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Terawulf (WULF) Operating Expenses (2016 - 2026)

Terawulf's Operating Expenses history spans 16 years, with the latest figure at $122.2 million for Q4 2025.

  • On a quarterly basis, Operating Expenses fell 11.35% to $122.2 million in Q4 2025 year-over-year; TTM through Dec 2025 was $354.7 million, a 32.5% increase, with the full-year FY2025 number at $354.7 million, up 64.0% from a year prior.
  • Operating Expenses hit $122.2 million in Q4 2025 for Terawulf, up from $75.2 million in the prior quarter.
  • Over the last five years, Operating Expenses for WULF hit a ceiling of $137.8 million in Q4 2024 and a floor of $104000.0 in Q4 2021.
  • Historically, Operating Expenses has averaged $39.4 million across 5 years, with a median of $28.3 million in 2023.
  • The widest YoY moves for Operating Expenses: up 54793.27% in 2022, down 95.67% in 2022.
  • Tracing WULF's Operating Expenses over 5 years: stood at $104000.0 in 2021, then soared by 54793.27% to $57.1 million in 2022, then tumbled by 51.04% to $28.0 million in 2023, then soared by 393.03% to $137.8 million in 2024, then decreased by 11.35% to $122.2 million in 2025.
  • Business Quant data shows Operating Expenses for WULF at $122.2 million in Q4 2025, $75.2 million in Q3 2025, and $63.2 million in Q2 2025.