2025 fixed operating cost guidance raised
Company: TeraWulf
What the later record shows
Outcome not yet confirmed
No passage reports full-year 2025 fixed operating costs on the guidance basis. Nine-month SG&A of $81.1M includes $30.1M more stock-based compensation, which the guidance likely excludes, so the two cannot be compared.
“Selling, general and administrative expenses (including related party expenses) for the nine months ended September 30, 2025 and 2024 were $81.1 million and $38.3 million”
2025-11-09 · TeraWulf 10-Q filed 2025-11-10 View cached copy (2026-08-31)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
2025E fixed operating costs guidance raised to $84-94 million from $74-84 million, driven by SG&A of $50-55 million.
Source (primary)
Q2 Earnings Update Presentation (IR page (investors.terawulf.com), ir_presentation)
View cached copy (2026-10-06)Live source ↗
Quote: “Projected Fixed Operating Cost Range of $84–$94 million”
How we checked this
Checked on October 13, 2026. The cited source supports every part of this claim.
The guidance table shows the total rising from $74-84 million to $84-94 million. SG&A is the only line that changed, moving from $40-45 million to $50-55 million.
Confirmed in the source:
- Updated 2025E fixed operating cost guidance is $84-94 million
- Prior 2025E fixed operating cost guidance was $74-84 million
- SG&A guidance rose to $50-55 million from $40-45 million
- Operating expense ($20-25 million) and convertible notes interest ($14 million) are unchanged, so the entire increase comes from SG&A
What we did: Read our cached copy of IR page (investors.terawulf.com) (https://d1io3yog0oux5.cloudfront.net/_26c9692236622f11a71632d61560402c/terawulf/db/2396/23302/pdf/WULF_Q2_2025_Investor_Update_%28Aug_2025%29vF.pdf) in full (17,599 characters, retrieved October 6, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Q2 Earnings Update Presentation
Quote: “Projected Fixed Operating Cost Range of $84–$94 million”