Terawulf Inc (WULF) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 11, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the WULF SEC filings page.
Terawulf Inc (WULF) reported $165.2M in revenue over the twelve months to Jun 30, 2026, up 14.6% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
External financing is funding an expansion whose capital spending outruns operating profitability.
In FY2025, financing supplied$4.94B while investing consumed$1.37B , indicating that expansion depended on outside capital rather than internally generated funds. Operating cash flow of-$123M versus free cash flow of-$1.18B shows that the investment program, not just routine operations, created the larger cash requirement.
Revenue expanded
Liabilities reached
Financial Health Signals
Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Terawulf Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Terawulf Inc earned a return on assets of -10.1% in fiscal year 2025, which is the profit it made on every dollar of assets on its books. This is down from -9.2% the prior year. Earnings ranks banks on that return over three years, and Terawulf Inc scores 8/100 among other banks.
Terawulf Inc reported revenue of $168.5M in fiscal year 2025, against $140.1M in fiscal year 2024. Growth ranks banks on the three-year path of their net revenue, which is interest income and fee income less the interest they pay out, and Terawulf Inc scores 94/100 among other banks.
Terawulf Inc funded 2.1% of its assets with shareholders' equity at the end of fiscal year 2025, holding $140.4M of equity against $6.6B of assets. Capital ranks banks on that cushion, and Terawulf Inc scores 2/100 among other banks.
Not available for Terawulf Inc, and counted as zero in the overall score.
Not available for Terawulf Inc, and counted as zero in the overall score.
Terawulf Inc reported a net loss of $661.4M in fiscal year 2025, against a loss of $72.4M in fiscal year 2024. Stability ranks banks on how steady net income has been across five years, and Terawulf Inc scores 17/100 among other banks.
Terawulf Inc passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
Terawulf Inc reported a net loss of $661.4M while operations used $123.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Terawulf Inc reported an operating loss of $186.2M against $80.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Terawulf Inc generated $44.8M in revenue in Q2 2026. This represents a decrease of 6.0% from the same quarter a year earlier. Against the prior quarter it is up 31.6%.
Terawulf Inc's EBITDA was -$118.4M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 3692.5% from the same quarter a year earlier. Against the prior quarter it is up 10.7%.
Terawulf Inc reported -$939.9M in net income in Q2 2026. This represents a decrease of 5016.6% from the same quarter a year earlier. Against the prior quarter it is down 119.8%.
Terawulf Inc earned -$1.94 per diluted share (EPS) in Q2 2026. This represents a decrease of 3780.0% from the same quarter a year earlier. Against the prior quarter it is down 92.1%.
Cash & Balance Sheet
Terawulf Inc recorded an outflow of $992.3M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 467.8% from the same quarter a year earlier. Against the prior quarter it is down 83.6%.
Terawulf Inc held $2.6B in cash as of Q2 2026; long-term debt is not reported for that period.
Terawulf Inc paid $0.00 per share in dividends in Q2 2026.
Margins & Returns
Terawulf Inc's gross margin was 20.0% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 26.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 40.2 percentage points.
Terawulf Inc's ROE was -638.2% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 627.6 percentage points from the same quarter a year earlier.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Terawulf Inc repurchased no shares in Q2 2026.
Terawulf Inc invested $855.6M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 613.3% from the same quarter a year earlier. Against the prior quarter it is up 63.6%.
Not reported for Q2 2026.
