secwatch.observer — SEC 8-K summary
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Issuer:     TERAWULF INC. (WULF)
CIK:        0001083301
Form:       8-K
Filed at:   2026-02-26T23:59:59+00:00
Accession:  0001083301-26-000026
Event type: earnings
Sentiment:  neutral
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

TeraWulf FY2025 revenue $168.5M; adj. EBITDA loss $23.1M; 522 MW HPC contracted
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- Full year 2025 revenue $168.5M, non-GAAP adjusted EBITDA $(23.1)M; cash $3.72B as of Dec 31, 2025.
- Contracted 522 critical IT MW with $12.8B total revenue; HPC lease Q4 rev $9.7M (vs $7.2M Q3).
- Lake Mariner expansion: 39 MW online; CB2B due March 2026; CB3 mid-May; CB4 Q3; CB5 Q4 2026.
- Post-year-end acquisitions in Kentucky (MISO) and Maryland (PJM) expand platform to ~2.9 GW gross.
- Digital asset revenue Q4 $26.1M (down from $43.4M Q3) due to lower bitcoin production and price.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1083301/000108330126000026/0001083301-26-000026-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1083301/000108330126000026/wulf-20260226.htm
  HTML page:      https://secwatch.observer/filing/0001083301-26-000026

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