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TERAWULF INC.

WULF Clue Score43
United States Fiscal year ends December CIK 0001083301
$13.77 +0.88% Close, 9 Oct 2026
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Price $13.77 −53.75% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Operating income−0.0Net income−0.1EPS, diluted−0.03Fiscal year 2017Revenue17.2Operating income−0.5Net income−0.2EPS, diluted−0.11Fiscal year 2018Revenue18.2 +5.6%Operating income0.2Net income0.1EPS, diluted0.07Fiscal year 2019Revenue17.6 −3.3%Operating income−1.0Net income−0.8 −683.3%EPS, diluted−0.41Fiscal year 2020Revenue13.4 −23.8%Operating income−1.8Net income−0.4EPS, diluted−0.22Fiscal year 2022Revenue15.0 +11.9%Operating income−43.7Net income−90.8EPS, diluted−0.82Fiscal year 2023Revenue69.2 +360.5%Operating income−29.4Net income−73.4EPS, diluted−0.35Fiscal year 2024Revenue140.1 +102.3%Operating income−76.2Net income−72.4EPS, diluted−0.21Fiscal year 2025Revenue168.5 +20.3%Operating income−186.2Net income−661.4EPS, diluted−1.66
FY2016FY2017FY2018FY2019FY2020FY2022FY2023FY2024FY2025
Revenue n/a 17.2 18.2 17.6 13.4 15.0 69.2 140.1 168.5
Growth +5.6% −3.3% −23.8% +11.9% +360.5% +102.3% +20.3%
Operating income −0.0 −0.5 0.2 −1.0 −1.8 −43.7 −29.4 −76.2 −186.2
Net income −0.1 −0.2 0.1 −0.8 −0.4 −90.8 −73.4 −72.4 −661.4
Growth −683.3%
EPS, diluted −0.03 −0.11 0.07 −0.41 −0.22 −0.82 −0.35 −0.21 −1.66

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Fiscal year 2017Gross margin33.2%Operating margin−2.7%Net margin−1.3%Free cash flow margin−0.1%Fiscal year 2018Gross margin34.3%Operating margin1.2%Net margin0.8%Free cash flow margin3.7%Fiscal year 2019Gross margin30.6%Operating margin−5.4%Net margin−4.6%Free cash flow margin−5.4%Fiscal year 2020Gross margin29.1%Operating margin−13.3%Net margin−3.3%Free cash flow margin−4.1%Fiscal year 2022Gross margin26.3%Operating margin−291.0%Net margin−603.9%Free cash flow margin−633.2%Fiscal year 2023Gross margin53.5%Operating margin−42.5%Net margin−106.1%Free cash flow margin−102.4%Fiscal year 2024Gross margin49.8%Operating margin−54.4%Net margin−51.7%Free cash flow margin−208.8%Fiscal year 2025Gross margin39.2%Operating margin−110.5%Net margin−392.6%Free cash flow margin−702.5%
FY2016FY2017FY2018FY2019FY2020FY2022FY2023FY2024FY2025
Gross margin n/a 33.2% 34.3% 30.6% 29.1% 26.3% 53.5% 49.8% 39.2%
Operating margin n/a −2.7% 1.2% −5.4% −13.3% −291.0% −42.5% −54.4% −110.5%
Net margin n/a −1.3% 0.8% −4.6% −3.3% −603.9% −106.1% −51.7% −392.6%
Free cash flow margin n/a −0.1% 3.7% −5.4% −4.1% −633.2% −102.4% −208.8% −702.5%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.9Capital expenditure−2.1Free cash flow−1.1Fiscal year 2017Operating cash flow0.2Capital expenditure−0.2Free cash flow−0.0Buybacks−0.3Fiscal year 2018Operating cash flow1.2Capital expenditure−0.5Free cash flow0.7Fiscal year 2019Operating cash flow−0.5Capital expenditure−0.5Free cash flow−1.0 −240.2%Buybacks−0.0Fiscal year 2020Operating cash flow−0.4Capital expenditure−0.1Free cash flow−0.5Fiscal year 2022Operating cash flow−34.1Capital expenditure−61.1Free cash flow−95.2Buybacks0.0Fiscal year 2023Operating cash flow4.3Capital expenditure−75.2Free cash flow−70.9Buybacks0.0Fiscal year 2024Operating cash flow−24.4Capital expenditure−267.9Free cash flow−292.4Buybacks−118.2Fiscal year 2025Operating cash flow−123.2Capital expenditure−1,060.2Free cash flow−1,183.4Buybacks−33.3
FY2016FY2017FY2018FY2019FY2020FY2022FY2023FY2024FY2025
Operating cash flow 0.9 0.2 1.2 −0.5 −0.4 −34.1 4.3 −24.4 −123.2
Capital expenditure −2.1 −0.2 −0.5 −0.5 −0.1 −61.1 −75.2 −267.9 −1,060.2
Free cash flow −1.1 −0.0 0.7 −1.0 −0.5 −95.2 −70.9 −292.4 −1,183.4
Growth −240.2%
Buybacks n/a −0.3 n/a −0.0 n/a 0.0 0.0 −118.2 −33.3

