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 Statements of Operations for the months ended and
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except number of shares and loss per common share; unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Revenue: | ||
| Digital asset revenue | $12,990 | $34,405 |
| HPC lease revenue | 21,022 | — |
| Total revenue | 34,012 | 34,405 |
| Costs and expenses: | ||
| Cost of revenue (exclusive of depreciation shown below) | 2,361 | 24,553 |
| Operating expenses | 9,016 | 1,144 |
| Operating expenses – related party | 2,186 | 1,748 |
| Selling, general and administrative expenses | 127,605 | 46,573 |
| Selling, general and administrative expenses – related party | 159 | 3,571 |
| Depreciation | 28,477 | 15,574 |
| Loss on fair value of digital assets, net | 653 | 870 |
| Impairment of property, plant, and equipment | 25,697 | — |
| Total costs and expenses | 196,154 | 94,033 |
| Operating loss | (162,142) | (59,628) |
| Interest expense | (67,071) | (4,049) |
| Change in fair value of warrants | (216,325) | — |
| Interest income | 29,411 | 2,259 |
| Loss before income tax and equity in net loss of investee | (416,127) | (61,418) |
| Income tax provision | (28) | — |
| Equity in net loss of investee, net of tax | (11,548) | — |
| Net loss | (427,703) | (61,418) |
| Less: net loss attributable to noncontrolling interests | (69) | — |
| Net loss attributable to TeraWulf Inc | $(427,634) | $(61,418) |
| Loss per common share: | ||
| Basic and diluted | $(1.01) | $(0.16) |
| Weighted average common shares outstanding: | ||
| Basic and diluted | 422,999,671 | 383,149,511 |
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