v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
CURRENT ASSETS:    
Cash and cash equivalents $ 2,629,995 $ 3,266,389
Restricted cash 196,282 189,933
Accounts receivable 5,604 1,212
Digital assets 1,237 270
Prepaid expenses 20,573 6,272
Other current assets 13,737 14,197
Total current assets 2,867,428 3,478,273
Property, plant and equipment, net 2,582,169 1,507,699
Equity in net assets of investee 434,793 446,008
Goodwill 55,457 55,457
Operating lease right-of-use asset 102,866 103,975
Finance lease right-of-use asset 118,576 119,338
Restricted cash 266,466 266,453
Deferred charges 572,774 572,888
Other assets 8,257 8,091
TOTAL ASSETS 7,008,786 6,558,182
CURRENT LIABILITIES:    
Accounts payable 227,598 65,139
Accrued construction liabilities 201,779 102,582
Accrued interest 114,825 52,775
Current portion of deferred rent liability 56,683 58,184
Current portion of operating lease liability 2,065 2,015
Current portion of finance lease liability 2 2
Warrant liabilities 1,061,024 844,698
Short-term debt 98,573 0
Current portion of long-term debt 43,564 46,316
Short-term convertible notes 490,354 489,767
Total current liabilities 2,384,870 1,735,848
Deferred rent liability, net of current portion 14,035 23,285
Operating lease liability, net of current portion 21,760 22,309
Finance lease liability, net of current portion 289 289
Long-term debt 3,060,194 3,052,240
Convertible notes 1,597,266 1,582,788
Deferred tax liabilities 104 76
Other liabilities 7,888 902
TOTAL LIABILITIES 7,086,406 6,417,737
Commitments and Contingencies (See Note 12)
(DEFICIT) EQUITY:    
Preferred stock, $0.001 par value, 100,000,000 authorized at March 31, 2026 and December 31, 2025; none issued and outstanding at March 31, 2026 and December 31, 2025; aggregate liquidation preference of $0 at March 31, 2026 and December 31, 2025 0 0
Common stock, $0.001 par value, 950,000,000 authorized at March 31, 2026 and December 31, 2025; 449,519,078 and 444,534,694 issued at March 31, 2026 and December 31, 2025, respectively; 425,050,328 and 420,065,944 outstanding at March 31, 2026 and December 31, 2025, respectively 450 444
Additional paid-in capital 1,493,611 1,285,202
Treasury stock at cost, 24,468,750 at March 31, 2026 and December 31, 2025 (151,509) (151,509)
Accumulated deficit (1,421,326) (993,692)
Total TeraWulf Inc. stockholders' (deficit) equity (78,774) 140,445
Noncontrolling interests 1,154 0
Total (deficit) equity (77,620) 140,445
TOTAL LIABILITIES AND (DEFICIT) EQUITY 7,008,786 6,558,182
Nonrelated Party    
CURRENT LIABILITIES:    
Other current liabilities, Other amounts 87,944 74,170
Related Party    
CURRENT LIABILITIES:    
Other current liabilities, Other amounts $ 459 $ 200

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