WULF: the cash flow

Cash Flow Overview

Free Cash flow

-$992,269K

Unit: Thousand (K) dollars

Positive Cash Flow Breakdown

Negative Cash Flow Breakdown

Cash Flow

2026-06-30

2026-03-31

2025-12-31

2025-09-30

Net loss

-940,827

-427,703

-126,578

-455,050

Amortization of debt issuance costs, commitment fees and accretion of debt discount

9,776

13,224

15,069

5,897

Related party expense settled with respect to common stock

Common stock issued for interest expense

Stock-based compensation expense

83,939

101,418

6,586

4,345

Stock-based charitable contribution

14,390

Depreciation

21,241

28,477

27,735

26,502

Accretion of asset retirement obligations

267

168

Change in asset retirement obligations estimate

-15

Amortization of right-of-use asset

1,874

1,871

1,854

1,167

Revenue recognized from digital assets mined and hosting services

12,835

12,990

26,140

43,375

Loss (gain) on fair value of digital assets, net

-799

-653

-967

338

Realized gain on sale of digital assets

Impairment of digital assets

Proceeds from sale of digital assets

Digital assets paid as consideration for services

Change in fair value of contingent consideration

8,797

Impairment of property, plant, and equipment

25,697

Loss on disposals of property, plant, and equipment

-399

923

-1,987

Change in fair value of warrants and derivatives

-5,151

-424,642

Change in fair value of warrants

-755,667

-216,325

Loss on extinguishment of debt

-7,116

Deferred income tax provision

Other income

Equity in net loss of investee, net of tax

-11,063

-11,548

-4,130

Gain on sale of equity interest in investee

Loss from discontinued operations, net of tax

Increase in accounts receivable

7,620

4,503

-2,138

2,508

Increase in prepaid expenses

-2,259

14,301

3,317

Decrease (increase) in other receivables

-5,014

3,885

Increase in other current assets

-1,718

9,134

10,565

-250

Decrease in deferred charges

-175

-114

-55

57,462

Decrease (increase) in other assets

459

-5,807

632

-7,500

Increase in accounts payable

1,269

4,315

2,413

-6,006

Increase in accrued lessor costs

-15,188

42,813

(decrease) increase in accrued interest and other current liabilities

-64,942

52,548

39,073

3,061

Increase (decrease) in other amounts due to related parties

205

259

130

(decrease) increase in deferred rent liability

-20,092

-10,751

-4,688

-3,843

Decrease in operating lease liability

-504

-499

-482

-256

Decrease in other liabilities

-1,587

-162

-9,974

9,649

Net cash (used in) provided by operating activities from continuing operations

-123,180

Net cash provided by operating activities from discontinued operations

Net cash (used in) provided by operating activities

-136,709

-17,591

-88,171

-36,686

Investments in joint venture, including direct payments made on behalf of joint venture

450,000

Proceeds from sale of equity interest in investee

Purchase of and deposits on plant and equipment

855,560

522,954

614,990

231,570

Proceeds from sales of property, plant and equipment

11,648

Proceeds from sales of plant and equipment

6,946

Cash paid for asset acquisition

231,350

Acquisition of a business, net of cash acquired

19,000

Cash paid for asset acquisition

201,350

Purchase of securities

20,563

Proceeds from sale of digital assets

13,162

11,481

25,552

43,393

Net cash used in investing activities

-892,893

-712,823

-1,036,618

-200,231

Proceeds from issuance of long-term debt, net of issuance costs paid of 67,062, 0 and 0

3,132,938

Principal payments on long-term debt

Payments of prepayment fees associated with early extinguishment of long-term debt

Proceeds from issuance of convertible notes, net of issuance costs paid of 51,246, 12,950, and 0

1,973,755

Proceeds from issuance of convertible promissory note

-975,329

975,329

Payments of debt issuance costs

1,098

Principal payments on finance lease

9,158

Proceeds from insurance premium and property, plant and equipment financing

Proceeds from issuance of short-term debt, net of issuance costs paid of 7,250 and 0

92,750

Principal payments on insurance premium and property, plant and equipment financing

Repayment of short-term debt

100,075

Payment for settlement of preferred stock conversion

Payment of debt issuance costs for revolving credit facility

2,145

Proceeds from issuance of common stock, net of issuance costs paid of 35,864 and 0

1,190,864

8,956

Proceeds from exercise of warrants

3,055

3,983

2,557

3,129

Purchase of capped call

100,600

Purchase of treasury stock

Payment of contingent value rights liability related to proceeds from sale of net assets held for sale

Payments of tax withholding related to net share settlements of stock-based compensation awards

126,232

5,307

208

9,337

Net cash provided by (used in) financing activities

965,467

100,382

4,134,810

858,253

Net change in cash, cash equivalents and restricted cash

-64,135

-630,032

3,010,021

621,336

Cash, cash equivalents and restricted cash at beginning of period

3,092,743

3,722,775

218,162

Cash, cash equivalents and restricted cash at end of period

3,028,608

3,092,743

3,722,775

712,754

Time Plot

Show the time plot by selecting a row from the table.

