NASDAQ : WULF
TeraWulf Inc. — Financial statements
Financials · Capital Markets · United States
Last price 11.73 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 5.85B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
TeraWulf Inc. (WULF) reported revenue of 165.19M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 165.19M | 168.46M | 140.05M | 69.23M | 15.03M | |
| Cost of Revenue | 50.78M | 82.66M | 62.61M | 27.32M | 11.08M | |
| Gross Profit | 114.42M | 85.79M | 77.44M | 41.91M | 3.95M | |
| Selling, General & Admin | 384.54M | 166.03M | 78.23M | 41.91M | 39.34M | 30.76M |
| Other Operating Expenses | 2.08M | 612.00K | -2.20M | -131.00K | 1.69M | |
| Operating Expenses | 456.47M | 235.64M | 130.74M | 70.13M | 47.70M | 30.76M |
| Operating Income | -342.06M | -149.85M | -53.29M | -28.21M | -43.74M | -30.76M |
| Interest Expense | -195.65M | -80.25M | -19.79M | -34.81M | -24.68M | -2.46M |
| Interest & Investment Income | 93.92M | 39.04M | 3.93M | 231.00K | ||
| Earnings From Equity Investments | -26.74M | -4.13M | 3.36M | -9.29M | -15.71M | -1.68M |
| Other Non Operating Income (Expenses) | -1.40B | -429.79M | ||||
| EBT Excluding Unusual Items | -1.87B | -624.97M | -65.80M | -72.08M | -84.14M | -34.90M |
| Merger & Restructuring Charges | -44.48M | -21.07M | -16.58M | |||
| Gain (Loss) on Sale of Investments | 22.60M | |||||
| Gain (Loss) on Sale of Assets | -1.46M | -4.89M | -17.82M | -1.21M | ||
| Asset Writedown | -16.80M | -5.10M | ||||
| Other Unusual Items | -15.91M | -10.40M | -6.30M | -2.05M | ||
| Pretax Income | -1.95B | -661.34M | -72.42M | -73.29M | -86.19M | -51.48M |
| Income Tax Expense | 132.00K | 76.00K | -256.00K | -670.91K | ||
| Earnings From Continuing Operations | -1.95B | -661.42M | -72.42M | -73.29M | -85.93M | -50.81M |
| Earnings From Discontinued Operations | -129.00K | -4.86M | -53.57M | |||
| Net Income | -1.95B | -661.42M | -72.42M | -73.42M | -90.79M | -104.38M |
| Net Income to Common | -1.95B | -661.42M | -72.42M | -73.42M | -90.79M | -104.38M |
| Shares Outstanding (Basic) | 432.36M | 397.61M | 351.32M | 209.96M | 110.64M | 85.20M |
| Shares Outstanding (Diluted) | 432.36M | 397.61M | 351.32M | 209.96M | 110.64M | 85.20M |
| EPS (Basic) | -4.51 | -1.66 | -0.21 | -0.35 | -0.82 | -1.23 |
| EPS (Diluted) | -4.51 | -1.66 | -0.21 | -0.35 | -0.82 | -1.23 |
| Free Cash Flow | -2.74B | -1.18B | -292.36M | -70.91M | -106.92M | -206.43M |
| Free Cash Flow Per Share | -6.33 | -2.98 | -0.83 | -0.34 | -0.97 | -2.42 |
| Gross Margin | 69.26% | 50.93% | 55.30% | 60.54% | 26.28% | |
| Operating Margin | -207.06% | -88.95% | -38.05% | -40.75% | -290.99% | |
| Profit Margin | -1,179.94% | -392.64% | -51.71% | -106.06% | -603.95% | |
| Free Cash Flow Margin | -1,655.99% | -702.48% | -208.75% | -102.42% | -711.25% | |
