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| Date | Value |
|---|---|
| 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 |