secwatch.observer — SEC 8-K summary
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Issuer:     TERAWULF INC. (WULF)
CIK:        0001083301
Form:       8-K
Filed at:   2025-05-09T23:59:59+00:00
Accession:  0001083301-25-000033
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1083301/000108330125000033/0001083301-25-000033-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1083301/000108330125000033/wulf-20250509.htm
  HTML page:      https://secwatch.observer/filing/0001083301-25-000033

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer