WULF at a glance
TERAWULF INC. (WULF, SEC CIK 1083301) filed its latest 10-K annual report on February 27, 2026, a 10-Q quarterly report on August 5, 2026, an 8-K current report on October 5, 2026 and Form 4 insider filings as recently as October 2, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), TERAWULF INC. (WULF) reported revenue of $168.5 million (up 20.3% from FY2024) and a net loss of $661.4 million. Diluted EPS was -$1.66.
- As of June 30, 2026, 34 institutional investment managers tracked by SignalX reported holding TERAWULF INC. (WULF) shares worth $3.8 billion in 13F-HR filings.
- The most recent insider open-market purchase reported on Form 4 was by Bucella Michael C. on September 15, 2026 of 6,085 shares at $14.79 per share.
- In the last 90 days, WULF insiders reported 3 open-market purchases ($190K) and 3 open-market sales ($5.3M) on Form 4, a net sale of $5.1M.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $168.5M
- +20.3% vs prior year
- Insiders · 90 days
- 3 buys · 3 sells
- Net −$5.1M
- 13F holders
- 34 funds
- $3.8B · −2 vs prior quarter
- Latest 8-K
- Aug 5, 2026
- Item 2.02 · Item 7.01
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business: Vertically integrated owner/operator of utility-scale, liquid-cooled HPC data centers for AI, machine learning, and cloud applications
- New focus: Strategic shift prioritizing HPC hosting as primary growth over legacy bitcoin mining operations
- Competitive advantage: Long-term, credit-enhanced contracts with Google-backed customer Fluidstack totaling 918 MW contracted IT load across Lake Mariner and Abernathy campuses
- Quantitative metric: 141 full-time US-based employees as of filing; aiming for 250-500 MW new HPC capacity contracted annually
- Noteworthy fact: Conversion of former coal plant site into flagship HPC campus with near-term capacity expansion to 500 MW and up to 750 MW pending NYISO approvals
Risk Factors
- Regulatory/legal risk: Uncertainty from evolving U.S. cryptocurrency regulations impacting bitcoin mining operations and potential future compliance costs
- Geopolitical/macroeconomic threat: Exposure to increased U.S. tariffs, trade restrictions risking supply chain delays and higher material costs for data center expansions
- Operational/supply chain vulnerability: Dependency on reliable power supply with risks of outages, capacity constraints, and costly delays for HPC and bitcoin mining data centers
- Competitive/market disruption risk: AI efficiency improvements possibly reducing demand for high-density data center infrastructure, threatening HPC hosting revenue growth
- Financial/structural risk: Capital-intensive HPC expansions requiring additional financing, raising risks of shareholder dilution or restrictive debt covenants impacting cash flow
Management Discussion & Analysis
- Revenue $168.5M in 2025, up $28.6M YoY from $140.1M in 2024; digital asset revenue $151.6M (+$11.5M), HPC lease revenue $16.9M (new in 2025)
- Cost of revenue (excl. depreciation) $82.7M in 2025 vs $62.6M in 2024; power expense major driver, partly offset by $17.7M demand response proceeds
- Best segment: Digital asset revenue $151.6M (90% total revenue), worst: Bitcoin mining production down to 1,496 BTC vs 2,177 BTC weighted by halving event
- Capital allocation shift: No new bitcoin mining investments; focus on HPC data center development with strategic acquisitions of Beowulf E&D and new long-term ground leases
- Outlook: Revenue mix shifting to HPC leasing, growth dependent on construction timing, power access, and project financing; Morgantown power plant purchase expected Q2 2026 closing
AI summary of the WULF 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- HPC lease revenue $31.932M, versus $0 in Q2 2025
- Bitcoin mining revenue declined to 179 bitcoin worth $12.835M, versus 485 bitcoin worth $47.636M
