Filing Flows › Terawulf (WULF) › Q3 2025
Terawulf (WULF) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Terawulf (WULF) reported revenue of $50.6M for the third quarter 2025 (Q3 2025), +87% from a year earlier and +6% from the quarter before. Operating margin was -48.8%, net loss $455M (899.7% of revenue).
Terawulf, Q3 2025: revenue $50.6M (+87% year over year), operating margin -48.8%, net loss $455M, operating cash flow −$36.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $50.6M | +6% | +87% |
| Operating profit | −$24.7M | — | — |
| Net earnings | −$455M | — | — |
| Operating cash flow | −$36.7M | — | — |
What changed
Revenue was $50.6M in Q3 2025, up 87% year over year and up 6% from the previous quarter.
Gross margin was 57.2%, up 17.3 points from a year earlier. Operating costs exceeded revenue by $24.7M, an operating margin of -48.8%. Operating expenses grew 102% against revenue growth of 87%. The quarter ended with a net loss of $455.1M, wider than the previous quarter's $18.4M loss. Net interest and other expense of $430.4M was the main reason.
Operating cash flow was −$36.7M. Non-cash charges added back $26.5M of depreciation and $4.3M of share-based compensation. Working capital and other items added $387.5M. Capital expenditures of $231.6M exceeded it, leaving free cash flow of −$268.3M.
Questions
What was Terawulf's revenue in the third quarter 2025?
Terawulf (WULF) reported revenue of $50.6M for the third quarter 2025 (Q3 2025), +87% from a year earlier and +6% from the quarter before.
Was Terawulf profitable in the third quarter 2025?
Operating loss was $24.7M (-48.8% of revenue) and net loss $455M.
Source: Terawulf 10-Q on SEC EDGAR.