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash1.0Total debt3.2Net cash (debt)−2.2Shareholders’ equity13.5Debt to equity0.24Fiscal year 2017Cash0.9Total debt3.1Net cash (debt)−2.1Shareholders’ equity13.0Debt to equity0.24Fiscal year 2018Cash1.6Total debt3.0Net cash (debt)−1.3Shareholders’ equity13.1Debt to equity0.23Fiscal year 2019Cash1.0Total debt2.8Net cash (debt)−1.9Shareholders’ equity12.3Debt to equity0.23Fiscal year 2020Cash3.7Total debt2.7Net cash (debt)1.0Shareholders’ equity11.8Debt to equity0.23Fiscal year 2022Cash1.3Total debt124.9Net cash (debt)−123.6Shareholders’ equity117.8Debt to equity1.06Fiscal year 2023Cash54.4Total debt123.5Net cash (debt)−69.1Shareholders’ equity222.5Debt to equity0.56Fiscal year 2024Cash274.1Total debt0.0Net cash (debt)274.1Shareholders’ equity244.4Debt to equity0.00Fiscal year 2025Cash3,266.4Total debt3,098.6Net cash (debt)167.8Shareholders’ equity140.4Debt to equity22.06
FY2016FY2017FY2018FY2019FY2020FY2022FY2023FY2024FY2025
Cash 1.0 0.9 1.6 1.0 3.7 1.3 54.4 274.1 3,266.4
Total debt 3.2 3.1 3.0 2.8 2.7 124.9 123.5 0.0 3,098.6
Net cash (debt) −2.2 −2.1 −1.3 −1.9 1.0 −123.6 −69.1 274.1 167.8
Shareholders’ equity 13.5 13.0 13.1 12.3 11.8 117.8 222.5 244.4 140.4
Debt to equity 0.24 0.24 0.23 0.23 0.23 1.06 0.56 0.00 22.06

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2022† 31 Dec 2022 FY2023† 31 Dec 2023 FY2024† 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
n/a 17.2 18.2 17.6 13.4 15.0 69.2 140.1 168.5
Growth +5.6% −3.3% −23.8% +11.9% +360.5% +102.3% +20.3%
n/a 11.5 12.0 12.2 9.5 11.1 27.3 62.6 82.7
6.2 5.7 6.3 5.4 3.9 4.0 37.0 69.8 66.0
Growth −8.1% +9.1% −13.7% −27.6% +1.2% +837.3% +88.5% −5.4%
0.6 0.7 0.7 0.9 0.7 n/a n/a n/a n/a
5.6 5.5 5.4 5.5 5.0 22.8 n/a n/a n/a
−0.0 −0.5 0.2 −1.0 −1.8 −43.7 −29.4 −76.2 −186.2
Growth −523.6%
−0.1 −0.5 0.2 −1.0 −0.6 −86.2 −73.4 −72.4 −661.3
−0.0 −0.3 0.0 −0.2 −0.2 −0.3 0.0 0.0 0.1
−0.1 −0.2 0.1 −0.8 −0.4 −90.8 −73.4 −72.4 −661.4
Growth −683.3%
Per share
−0.03 −0.11 0.07 −0.41 −0.22 −0.82 −0.35 −0.21 −1.66
−0.03 −0.11 0.07 −0.41 −0.22 −0.82 −0.35 −0.21 −1.66
Growth −685.7%
2.0 2.0 2.0 2.0 2.0 110.6 210.0 351.3 397.6
2.0 2.0 2.0 2.0 2.0 110.6 210.0 351.3 397.6
Growth −0.5% −1.2% −0.2% −0.2% +5,498.1% +89.8% +67.3% +13.2%

† The diluted share count jumps at 2022 and 2023 and 2024, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 57.1% a year over five years.
  • Operating margin is down 105.1 points on five years ago, at -110.5%.
  • A net loss in 8 of 9 years on file.