| EBITDA | -270.90M | -80.85M | 1.42M | 138.00K | -37.08M | |
| EBITDA Margin | -163.99% | -47.99% | 1.01% | 0.20% | -246.64% | |
| D&A For EBITDA | 71.16M | 69.00M | 54.71M | 28.35M | 6.67M | |
| EBIT | -342.06M | -149.85M | -53.29M | -28.21M | -43.74M | -30.76M |
| EBIT Margin | -207.06% | -88.95% | -38.05% | -40.75% | -290.99% | |
| Revenue as Reported | 165.19M | 168.46M | 140.05M | 69.23M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.62B | 3.27B | 274.06M | 54.44M | 1.28M | 43.45M |
| Cash & Short-Term Investments | 2.62B | 3.27B | 274.06M | 54.44M | 1.28M | 43.45M |
| Accounts Receivable | 13.20M | 1.21M | 475.00K | |||
| Other Receivables | 3.40M | 3.80M | 1.00M | 647.00K | ||
| Receivables | 13.20M | 4.61M | 4.27M | 1.00M | 647.00K | |
| Prepaid Expenses | 18.31M | 6.27M | 2.49M | 4.54M | 5.09M | 1.49M |
| Restricted Cash | 142.94M | 189.93M | 7.04M | 3.01M | ||
| Other Current Assets | 12.86M | 11.07M | 599.00K | 2.61M | 726.00K | 19.46M |
| Total Current Assets | 2.81B | 3.48B | 281.43M | 62.59M | 14.14M | 68.05M |
| Property, Plant & Equipment | 3.82B | 1.73B | 451.14M | 179.76M | 145.84M | 21.91M |
| Long-Term Investments | 424.06M | 446.01M | 98.61M | 98.74M | 104.28M | |
| Goodwill | 55.46M | 55.46M | ||||
| Long-Term Deferred Charges | 578.40M | 572.89M | ||||
| Other Long-Term Assets | 364.21M | 274.54M | 54.94M | 37.15M | 58.96M | 70.67M |
| Total Assets | 8.05B | 6.56B | 787.51M | 378.11M | 317.69M | 264.91M |
| Accounts Payable | 197.81M | 65.14M | 24.38M | 15.17M | 21.86M | 11.79M |
| Accrued Expenses | 57.29M | 126.94M | 9.53M | 11.68M | 29.55M | 16.27M |
| Short-Term Debt | 1.10B | 489.77M | 1.80M | 5.53M | ||
| Current Portion of Long-Term Debt | 90.72M | 46.32M | 123.47M | 51.94M | ||
| Current Portion of Leases | 2.10M | 2.02M | 27.00K | 48.00K | 42.00K | 88.00K |
| Other Current Liabilities | 2.31B | 1.01B | 17.91M | 2.50M | 17.10M | 17.71M |
| Total Current Liabilities | 3.76B | 1.74B | 51.84M | 154.66M | 126.02M | 45.86M |
| Long-Term Debt | 4.02B | 4.64B | 487.50M | 56.00K | 72.97M | 94.63M |
| Long-Term Leases | 21.51M | 22.60M | 3.72M | 899.00K | 947.00K | 992.00K |
| Long-Term Deferred Tax Liabilities | 132.00K | 76.00K | 256.00K | |||
| Other Long-Term Liabilities | 94.94M | 24.19M | ||||
| Total Liabilities | 7.90B | 6.42B | 543.07M | 155.62M | 199.93M | 141.73M |
| Common Stock | 523.00K | 444.00K | 404.00K | 277.00K | 145.00K | 100.00K |
| Additional Paid-In Capital | 2.66B | 1.29B | 685.26M | 472.83M | 294.81M | 218.76M |
| Retained Earnings | -2.36B | -993.69M | -332.28M | -259.89M | -186.47M | -95.68M |
| Treasury Stock | -148.31M | -151.51M | -118.22M | |||
| Total Common Equity | 147.28M | 140.44M | 235.17M | 213.22M | 108.48M | 123.18M |
| Shareholders' Equity | 147.53M | 140.44M | 244.44M | 222.49M | 117.75M | 123.18M |
