2025 fixed cost guidance
Company: TeraWulf
What the later record shows
Outcome not yet confirmed
This guidance was superseded by the raised $84–94M range in August 2025. No passage reports actual 2025 fixed costs on a comparable basis.
“Prior Guidance Updated Guidance SG&A Operating Expense Convertible Notes Interest $40 - 45 million $20 - 25 million $14 million $50 - 55 million”
2025-08-14 · Q2 Earnings Update Presentation View cached copy (2026-09-01)Live source ↗
Checked October 9, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
2025 fixed operating expense guidance of $74–84M: SG&A $40–45M, operating expenses $20–25M, convertible note interest $14M.
Source (primary)
Investor Presentation (IR page (investors.terawulf.com), ir_presentation)
View cached copy (2026-10-06)Live source ↗
Quote: “Target Annual Fixed Operating Expenses: $74 - $84 million”
How we checked this
Checked on October 16, 2026. The cited source supports every part of this claim.
The 2025 cost guidance slide gives the $74–84 million total and the SG&A, operating expense and convertible note interest components exactly as stated.
Confirmed in the source:
- 2025 fixed operating expense guidance is $74–84 million
- SG&A guidance is $40–45 million
- Operating expense guidance is $20–25 million
- Interest on the 2.75% Convertible Notes is guided at $14 million
What we did: Read our cached copy of IR page (investors.terawulf.com) (https://d1io3yog0oux5.cloudfront.net/_26c9692236622f11a71632d61560402c/terawulf/db/2396/23301/pdf/WULF_Q1_2025_Investor_Pres_vF.pdf) in full (23,307 characters, retrieved October 6, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Investor Presentation
Quote: “Target Annual Fixed Operating Expenses: $74 - $84 million”
confirms terawulf 8-K exhibit (wulfq12025investorpresvf.htm)
Quote: “Target Annual Fixed Operating Expenses: $74 - $84 million”