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TeraWulf WULF Direct costs

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Other financials

Income statement

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Revenue$44.8M-6.0%
Gross profit$32.4M+26.7%
Operating income-$140.5M-801%
Net income-$939.9M-5,017%
EPS (diluted)-$1.94-3,780%

Balance sheet

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Cash & equivalents$3.0B+3,213%
Total debt$23.6M-94.6%
Total equity$147.3M-15.5%
Total assets$8.0B+826%

Cash flow

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Operating cash flow-$136.7M-149%
CapEx$855.6M+613%
Free cash flow-$992.3M-468%

Valuation

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Market cap$8.95B+346%
Enterprise value$5.95B+153%
P/S54.2×+40.3×

Profitability

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Gross margin69.3%+25.4pp
Operating margin-250.4%-719pp
Net margin-1,179.9%-1,288pp
FCF margin-1,515.9%-2,047pp

Returns & leverage

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Return on equity-1,212.1%-1,263pp
Debt / equity0.2×-2.4×
Current ratio0.7×+0.1×

Where this comes from

Reported directly by TeraWulf in its filing.

Tagged under the XBRL concept wulf:DeferredSalesCommissionDirectCosts.

The source filing: TeraWulf’s 10-Q, filed August 5, 2026.

Filed
Aug 5, 2026, 4:31 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001083301-26-000166

The Company entered into commission agreements in connection with its HPC Leases. The commissions were earned upon execution of the HPC Leases and receipt of Prepaid Rent, as applicable, and the Company recorded assets for the commission charges as initial direct costs and will amortize these assets over the life of the respective HPC Leases on the same basis as lease income. Certain of the commission payments become payable upon future events, including commencement of the respective HPC Leases. As of June 30, 2026 and December 31, 2025, the Company reported unamortized initial direct costs of $57.1 million and $57.4 million, respectively, included in deferred charges and $25.0 million and $27.6 million, respectively, in other current liabilities in the condensed consolidated balance sheets.

Item 1. Financial Statements

FAQ

What is TeraWulf's direct costs?
TeraWulf (WULF) reported direct costs of $57.1M in Q2 2026.
What does direct costs mean?
Direct costs as reported by TeraWulf Inc. Common Stock.

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