v3.26.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
CURRENT ASSETS:    
Cash and cash equivalents $ 1,602,127 $ 3,266,389
Restricted cash 486,702 189,933
Accounts receivable 17,000 1,212
Digital assets 1,527 270
Prepaid expenses 20,232 6,272
Receivable for sale of equity in net assets of investee 272,762 0
Other current assets 26,739 14,197
Total current assets 2,427,089 3,478,273
Property, plant and equipment, net 4,580,681 1,507,699
Equity in net assets of investee 0 446,008
Goodwill 55,457 55,457
Operating lease right-of-use asset 103,530 103,975
Finance lease right-of-use asset 117,130 119,338
Restricted cash 266,491 266,453
Deferred charges 571,125 572,888
Restricted trust investments 19,434 0
Other assets 9,765 8,091
TOTAL ASSETS 8,150,702 6,558,182
CURRENT LIABILITIES:    
Accounts payable 237,710 65,139
Accrued construction liabilities 329,054 102,582
Accrued interest 120,229 52,775
Current portion of deferred rent liability 34,503 58,184
Current portion of operating lease liability 2,195 2,015
Current portion of finance lease liability 3 2
Warrant liabilities 1,088,248 844,698
Total current liabilities 2,506,257 1,735,848
Deferred rent liability, net of current portion 0 23,285
Operating lease liability, net of current portion 23,521 22,309
Finance lease liability, net of current portion 366 289
Deferred tax liabilities 160 76
Other liabilities 90,414 902
TOTAL LIABILITIES 7,280,154 6,417,737
Commitments and Contingencies (See Note 12)
EQUITY:    
Preferred stock, $0.001 par value, 100,000,000 authorized at September 30, 2026 and December 31, 2025; none issued and outstanding at September 30, 2026 and December 31, 2025; aggregate liquidation preference of $0 at September 30, 2026 and December 31, 2025 0 0
Common stock, $0.001 par value, 950,000,000 authorized at September 30, 2026 and December 31, 2025; 525,340,360 and 444,534,694 issued at September 30, 2026 and December 31, 2025, respectively; 501,371,610 and 420,065,944 outstanding at September 30, 2026 and December 31, 2025, respectively 525 444
Additional paid-in capital 2,669,797 1,285,202
Treasury stock at cost, 23,968,750 and 24,468,750 at September 30, 2026 and December 31, 2025, respectively (148,309) (151,509)
Accumulated deficit (1,651,331) (993,692)
Total TeraWulf Inc. stockholders’ equity 870,682 140,445
Noncontrolling interests (134) 0
Total equity 870,548 140,445
TOTAL LIABILITIES AND EQUITY 8,150,702 6,558,182
Senior Notes    
CURRENT LIABILITIES:    
Current portion of long-term debt, Short-term convertible notes 81,330 46,316
Long-term debt, convertible notes 3,032,094 3,052,240
Convertible Debt    
CURRENT LIABILITIES:    
Current portion of long-term debt, Short-term convertible notes 491,544 489,767
Long-term debt, convertible notes 1,627,342 1,582,788
Nonrelated Party    
CURRENT LIABILITIES:    
Other current liabilities, other amounts 121,041 74,170
Related Party    
CURRENT LIABILITIES:    
Other current liabilities, other amounts $ 400 $ 200

Source

10-Q XBRL Zip