---
schema_version: "secwatch.filing_event.v1"
accession: "0001083301-25-000033"
form_type: "8-K"
ticker: "WULF"
cik: "0001083301"
company_name: "TERAWULF INC."
filed_at: "2025-05-09T23:59:59+00:00"
generated_at: "2026-05-22T01:17:06.547089+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# TeraWulf Q1 revenue $34.4M (-19% YoY), net loss $61.4M, adjusted EBITDA -$4.7M

## Summary
- Self-mined 372 bitcoin vs 1,051 in Q1 2024; power cost per bitcoin surged to $66,084 from $15,501.
- Held $219.6M cash & bitcoin; $500M convertible notes due 2030; repurchased $33M stock in Q1.
- Board approved new $200M ATM equity program and refreshed $200M share repurchase authorization.
- HPC buildout for Core42 on track; targeting 200-250 MW contracted HPC by end of 2026.
- Revenue $34.4M, cost of revenue 71.4% of sales; operating loss $59.6M vs $2.3M loss year ago.

## SEC filing metadata
- accession: 0001083301-25-000033
- form_type: 8-K
- ticker: WULF
- cik: 0001083301
- company_name: TERAWULF INC.
- filed_at: 2025-05-09T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1083301/000108330125000033/0001083301-25-000033-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1083301/000108330125000033/wulf-20250509.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001083301-25-000033
- JSON: https://secwatch.observer/filing/0001083301-25-000033.json
- Plain text: https://secwatch.observer/filing/0001083301-25-000033.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.