WULF: Q3 2025 revenue surged on bitcoin and HPC growth, but a $455M net loss was driven by non-cash items

Revenue more than doubled year-over-year in Q3 2025, driven by higher bitcoin prices and the launch of HPC leasing, but a large non-cash loss from warrant and derivative liabilities led to a net loss of $455.1M. Major capital raises and strategic acquisitions position the company for continued expansion in digital infrastructure and HPC.

Original document: TeraWulf Inc. [WULF] SEC 10-Q Quarterly Report — Nov. 10 2025