TERAWULF INC. (WULF) FY2025 10-K Annual Report
TERAWULF INC. (WULF) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
TERAWULF INC. FY2025 10-K Analysis
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
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
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
TERAWULF INC. FY2025 Key Financial MetricsXBRL
Revenue
$168M
▲ +20.3% YoY
Net Income
-$661M
▼ -813.3% YoY
Gross Margin
39.2%
▼ -1063bp YoY
Operating Margin
-110.5%
▼ -5612bp YoY
Net Margin
-392.6%
▼ -34093bp YoY
ROE
-470.9%
▼ -44132bp YoY
Total Assets
$6.6B
▲ +732.8% YoY
EPS (Diluted)
$-1.66
▼ -690.5% YoY
Operating Cash Flow
-$123M
▼ -404.4% YoY
Source: XBRL data from TERAWULF INC. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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