| Total Liabilities & Equity | 8.05B | 6.56B | 787.51M | 378.11M | 317.69M | 264.91M |
| Total Debt | 5.24B | 5.20B | 491.25M | 126.27M | 131.43M | 95.71M |
| Net Cash (Debt) | -2.62B | -1.93B | -217.18M | -71.83M | -130.15M | -52.26M |
| Net Cash Per Share | -6.05 | -4.85 | -0.62 | -0.34 | -1.18 | -0.61 |
| Filing Date Shares Outstanding | 498.97M | 424.07M | 383.14M | 302.24M | 186.27M | 100.70M |
| Total Common Shares Outstanding | 498.93M | 420.07M | 385.65M | 276.73M | 145.49M | 99.98M |
| Working Capital | -957.37M | 1.74B | 229.59M | -92.08M | -111.88M | 22.20M |
| Book Value Per Share | 0.30 | 0.33 | 0.61 | 0.77 | 0.75 | 1.23 |
| Tangible Book Value | 91.83M | 84.99M | 235.17M | 213.22M | 108.48M | 123.18M |
| Tangible Book Value Per Share | 0.18 | 0.20 | 0.61 | 0.77 | 0.75 | 1.23 |
| Machinery | 453.54M | 305.38M | 224.79M | 116.37M | 78.32M | 19.00K |
| Construction In Progress | 2.37B | 1.07B | 107.62M | 24.58M | 32.36M | 20.87M |
| Leasehold Improvements | 579.02M | 265.01M | 91.61M | 62.85M | 29.88M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -1.95B | -661.42M | -72.42M | -73.42M | -90.79M | -104.38M |
| Depreciation & Amortization | 77.92M | 73.45M | 56.08M | 29.35M | 6.97M | 56.73K |
| Other Amortization | 43.97M | 22.18M | 11.38M | 19.52M | 11.68M | 1.00M |
| Loss (Gain) From Sale of Assets | 1.46M | 4.89M | 17.82M | 1.21M | ||
| Asset Writedown & Restructuring Costs | 59.80M | 19.60M | 5.10M | |||
| Loss (Gain) on Equity Investments | 26.74M | 4.13M | -25.96M | 9.29M | 15.71M | 1.68M |
| Stock-Based Compensation | 210.68M | 53.28M | 30.93M | 8.78M | 3.65M | 13.64M |
| Other Operating Activities | 1.32B | 289.32M | -37.25M | 20.05M | 7.36M | 52.90M |
| Change in Accounts Receivable | -12.49M | -914.00K | ||||
| Change in Accounts Payable | 1.99M | -3.24M | 740.00K | -7.27M | 10.20M | 10.61M |
| Change in Other Net Operating Assets | -62.74M | 75.52M | -10.84M | -3.34M | 2.96M | 1.43M |
| Operating Cash Flow | -279.16M | -123.18M | -24.42M | 4.26M | -34.07M | -26.29M |
| Capital Expenditures | -2.46B | -1.06B | -267.94M | -75.17M | -72.86M | -180.14M |
| Sale of Property, Plant & Equipment | 9.83M | 11.65M | 23.32M | 13.27M | ||
| Cash Acquisitions | -19.00M | -21.73M | -11.21M | |||
| Investment in Securities | -470.56M | -450.00M | 86.09M | -2.85M | -46.17M | -102.45M |
| Other Investing Activities | 93.59M | 151.33M | 67.37M | 11.72M | 74.08M | |
| Investing Cash Flow | -2.84B | -1.37B | -91.16M | -78.01M | -94.05M | -219.72M |
| Short-Term Debt Issued | 211.00K | 3.76M | 25.16M | |||
| Long-Term Debt Issued | 5.23B | 500.00M | 22.50M | |||
| Total Debt Issued | 5.33B | 5.23B | 500.21M | 3.76M | 47.66M | 156.30M |
| Short-Term Debt Repaid | -2.10M | -2.74M | -20.23M | |||
