Terawulf (WULF) Cost of Revenue (2010 - 2026)
Terawulf (WULF) reported Cost of Revenue of $12.4 million for Q2 2026, down 43.9% from $22.09 million a year earlier but up 425.2% from the prior quarter.
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Analysis
Terawulf (WULF) Cost of Revenue (2010 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Terawulf's Cost of Revenue came in at $50.78 million, down 37.3% year-over-year; for FY2025, it came in at $82.66 million, up 32.0% from FY2024.
- Cost of Revenue has increased for three consecutive years, with a five-year compound annual growth rate of 54.1% (FY2020 to FY2025).
- By year, Cost of Revenue came in at $62.61 million in FY2024 (+129.2%), $27.32 million in FY2023 (+146.5%) and $11.08 million in FY2022.
- Five-year quarterly Cost of Revenue spans a low of $32,000 in Q1 2022 and a high of $24.55 million in Q1 2025.
- Year over year, Cost of Revenue has now declined in each of the last three quarters, with growth averaging 25.6% over the last eight quarters.
- The high point for year-over-year Cost of Revenue in five years was Q2 2023 (growth of 765.1%); the low point was Q1 2022 (a decline of 98.5%).
- Per Business Quant data, the three quarters before Q2 2026 came in at $2.36 million (Q1 2026), $18.89 million (Q4 2025) and $17.12 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,961.51 Bn | 3,884.67 Bn | 60.48 Bn | 29.53 Bn |
| 2 | International Business Machines | 215.03 Bn | 165.84 Bn | 9.91 Bn | 7.26 Bn |
| 3 | Cloudflare | 114.69 Bn | 98.22 Bn | 499.52 Mn | 196.54 Mn |
| 4 | Equinix | 98.17 Bn | 86.73 Bn | 1.40 Bn | 1.23 Bn |
| 5 | Nebius | 44.92 Bn | 18.35 Bn | 448.70 Mn | 133.60 Mn |
| 6 | CoreWeave | 36.20 Bn | 23.29 Bn | 1.70 Bn | 879.00 Mn |
| 7 | Verisign | 27.35 Bn | 24.56 Bn | 384.60 Mn | 50.00 Mn |
| 8 | Nutanix | 18.78 Bn | 10.46 Bn | 651.35 Mn | 105.73 Mn |
| 9 | GoDaddy | 13.53 Bn | 9.11 Bn | 828.20 Mn | 469.80 Mn |
| 10 | Terawulf | 5.64 Bn | -3.59 Bn | 32.37 Mn | 12.40 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 12.40 Mn |
| Mar 31, 2026 | 2.36 Mn |
| Dec 31, 2025 | 18.89 Mn |
| Sep 30, 2025 | 17.12 Mn |
| Jun 30, 2025 | 22.09 Mn |
| Mar 31, 2025 | 24.55 Mn |
| Dec 31, 2024 | 19.62 Mn |
| Sep 30, 2024 | 14.66 Mn |
| Jun 30, 2024 | 13.92 Mn |
| Mar 31, 2024 | 14.41 Mn |
| Dec 31, 2023 | 8.93 Mn |
| Sep 30, 2023 | 8.27 Mn |
| Jun 30, 2023 | 5.11 Mn |
| Mar 31, 2023 | 5.00 Mn |
| Dec 31, 2022 | 5.28 Mn |
| Sep 30, 2022 | 5.18 Mn |
| Jun 30, 2022 | 591,000.00 |
| Mar 31, 2022 | 32,000.00 |
| Sep 30, 2021 | 3.16 Mn |
| Jun 30, 2021 | 2.82 Mn |
API Access
Terawulf Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=WULF&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "WULF", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=WULF&period=max&api_key=YOUR_API_KEY");
const data = await res.json();