WULF Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $44.8M-6.0% | $34.0M-1.1% | $35.8M+2.4% | $50.6M+86.9% | $47.6M+33.9% | $34.4M-18.9% | $35.0M+50.2% | $27.1M+42.8% |
| Cost of Revenue | $12.4M-43.9% | $2.4M-90.4% | $18.9M-3.7% | $17.1M+16.8% | $22.1M+58.7% | $24.6M+70.4% | $19.6M+119.7% | $14.7M+77.3% |
| Gross Profit | $8.9M-59.5% | $20.4M+193.8% | $8.1M-12.8% | $29.0M+167.7% | $22.0M+1.7% | $7.0M-75.2% | $9.3M-1.7% | $10.8M+1.2% |
| Operating Income | -$140.4M-800.9% | -$162.1M-171.9% | -$86.3M-67.9% | -$24.7M-57.0% | -$15.6M-130.5% | -$59.6M-2474.6% | -$51.4M-1002.1% | -$15.7M-62.2% |
| EBITDA | -$118.4M-3692.5% | -$132.7M-201.8% | -$57.1M-56.9% | $2.6M+3967.6% | $3.3M-55.3% | -$44.0M-444.1% | -$36.4M-1110.8% | -$68K+95.4% |
| Interest Expense | $56.4M+1305.5% | $67.1M+1556.5% | $62.4M+1968.2% | $9.8M+2303.4% | $4.0M-24.7% | $4.0M-63.3% | $3.0M-67.5% | $409K-96.0% |
| Income Tax | $28K | $28K | $76K | $0 | $0 | $0 | $0 | $0 |
| Net Income | -$939.9M-5016.6% | -$427.6M-596.3% | -$126.6M-333.5% | -$455.1M-1901.7% | -$18.4M-68.9% | -$61.4M-538.9% | -$29.2M-177.4% | -$22.7M-19.0% |
| EPS (Basic) | -$1.94-3780.0% | -$1.01-531.3% | -$0.29-262.5% | -$1.13-1783.3% | -$0.05-66.7% | -$0.16-433.3% | -$0.08-166.7% | -$0.06+33.3% |
| EPS (Diluted) | -$1.94-3780.0% | -$1.01-531.3% | -$0.29-262.5% | -$1.13-1783.3% | -$0.05-66.7% | -$0.16-433.3% | -$0.08-166.7% | -$0.06 |
| Diluted Shares (Avg) | 486M+25.5% | 423M+10.4% | N/A | 402M+5.1% | 387M+13.6% | 383M+31.8% | N/A | 382M |
Not reported in any period shown, so not listed: R&D Expenses, SG&A Expenses.
WULF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $8.0B+825.7% | $7.0B+733.2% | $6.6B+732.8% | $2.5B+504.7% | $869.4M+81.3% | $841.2M+112.7% | $787.5M+108.3% | $405.9M+30.2% |
| Current Assets | $2.8B+2731.6% | $2.9B+1146.5% | $3.5B+1135.9% | $729.1M+2149.3% | $99.1M-10.7% | $230.0M+323.2% | $281.4M+349.7% | $32.4M+149.7% |
| Cash & Equivalents | $2.6B+2810.4% | $2.6B+1105.5% | $3.3B+1091.8% | $711.3M+2871.5% | $90.0M-13.6% | $218.2M+376.1% | $274.1M+403.4% | $23.9M+263.0% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $13.2M+1026.5% | $5.6M | $1.2M+155.2% | $3.5M | $1.2M | N/A | $475K | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $55.5M0.0% | $55.5M | $55.5M | $55.5M | $55.5M | N/A | $0 | N/A |
| Total Liabilities | $7.9B+1036.7% | $7.1B+956.4% | $6.4B+1081.8% | $2.2B+6533.1% | $695.1M+644.8% | $670.8M+445.2% | $543.1M+249.0% | $33.3M-78.9% |
| Current Liabilities | $3.8B+2387.6% | $2.4B+1872.2% | $1.7B+3248.1% | $705.9M+2077.5% | $151.3M+63.7% | $120.9M-1.0% | $51.8M-66.5% | $32.4M-70.1% |
| Non-Current Liabilities | $4.1B+660.8% | $4.7B+755.0% | $4.7B+853.1% | $1.5B+174667.5% | $543.8M+59589.6% | $549.9M+58834.6% | $491.2M+51336.8% | $859K-98.3% |
| Long-Term Debt | N/A | $3.1B | $3.1B | N/A | N/A | N/A | $0-100.0% | $0-100.0% |
| Total Equity | $147.3M-15.5% | -$78.8M-146.2% | $140.4M-42.5% | $247.3M-33.6% | $174.3M-54.9% | $170.4M-37.4% | $244.4M+9.9% | $372.6M+142.1% |
| Retained Earnings | -$2.4B-473.0% | -$1.4B-261.0% | -$993.7M-199.1% | -$867.1M-186.1% | -$412.1M-47.0% | -$393.7M-46.1% | -$332.3M-27.9% | -$303.1M-21.5% |
Not reported in any period shown, so not listed: Inventory.
