Terawulf (WULF) Cost of Revenue (2010 - 2026)

Terawulf (WULF) posted Cost of Revenue of $2.4 million for Q1 2026, down 87.5% sequentially from $18.9 million in Q4 2025, and down 90.38% YoY from $24.6 million in Q1 2025.

Terawulf (WULF) Cost of Revenue (2010 - 2026) Analysis & Trends

Terawulf (WULF) has 17 years of Cost of Revenue data on file, last reported at $2.4 million in Q1 2026.

  • Quarterly Cost of Revenue fell 90.38% year-over-year to $2.4 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $60.5 million (down 16.88% YoY) and the FY2025 annual result came in at $82.7 million, up 32.03% from the prior year.
  • Cost of Revenue retreated to $2.4 million in Q1 2026 per WULF's latest filing, from $18.9 million in the prior quarter.
  • The five-year high for Cost of Revenue was $24.6 million in Q1 2025, with the low at $32000.0 in Q1 2022.
  • Average Cost of Revenue over 5 years is $10.9 million, with a median of $8.9 million recorded in 2023.
  • Year-over-year, Cost of Revenue tumbled 98.46% in 2022 and jumped 15531.25% in 2023.
  • Terawulf's Cost of Revenue stood at $5.3 million in 2022, then soared by 69.2% to $8.9 million in 2023, then soared by 119.68% to $19.6 million in 2024, then retreated by 3.72% to $18.9 million in 2025, then plunged by 87.5% to $2.4 million in 2026.
  • Business Quant data shows WULF's Cost of Revenue at $2.4 million in Q1 2026, $18.9 million in Q4 2025, and $17.1 million in Q3 2025.

Peer Comparison

# Company Market Cap Enterprise Value Gross Profit (Qtr) Cost of Rev (Qtr)
1 Morgan Stanley 330.70 Bn 197.17 Bn - -
2 Goldman Sachs 309.79 Bn -627.76 Bn - -
3 Schwab Charles 167.21 Bn 122.24 Bn - -
4 Futu Holdings 111.36 Bn 109.19 Bn 733.58 Mn 65.09 Mn
5 Robinhood Markets 97.69 Bn 93.05 Bn 960.00 Mn 107.00 Mn
6 LPL Financial Holdings 23.49 Bn 22.47 Bn - -
7 Tradeweb Markets 21.59 Bn 20.34 Bn - -
8 Circle Internet 15.14 Bn 13.62 Bn 35.01 Mn 6.62 Mn
9 Iren 14.46 Bn 12.24 Bn 144.76 Mn 39,000.00
10 Terawulf 9.97 Bn 7.15 Bn 31.65 Mn 2.36 Mn

Historic Data

Download Data
DateValue
Mar 31, 2026 2.36 Mn
Mar 31, 2026 2.36 Mn
Dec 31, 2025 18.89 Mn
Dec 31, 2025 18.89 Mn
Sep 30, 2025 17.12 Mn
Sep 30, 2025 17.12 Mn
Jun 30, 2025 22.09 Mn
Jun 30, 2025 22.09 Mn
Mar 31, 2025 24.55 Mn
Mar 31, 2025 24.55 Mn
Dec 31, 2024 19.62 Mn
Dec 31, 2024 19.62 Mn
Sep 30, 2024 14.66 Mn
Sep 30, 2024 14.66 Mn
Jun 30, 2024 13.92 Mn
Jun 30, 2024 13.92 Mn
Mar 31, 2024 14.41 Mn
Mar 31, 2024 14.41 Mn
Dec 31, 2023 8.93 Mn
Dec 31, 2023 8.93 Mn