests | 1,154 | — |
| Total (deficit) equity | (77,620) | 140,445 |
| TOTAL LIABILITIES AND (DEFICIT) EQUITY | $7,008,786 | $6,558,182 |
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