- Bitcoin mining cost $44,547 per bitcoin, 62.1% of value versus 46.4% YoY
- Cash, cash equivalents, and restricted cash approximately $3.0B at June 30, 2026
- Outlook: revenue mix shifting toward HPC leasing, with capital focused on contracted HPC projects
Risk Factors
- New regulatory risk: July 2026 New York Executive Order No. 62 temporarily paused certain discretionary data-center permits
- Project-development risk: Future New York requirements could add generation, transmission, storage, environmental-mitigation or community-benefit costs
- Near-term operational risk: Cayuga Site permitting changes could disrupt customer deployment schedules and development returns
- Financial risk: New York requirements could increase project costs and limit competition with more favorable jurisdictions
AI summary of the WULF 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 2.02: Results of Operations and Financial Condition
- Q2 2026 results for quarter ended June 30, 2026
- Press release issued August 5, 2026 with financial results and operating details
Item 7.01: Regulation FD Disclosure
- Investor presentation posted August 5, 2026 at investors.terawulf.com as Exhibit 99.2
- Presentation intended for upcoming earnings call with investors and analysts
Item EX-99.1: Item EX-99.1
- 20-year Anthropic lease at Justified Data expected to generate approximately $19 billion contracted revenue
- Campus targets approximately 401 MW, with initial capacity online in the second half of 2027 and full ramp by early 2028
Item 8.01: Other Events
- 20-year Anthropic lease for approximately 401 MW of HPC capacity at Hawesville, Kentucky
- Capacity delivery phased from late 2027 through early 2028, with rent beginning upon premises delivery
AI summaries of WULF 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for WULF
Don't miss the next WULF filing
- Alerts as it files. A push when WULF files an 8-K or an insider trades.
- Fund moves. Which tracked funds opened, added or cut WULF, by share count.
- Ask anything. An AI agent that reads every WULF filing and answers with sources.
WULF alerts on your phone. Follow it in the SignalX Android app.
Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Bucella Michael C. | A | Sep 30, 2026 | 1,690 | - |
| Prager Lisa A. | A | Sep 30, 2026 | 1,690 | - |
| Carter Walter E. | A | Sep 30, 2026 | 2,112 | - |
| Khan Nazar M. | M | Sep 29, 2026 | 666,667 | - |
| Khan Nazar M. | M | Sep 29, 2026 | 666,667 | - |
| Prager Paul B. | J | Sep 22, 2026 | 3,000,000 | - |
| Bucella Michael C. | Buy | Sep 15, 2026 | 6,085 | $14.79 |
| Khan Nazar M. | J | Sep 10, 2026 | 350,000 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $140.1M | $168.5M |
| Gross Profit | $41.9M | $69.8M | $66.0M |
| Operating Income | - | -$76.2M | -$186.2M |
| Net Income | - | -$72.4M | -$661.4M |
| Gross Margin | - | 49.8% | 39.2% |
| Op. Margin | - | -54.4% | -110.5% |
| Net Margin | - | -51.7% | -392.6% |
| Balance Sheet | |||
| Total Assets | - | $787.5M | $6.6B |
| Equity | - | $244.4M | $140.4M |
| ROE | - | -29.6% | -470.9% |
| Per Share | |||
| EPS | $-0.35 | $-0.21 | $-1.66 |
| Cash Flow | |||
| Operating CF | - | -$24.4M | -$123.2M |
| CapEx | - | $267.9M | $1.1B |
Source: XBRL data in TERAWULF INC. (WULF)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate WULF share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 34 | $3.79B |
| Q1 2026 | 36 | $1.88B |
| Q4 2025 | 30 | $1.91B |
| Q3 2025 | 30 | $1.80B |
| Q2 2025 | 28 | $502.2M |
| Q1 2025 | 26 | $243.6M |
| Q4 2024 | 22 | $312.9M |
| Q3 2024 | 17 | $129.2M |
- FMR LLC (Fidelity)+9.65M (+202%)
- Morgan Stanley+5.96M (+101%)
- Citadel Advisors LLC+4.27M (+151%)
- Two Sigma Investments+3.66M (+47%)
- Invesco Ltd+3.08M (+77%)
- BlackRock−4.75M (-17%)