| Long-Term Debt Repaid | -9.16M | -140.34M | -6.60M | |||
| Total Debt Repaid | -109.23M | -9.16M | -142.44M | -9.34M | -20.23M | -27.27M |
| Net Debt Issued (Repaid) | 5.22B | 5.22B | 357.77M | -5.57M | 27.43M | 129.03M |
| Issuance of Common Stock | 1.25B | 5.69M | 194.19M | 139.47M | 53.17M | 113.86M |
| Repurchase of Common Stock | -141.08M | -61.77M | -141.87M | -2.01M | ||
| Other Financing Activities | -264.18M | -218.92M | -74.87M | -12.02M | -180.00K | |
| Financing Cash Flow | 6.06B | 4.94B | 335.21M | 119.87M | 89.98M | 296.69M |
| Net Cash Flow | 2.94B | 3.45B | 219.63M | 46.12M | -38.13M | 50.68M |
| Free Cash Flow | -2.74B | -1.18B | -292.36M | -70.91M | -106.92M | -206.43M |
| Free Cash Flow Margin | -1,655.99% | -702.48% | -208.75% | -102.42% | -711.25% | |
| Free Cash Flow Per Share | -6.33 | -2.98 | -0.83 | -0.34 | -0.97 | -2.42 |
| Levered Free Cash Flow | -234.12M | -113.67M | -191.97M | -91.36M | -58.85M | |
| Unlevered Free Cash Flow | -155.80M | -85.69M | -190.99M | -89.12M | -55.10M | |
| Cash Interest Paid | 137.96M | 14.00M | 6.96M | 19.57M | 13.99M | 274.91K |
| Change in Working Capital | -73.24M | 71.37M | -10.10M | -10.61M | 13.16M | 12.04M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.46B | 4.81B | 2.18B | 571.69M | 96.84M | 1.50B |
| Enterprise Value | 8.08B | 5.19B | 2.17B | 700.45M | 231.36M | 1.52B |
| Last Close Price | 10.94 | 11.49 | 5.66 | 2.40 | 0.67 | 15.05 |
| Forward PE | 76.64 | 112.30 | 5.12 | 5.12 | ||
| PS Ratio | 33.04 | 28.56 | 15.60 | 8.26 | 6.44 | |
| PB Ratio | 37.06 | 34.25 | 8.94 | 2.57 | 0.82 | 12.21 |
| P/TBV Ratio | 59.45 | 56.60 | 9.29 | 2.68 | 0.89 | 12.21 |
| P/OCF Ratio | 134.10 | |||||
| EV/Sales Ratio | 48.89 | 30.83 | 15.50 | 10.12 | 15.39 | |
| EV/EBITDA Ratio | 1,532.83 | 5,075.74 | ||||
| Debt / Equity Ratio | 35.50 | 36.99 | 2.01 | 0.57 | 1.12 | 0.78 |
| Debt / EBITDA Ratio | 157.65 | 87.81 | ||||
| Net Debt / Equity Ratio | 17.74 | 13.74 | 0.89 | 0.32 | 1.10 | 0.42 |
| Net Debt / EBITDA Ratio | -9.66 | -23.86 | 153.38 | 520.52 | -3.51 | |
| Net Debt / FCF Ratio | -0.96 | -1.63 | -0.74 | -1.01 | -1.22 | -0.25 |
| Asset Turnover | 0.04 | 0.05 | 0.24 | 0.20 | 0.05 | |
| Quick Ratio | 0.70 | 1.88 | 5.37 | 0.36 | 0.01 | 0.96 |
| Current Ratio | 0.75 | 2.00 | 5.43 | 0.41 | 0.11 | 1.48 |
| Return on Equity (ROE) | -1,211.81% | -343.69% | -31.02% | -43.08% | -71.33% | |
| Return on Assets (ROA) | -4.79% | -2.55% | -5.71% | -5.07% | -9.39% | |
| Return on Capital Employed (ROCE) | -8.00% | -3.10% | -7.20% | -12.60% | -22.80% | -14.00% |
| Earnings Yield | -41.21% | -13.75% | -3.31% | -12.84% | -93.75% | -6.94% |
| FCF Yield | -50.11% | -24.60% | -13.38% | -12.40% | -110.41% | -13.72% |
| Buyback Yield / Dilution | -12.02% | -13.18% | -67.33% | -89.77% | -29.86% | -44.85% |