WULF · Terawulf Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $34.01M | - | $50.58M | - | - | - | - | - | - | - |
| Cost of Revenue | $2.36M | - | $17.12M | $22.09M | $24.55M | - | $14.66M | $13.92M | $14.41M | - |
| Gross Profit | $6.96M | - | $28.95M | - | - | - | - | $21.66M | $28.02M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - | - | - | - | - |
| Total Operating Expenses | $196.15M | - | $75.25M | $42.34M | $44.75M | - | $42.77M | $28.42M | $30.34M | - |
| D&A | $28.48M | - | $26.50M | $18.79M | $15.57M | - | $15.64M | $14.13M | $15.09M | - |
| Operating Income | ($162.14M) | - | ($24.67M) | ($15.59M) | ($59.63M) | - | ($15.71M) | ($6.76M) | ($2.32M) | - |
| Interest Expense | $67.07M | - | $9.83M | $4.01M | $11.04M | - | $409.0K | $5.33M | $11.04M | - |
| Income Tax | $28.0K | - | $0 | $0 | $0 | - | $0 | $0 | $0 | - |
| Net Income | ($427.63M) | - | ($455.05M) | ($18.37M) | ($61.42M) | - | ($22.73M) | ($10.88M) | ($9.61M) | - |
| EPS - Basic | ($1.01) | - | ($1.13) | ($0.05) | ($0.16) | - | ($0.06) | ($0.03) | ($0.03) | - |
| EPS - Diluted | ($1.01) | - | ($1.13) | ($0.05) | ($0.16) | - | ($0.06) | ($0.03) | ($0.03) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.63B | $3.27B | $711.32M | $89.99M | $218.16M | $274.06M | $23.94M | $104.11M | $45.82M | $54.44M |
| Accounts Receivable | $5.60M | $1.21M | $3.51M | $475.0K | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $227.60M | $65.14M | $62.28M | $38.83M | $54.90M | $24.38M | $19.77M | $8.40M | $14.31M | $15.17M |
| Current Assets | $2.87B | $3.48B | $729.10M | $99.11M | $230.05M | $281.43M | $32.41M | $110.96M | $54.36M | $62.59M |
| Total Assets | $7.01B | $6.56B | $2.45B | $869.41M | $841.16M | $787.51M | $405.90M | $479.57M | $395.39M | $378.11M |
| Current Liabilities | $2.38B | $1.74B | $705.85M | $151.30M | $120.93M | $51.84M | $32.41M | $92.42M | $122.11M | $154.66M |
| Long-term Debt | $3.06B | $3.05B | - | - | - | $0 | $0 | $38.0K | $47.0K | $56.0K |
| Total Liabilities | $7.09B | $6.42B | $2.21B | $695.08M | $670.79M | $543.07M | $33.27M | $93.33M | $123.05M | $155.62M |
| Stockholders' Equity | ($78.77M) | $140.44M | $247.34M | $174.33M | $170.38M | $244.44M | $372.63M | $386.24M | $272.34M | $222.49M |
| Retained Earnings | ($1.42B) | ($993.69M) | ($867.11M) | ($412.06M) | ($393.69M) | ($332.28M) | ($303.08M) | ($280.35M) | ($269.47M) | ($259.89M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($17.59M) | - | - | - | $56.49M | - | - | - | $22.85M | - |
| Investing Cash Flow | ($712.82M) | - | - | - | ($61.06M) | - | - | - | ($46.98M) | - |
| Financing Cash Flow | $100.38M | - | - | - | ($51.33M) | - | - | - | $15.52M | - |
| CapEx | $522.95M | - | - | - | $93.69M | - | - | - | $46.98M | - |
| Free Cash Flow | ($540.54M) | - | - | - | ($37.20M) | - | - | - | ($24.13M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 20.5% | - | 57.2% | - | - | - | - | - | - | - |
| Operating margin | -476.7% | - | -48.8% | - | - | - | - | - | - | - |
| EBITDA margin | -393.0% | - | 3.6% | - | - | - | - | - | - | - |
| Net margin | -1257.3% | - | -899.7% | - | - | - | - | - | - | - |
| Free cash flow margin | -1589.3% | - | - | - | - | - | - | - | - | - |
| FCF / Net income | 1.26 | - | - | - | 0.61 | - | - | - | 2.51 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -6.1% | - | -18.5% | -2.1% | -7.3% | - | -5.6% | -2.3% | -2.4% | - |
| Return on equity | 542.9% | - | -184.0% | -10.5% | -36.0% | - | -6.1% | -2.8% | -3.5% | - |
| Return on invested capital | -4.3% | - | - | - | - | - | -3.3% | -1.4% | -0.7% | - |
| Liquidity | ||||||||||
| Current ratio | 1.20 | 2.00 | 1.03 | 0.66 | 1.90 | 5.43 | 1.00 | 1.20 | 0.45 | 0.40 |
| Quick ratio | 1.20 | 2.00 | 1.03 | 0.66 | 1.90 | 5.43 | 1.00 | 1.20 | 0.45 | 0.40 |
| Cash ratio | 1.10 | 1.88 | 1.01 | 0.59 | 1.80 | 5.29 | 0.74 | 1.13 | 0.38 | 0.35 |
| Leverage | ||||||||||
| Debt / Equity | -38.85 | 21.73 | - | - | - | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt / Assets | 0.44 | 0.47 | - | - | - | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt / EBITDA | - | - | - | - | - | - | - | 0.01 | 0.00 | - |
| Interest coverage | -2.4x | - | -2.5x | -3.9x | -5.4x | - | -38.4x | -1.3x | -0.2x | - |
| Equity multiplier | -88.97 | 46.70 | 9.92 | 4.99 | 4.94 | 3.22 | 1.09 | 1.24 | 1.45 | 1.70 |
| Liabilities / Assets | 1.01 | 0.98 | 0.90 | 0.80 | 0.80 | 0.69 | 0.08 | 0.19 | 0.31 | 0.41 |
| Efficiency | ||||||||||
| Asset turnover | 0.00 | - | 0.02 | - | - | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 60d | - | 25d | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | 35186d | - | 1328d | 642d | 816d | - | 492d | 220d | 363d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | 18.5x | 9.7x | 6.1x | - | 4.8x | 3.9x | 2.8x | - |
| P / S | 179.5x | - | 90.7x | - | - | - | - | - | - | - |
| EV / EBITDA | - | - | 2117.2x | 502.1x | - | - | - | 191.6x | 56.3x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | 61.7% | - | 74.4% | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | 109.4% | 329.1% | - |
| Operating income growth (YoY) | -171.9% | - | -57.0% | -130.5% | -2474.6% | - | -62.2% | -15.7% | 74.9% | - |
| Net income growth (YoY) | -596.3% | - | -1901.7% | -68.9% | -538.9% | - | -19.0% | 38.0% | 63.4% | - |
| EPS growth (YoY) | -531.3% | - | -1783.3% | -66.7% | -433.3% | - | 33.3% | 62.5% | 81.3% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | -1353.1% | - | - | - | -54.1% | - | - | - | -29.1% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | - | -42.5% | -33.6% | -54.9% | -37.4% | 9.9% | 142.1% | 186.5% | 86.1% | 88.9% |
Peer comparison
Same SIC group: Finance Services
Comparing TERAWULF INC. against the 5 most active filers in the same SIC group.
Dividends
$0.00/share trailing 12 months
| Ex-date | Per share |
|---|---|
| Dec 14, 2021 | $5.0000 |
| Dec 18, 2012 | $1.0000 |