2025 SG&A guidance reaffirmed
Company: TeraWulf
What the later record shows
The date slipped
GAAP SG&A (including related party) was already $64.4 million for the first six months of 2025 and $81.1 million for the first nine months, well above the $40-45 million full-year guidance. Confidence is not high because the guidance may have excluded stock-based compensation, which was the main driver of the increase.
“Selling, general and administrative expenses (including related party expenses) for the six months ended June 30, 2025 and 2024 were $64.4 million and $26.8 million, respectively”
2025-08-07 · TeraWulf 10-Q filed 2025-08-08 View cached copy (2026-08-31)Live source ↗
“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, respectively”
2025-11-09 · TeraWulf 10-Q filed 2025-11-10 View cached copy (2026-08-31)Live source ↗
Checked October 14, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
TeraWulf's 2025 SG&A expense guidance of $40-$45 million is unchanged following the acquisition.
Source (primary)
terawulf 8-K exhibit (wulfbedpressrelease05-27.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-10-14)Live source ↗
Quote: “The Company’s previously announced 2025 cost guidance, including SG&A expenses of $40-$45 million and operating expenses of $20-$25 million, remains unchanged following the acquisition.”
How we checked this
Checked on October 16, 2026. The cited source supports every part of this claim.
The release states 2025 SG&A guidance of $40-$45 million remains unchanged after the acquisition.
Confirmed in the source:
- TeraWulf's previously announced 2025 SG&A expense guidance is $40-$45 million
- The guidance remains unchanged following the acquisition
What we did: Read our cached copy of SEC EDGAR (8-K Ex) (https://www.sec.gov/Archives/edgar/data/1083301/000108330125000041/wulfbedpressrelease05-27.htm) in full (7,724 characters, retrieved October 14, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms terawulf 8-K exhibit (wulfbedpressrelease05-27.htm)
Quote: “The Company’s previously announced 2025 cost guidance, including SG&A expenses of $40-$45 million and operating expenses of $20-$25 million, remains unchanged following the acquisition.”
delays TeraWulf 10-Q filed 2025-08-08
Quote: “Selling, general and administrative expenses (including related party expenses) for the six months ended June 30, 2025 and 2024 were $64.4 million and $26.8 million, respectively”
delays TeraWulf 10-Q filed 2025-11-10
Quote: “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, respectively”