Terawulf cash flow, quarter by quarter

In Q3 2026, Terawulf generated −$24.6M of operating cash flow and spent $852M on capital projects, leaving free cash flow of −$877M. That is $609M less than in Q3 2025 (−$268M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$267M; the largest uses were capital spending ($2.8B), other investing ($393M), operating cash flow ($267M); besides operations, cash came from other financing ($4.1B), shares issued ($1.2B); the cash balance rose by $1.6B.

Operating cash flow was −$24.6M against net income of $710M — -0.0× profit, less cash than reported earnings, worth checking against working capital. The largest differences: accrued liabilities +$62.4M, stock-based pay +$30.0M, depreciation & amortization +$29.6M.

Its cash conversion cycle was -777 days (receivables 18 + inventory 0 − payables 795): suppliers fund its working capital.

Terawulf is burning cash: its operations consume cash, a free cash flow of −$3.1B a year at the current rate against $1.6B of cash and investments: a runway of about 6 months; $142M of debt also comes due within a year, which would need refinancing or new money before any new financing.