Filing Flows › Terawulf (WULF) › Q4 2025
Terawulf (WULF) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Terawulf (WULF) reported revenue of $35.8M for the fourth quarter 2025 (Q4 2025), +2% from a year earlier and -29% from the quarter before. Operating margin was -240.9%, net loss $127M (353.2% of revenue).
Terawulf, Q4 2025: revenue $35.8M (+2% year over year), operating margin -240.9%, net loss $127M, operating cash flow −$88.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $35.8M | -29% | +2% |
| Operating profit | −$86.3M | — | — |
| Net earnings | −$127M | — | — |
| Operating cash flow | −$88.2M | — | — |
What changed
Revenue was $35.8M in Q4 2025, up 2% year over year and down 29% from the previous quarter.
Gross margin was 22.6%, down 13.5 points from a year earlier. Operating costs exceeded revenue by $86.3M, an operating margin of -240.9%. Operating expenses grew 47% against revenue growth of 2%. The quarter ended with a net loss of $126.6M, narrower than the previous quarter's $455.1M loss.
Operating cash flow was −$88.2M. Non-cash charges added back $27.7M of depreciation and $6.6M of share-based compensation. Capital expenditures of $615.0M exceeded it, leaving free cash flow of −$703.2M.
Questions
What was Terawulf's revenue in the fourth quarter 2025?
Terawulf (WULF) reported revenue of $35.8M for the fourth quarter 2025 (Q4 2025), +2% from a year earlier and -29% from the quarter before.
Was Terawulf profitable in the fourth quarter 2025?
Operating loss was $86.3M (-240.9% of revenue) and net loss $127M.
Source: Terawulf 10-K on SEC EDGAR.