WULF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$136.7M-149.4% | -$17.6M-131.1% | -$88.2M-106.4% | -$36.7M-75.3% | -$54.8M-434.6% | $56.5M+147.3% | -$42.7M-492.1% | -$20.9M-979.9% |
| Depreciation & Amortization | $22.0M+16.7% | $29.5M+88.1% | $29.2M+95.6% | $27.3M+74.5% | $18.9M+33.6% | $15.7M+3.9% | $14.9M+80.8% | $15.6M+90.2% |
| Stock-Based Compensation | $83.9M+6353.8% | $101.4M+162.2% | N/A | $4.3M+79.2% | $1.3M-72.9% | $38.7M+458.0% | N/A | $2.4M+71.4% |
| Capital Expenditures | $855.6M+613.3% | $523.0M+458.2% | $615.0M+300.3% | $231.6M+1017.2% | $119.9M+157.4% | $93.7M+99.4% | $153.6M+354.9% | $20.7M-18.4% |
| Free Cash Flow | -$992.3M-467.8% | -$540.5M-1353.1% | -$703.2M-258.1% | -$268.3M-544.0% | -$174.8M-478.3% | -$37.2M-54.1% | -$196.4M-758.2% | -$41.7M-80.9% |
| Investing Cash Flow | -$892.9M-1157.0% | -$712.8M-1067.3% | -$1.0B-11729.5% | -$200.2M-1890.5% | -$71.0M-52.4% | -$61.1M-30.0% | -$8.8M+74.1% | $11.2M+144.0% |
| Financing Cash Flow | $965.5M+107136.3% | $100.4M+295.6% | $4.1B+1270.9% | $858.3M+1318.6% | -$902K-101.0% | -$51.3M-430.8% | $301.6M+326.5% | -$70.4M-429.4% |
| Share Buybacks | $0 | $0-100.0% | $0-100.0% | $0 | $0 | $33.3M | $118.2M | $0 |
Not reported in any period shown, so not listed: Dividends Paid.
WULF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.0%-26.3pp | 60.1%+39.9pp | 22.6%-4.0pp | 57.2%+17.3pp | 46.2%-14.6pp | 20.2%-45.8pp | 26.6%-14.1pp | 40.0%-16.4pp |
| Operating Margin | -313.7% | -476.7% | -240.9% | -48.8%+9.3pp | -32.7%-13.7pp | -173.3% | -147.0% | -58.1%-6.9pp |
| Net Margin | -2099.6% | -1257.3% | -353.2% | -899.7% | -38.6%-8.0pp | -178.5% | -83.5%-38.3pp | -84.0% |
| Return on Equity | -638.2%-627.6pp | N/A | -90.1%-78.2pp | -184.0%-177.9pp | -10.5%-7.7pp | -36.0%-32.5pp | -11.9%-7.2pp | -6.1%+6.3pp |
| Return on Assets | -11.7%-9.6pp | -6.1%+1.2pp | -1.9%+1.8pp | -18.5%-12.9pp | -2.1%+0.2pp | -7.3%-4.9pp | -3.7%-0.9pp | -5.6%+0.5pp |
| Current Ratio | 0.75+0.1x | 1.20-0.7x | 2.00-3.4x | 1.030.0x | 0.66-0.5x | 1.90+1.5x | 5.43+5.0x | 1.00+0.9x |
| Debt-to-Equity | 53.64+49.7x | N/A | 21.73+21.7x | 8.92+8.9x | 3.99+4.0x | 3.94+3.9x | 0.000.0x | 0.00-0.3x |
| Asset Turnover | 0.010.0x | 0.000.0x | 0.010.0x | 0.020.0x | 0.050.0x | 0.04-0.1x | 0.040.0x | 0.070.0x |
| FCF Margin | -2216.5% | -1589.3% | -1962.2% | -530.4% | -366.8% | -108.1% | -561.3% | -153.9% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Terawulf Inc WULF | FY2025 | $168.5M | -$661.4M | N/A | $8.1B | 20/100 |
| Riot Platforms RIOT | FY2025 | $647.4M | -$663.2M | N/A | $7.9B | 35/100 |
| Cipher Digital Inc CIFR | FY2025 | $223.9M | -$822.2M | N/A | $6.6B | 40/100 |
| Hut 8 Mining HUT | FY2025 | $235.1M | -$248.0M | N/A | $11.2B | 48/100 |
| BGC Group, Inc. BGC | FY2025 | $2.9B | $155.0M | 5.3% | $5.8B | 49/100 |
| MARA Holdings Inc MARA | FY2025 | $907.1M | -$1.3B | N/A | $4.4B | 33/100 |
Where Terawulf Inc Ranks
Frequently Asked Questions
What is Terawulf Inc's annual revenue?