- Goldman Sachs Group−2.23M (-48%)
- Marex Group plc−1.22M (-95%)
- D.E. Shaw & Co−847.0K (-20%)
- State Street Corp−690.0K (-9%)
- Allstate+18.9K
- Prudential Financial−48.6K
- Principal Financial Group−22.0K
- Mangrove Partners−16.0K
Source: 13F-HR filings on SEC EDGAR (aggregated from 223 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
WULF filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 8-K | Oct 5, 2026 | - | - | - |
| 4 | Oct 2, 2026 | - | - | - |
| 4 | Oct 2, 2026 | - | - | - |
| 4 | Oct 2, 2026 | - | - | - |
| 4 | Sep 29, 2026 | - | - | - |
| SC 13G | Sep 25, 2026 | - | - | |
| 4 | Sep 23, 2026 | - | - | - |
| 4 | Sep 16, 2026 | - | - | - |
| 4 | Sep 11, 2026 | - | - | - |
| 4 | Sep 9, 2026 | - | - | - |
| 4 | Sep 1, 2026 | - | - | - |
| 4 | Aug 28, 2026 | - | - | - |
| 4 | Aug 17, 2026 | - | - | - |
| 4 | Aug 17, 2026 | - | - | - |
| SC 13G | Aug 13, 2026 | - | - | |
| 10-Q | Aug 5, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Aug 5, 2026 | - | Analysis | - |
| 4 | Aug 3, 2026 | - | - | - |
| 4 | Aug 3, 2026 | - | - | - |
| 8-K | Jul 6, 2026 | - | Analysis | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jul 1, 2026 | - | - | - |
| 4 | Jun 25, 2026 | - | - | - |
Related Financials companies
- AXP · American ExpressFinance Services
- BKKT · Bakkt, Inc.Finance Services
- BTBT · Bit Digital, IncFinance Services
- BLSH · BullishFinance Services
- BUR · Burford Capital LtdFinance Services
- CD · Chaince Digital Holdings Inc.Finance Services
- CHYM · Chime Financial IncFinance Services
- CIFR · Cipher Digital Inc.Finance Services
WULF SEC filings: frequently asked questions
Are WULF insiders buying or selling?
In the last 90 days, TERAWULF INC. (WULF) officers, directors and 10% owners reported 3 open-market purchases worth $189,916 by 1 insider and 3 open-market sales worth $5.3 million by 3 insiders on Form 4, a net sale of $5.1 million. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold WULF stock?
As of June 30, 2026, the largest TERAWULF INC. (WULF) holders among the 13F filers tracked by SignalX were BlackRock ($577.8 million), Vanguard Portfolio Management LLC ($550.7 million), Vanguard Capital Management LLC ($442.1 million), FMR LLC (Fidelity) ($356.8 million), Morgan Stanley ($293.8 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was WULF's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), TERAWULF INC. (WULF) reported revenue of $168.5 million (up 20.3% from FY2024) and a net loss of $661.4 million. Diluted EPS was -$1.66. The figures come from the XBRL data in the 10-K.
What are the main risks in WULF's latest 10-K?
In the 10-K filed February 27, 2026, TERAWULF INC. (WULF) flagged: Regulatory/legal risk: Uncertainty from evolving U.S. cryptocurrency regulations impacting bitcoin mining operations and potential future compliance costs. Geopolitical/macroeconomic threat: Exposure to increased U.S. tariffs, trade restrictions risking supply chain delays and higher material costs for data center expansions. (AI summary of the Risk Factors section.)
What did WULF report in its latest 8-K?
TERAWULF INC. (WULF) filed an 8-K on August 5, 2026 reporting Item 2.02 (Results of Operations and Financial Condition) and Item 7.01 (Regulation FD Disclosure). Q2 2026 results for quarter ended June 30, 2026.
What are the latest WULF SEC filings?
TERAWULF INC. (WULF) filed its latest 10-K annual report on February 27, 2026, a 10-Q quarterly report on August 5, 2026, an 8-K current report on October 5, 2026 and a Form 4 insider filing on October 2, 2026.
What is WULF's SEC CIK number?
TERAWULF INC. (WULF)'s SEC Central Index Key (CIK) is 1083301. EDGAR lists every WULF filing under that number.
Ask anything about WULF
The research agent reads WULF's filings, financials, insider trades and 13F holders, then answers with sources.