2025 SG&A guidance
Company: TeraWulf
What the later record shows
The date slipped
Reported FY2025 SG&A was $139.5M before related-party expense, and nine-month SG&A was already $81.1M, both far above the $50-55M guidance. Stock-based compensation drove much of the increase, and the passages do not say whether the guidance excluded it, so the comparison may not be like for like.
“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 ↗
“Selling, general and administrative expenses 139,465 2,064 137,401 General corporate SG&A expense”
2026-03-15 · terawulf 8-K exhibit (eh260751501_ex9901.htm) View cached copy (2026-09-13)Live source ↗
Checked November 5, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
2025 SG&A guidance was raised to $50-$55 million from $40-$45 million.
Source (primary)
Q2 Earnings Update Presentation (IR page (investors.terawulf.com), ir_presentation)
View cached copy (2026-11-05)Live source ↗
Quote: “SG&A Operating Expense Convertible Notes Interest $40 - 45 million $20 - 25 million $14 million $50 - 55 million”
How we checked this
This claim has not yet been checked assertion-by-assertion against its source. It carries a cited source and quote, but the deeper check has not run. When it does, the result appears here whatever it says.
Additional evidence
confirms Q2 Earnings Update Presentation
Quote: “SG&A Operating Expense Convertible Notes Interest $40 - 45 million $20 - 25 million $14 million $50 - 55 million”
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”
delays terawulf 8-K exhibit (eh260751501_ex9901.htm)
Quote: “Selling, general and administrative expenses 139,465 2,064 137,401 General corporate SG&A expense”