Cash Flow Overview

Free Cash flow

-$992,269K

Unit: Thousand (K) dollars

Positive Cash Flow Breakdown

Negative Cash Flow Breakdown

Cash Flow

2026-06-30

2026-03-31

2025-12-31

2025-09-30

Net loss

-940,827

-427,703

-126,578

-455,050

Amortization of debt issuance costs, commitment fees and accretion of debt discount

9,776

13,224

15,069

5,897

Related party expense settled with respect to common stock

Common stock issued for interest expense

Stock-based compensation expense

83,939

101,418

6,586

4,345

Stock-based charitable contribution

14,390

Depreciation

21,241

28,477

27,735

26,502

Accretion of asset retirement obligations

267

168

Change in asset retirement obligations estimate

-15

Amortization of right-of-use asset

1,874

1,871

1,854

1,167

Revenue recognized from digital assets mined and hosting services

12,835

12,990

26,140

43,375

Loss (gain) on fair value of digital assets, net

-799

-653

-967

338

Realized gain on sale of digital assets

Impairment of digital assets

Proceeds from sale of digital assets

Digital assets paid as consideration for services

Change in fair value of contingent consideration

8,797

Impairment of property, plant, and equipment

25,697

Loss on disposals of property, plant, and equipment

-399

923

-1,987

Change in fair value of warrants and derivatives

-5,151

-424,642

Change in fair value of warrants

-755,667

-216,325

Loss on extinguishment of debt

-7,116

Deferred income tax provision

Other income

Equity in net loss of investee, net of tax

-11,063

-11,548

-4,130

Gain on sale of equity interest in investee

Loss from discontinued operations, net of tax

Increase in accounts receivable

7,620

4,503

-2,138

2,508

Increase in prepaid expenses

-2,259

14,301

3,317

Decrease (increase) in other receivables

-5,014

3,885

Increase in other current assets

-1,718

9,134

10,565

-250

Decrease in deferred charges

-175

-114

-55

57,462

Decrease (increase) in other assets

459

-5,807

632

-7,500

Increase in accounts payable

1,269

4,315

2,413

-6,006

Increase in accrued lessor costs

-15,188

42,813

(decrease) increase in accrued interest and other current liabilities

-64,942

52,548

39,073

3,061

Increase (decrease) in other amounts due to related parties

205

259

130

(decrease) increase in deferred rent liability

-20,092

-10,751

-4,688

-3,843

Decrease in operating lease liability

-504

-499

-482

-256

Decrease in other liabilities

-1,587

-162

-9,974

9,649

Net cash (used in) provided by operating activities from continuing operations

-123,180

Net cash provided by operating activities from discontinued operations

Net cash (used in) provided by operating activities

-136,709

-17,591

-88,171

-36,686

Investments in joint venture, including direct payments made on behalf of joint venture

450,000

Proceeds from sale of equity interest in investee

Purchase of and deposits on plant and equipment

855,560

522,954

614,990

231,570

Proceeds from sales of property, plant and equipment

11,648

Proceeds from sales of plant and equipment

6,946

Cash paid for asset acquisition

231,350

Acquisition of a business, net of cash acquired

19,000

Cash paid for asset acquisition

201,350

Purchase of securities

20,563

Proceeds from sale of digital assets

13,162

11,481

25,552

43,393

Net cash used in investing activities

-892,893

-712,823

-1,036,618

-200,231

Proceeds from issuance of long-term debt, net of issuance costs paid of 67,062, 0 and 0

3,132,938

Principal payments on long-term debt

Payments of prepayment fees associated with early extinguishment of long-term debt

Proceeds from issuance of convertible notes, net of issuance costs paid of 51,246, 12,950, and 0

1,973,755

Proceeds from issuance of convertible promissory note

-975,329

975,329

Payments of debt issuance costs

1,098

Principal payments on finance lease

9,158

Proceeds from insurance premium and property, plant and equipment financing

Proceeds from issuance of short-term debt, net of issuance costs paid of 7,250 and 0

92,750

Principal payments on insurance premium and property, plant and equipment financing

Repayment of short-term debt

100,075

Payment for settlement of preferred stock conversion

Payment of debt issuance costs for revolving credit facility

2,145

Proceeds from issuance of common stock, net of issuance costs paid of 35,864 and 0

1,190,864

8,956

Proceeds from exercise of warrants

3,055

3,983

2,557

3,129

Purchase of capped call

100,600

Purchase of treasury stock

Payment of contingent value rights liability related to proceeds from sale of net assets held for sale

Payments of tax withholding related to net share settlements of stock-based compensation awards

126,232

5,307

208

9,337

Net cash provided by (used in) financing activities

965,467

100,382

4,134,810

858,253

Net change in cash, cash equivalents and restricted cash

-64,135

-630,032

3,010,021

621,336

Cash, cash equivalents and restricted cash at beginning of period

3,092,743

3,722,775

218,162

Cash, cash equivalents and restricted cash at end of period

3,028,608

3,092,743

3,722,775

712,754

Time Plot

Show the time plot by selecting a row from the table.