Flagship explainer

How TERAWULF INC. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$152M · 100%Cost of revenue$82.7M · 55%Gross profit$66M · 44%Operating income−$186M · −123%Income before tax−$661M · −436%Income tax$76000 · 0%Net income−$661M · −436%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$152M100%
Cost of revenue$82.7M55%
$66M44%
−$186M−123%
Income before tax−$661M−436%
Income tax$760000%
−$661M−436%
Source: · event Dec 31, 2025 · retrieved Oct 20, 2026 · annual-row source set
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