Terawulf Inc (WULF) reported $168.5M in total revenue for fiscal year 2025. This represents a 20.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Terawulf Inc's revenue growing?
Terawulf Inc (WULF) revenue grew by 20.3% year-over-year, from $140.1M to $168.5M in fiscal year 2025.
Is Terawulf Inc profitable?
No, Terawulf Inc (WULF) reported a net income of -$661.4M in fiscal year 2025.
What is Terawulf Inc's EBITDA?
Terawulf Inc (WULF) had EBITDA of -$95.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Terawulf Inc have?
As of fiscal year 2025, Terawulf Inc (WULF) had $3.3B in cash and equivalents against $3.1B in long-term debt.
What is Terawulf Inc's gross margin?
Terawulf Inc (WULF) had a gross margin of 39.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Terawulf Inc's return on equity (ROE)?
Terawulf Inc (WULF) has a return on equity of -470.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Terawulf Inc's free cash flow?
Terawulf Inc (WULF) recorded an outflow of $1.2B in free cash flow during fiscal year 2025. This represents a -304.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Terawulf Inc's operating cash flow?
Terawulf Inc (WULF) recorded an outflow of $123.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Terawulf Inc's total assets?
Terawulf Inc (WULF) had $6.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Terawulf Inc's capital expenditures?
Terawulf Inc (WULF) invested $1.1B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Terawulf Inc's current ratio?
Terawulf Inc (WULF) had a current ratio of 2.00 as of fiscal year 2025, which is generally considered healthy.
What is Terawulf Inc's debt-to-equity ratio?
Terawulf Inc (WULF) had a debt-to-equity ratio of 21.73 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Terawulf Inc's return on assets (ROA)?
Terawulf Inc (WULF) had a return on assets of -10.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Terawulf Inc's P/E ratio?
Terawulf Inc (WULF) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $8.1B as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Terawulf Inc's price-to-sales ratio?
Terawulf Inc (WULF) trades at 48.8x sales, its market capitalization divided by revenue of $165.2M revenue, trailing 12 months to June 30, 2026. The market capitalization is $8.1B as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Terawulf Inc's Piotroski F-Score?
Terawulf Inc (WULF) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Terawulf Inc's earnings high quality?
Terawulf Inc (WULF) reported a net loss of $661.4M while operations used $123.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Terawulf Inc cover its interest payments?
Terawulf Inc (WULF) reported an operating loss of $186.2M against $80.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Terawulf Inc?
Terawulf Inc (WULF) scores 20 out of 100 on our Financial Health Score, indicating weak standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.