Short answer
TERAWULF INC. (WULF) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $168M (+20.3% year over year) and net income of −$661M.
- Top risk flagged: Regulatory/legal risk: Uncertainty from evolving U.S. cryptocurrency regulations impacting bitcoin mining operations and potential future compliance costs
FY2025 key financial metrics · XBRL
- Revenue
- $168M
- +20.3% YoY
- Net income
- −$661M
- −813.3% YoY
- Operating margin
- -110.5%
- −56.1 pp YoY
- Gross margin
- 39.2%
- −10.6 pp YoY
- EPS (diluted)
- −$1.66
- −690.5% YoY
- ROE
- -470.9%
- −441.3 pp YoY
- Operating cash flow
- −$123M
- −404.4% YoY
Source: XBRL data from the TERAWULF INC. (WULF) FY2025 10-K on SEC EDGAR. USD.
TERAWULF INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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
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
Generated from the filing text; verify against the original. How to read a 10-K
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