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Financials · WULF

TeraWulf Inc. (WULF) financials

For the twelve months ended Sep 30, 2026, TeraWulf Inc. reported $190.84M of revenue and -$784.22M of net income.

Revenue, TTM
$190.84M
Revenue growth, YoY
+13.9%
Net income, TTM
-$784.22M
Net margin
-410.9%
Free cash flow, TTM
-$3.11B
EPS, diluted, TTM
-$3.30
Cash
$1.60B
P/S
32.37
Market cap
$6.18B
Annual revenue$168.46M
FY2017FY2025
Annual net income-$661.42M
FY2015FY2025
Annual free cash flow-$1.18B
FY2015FY2025

WULF revenue and earnings growth

WULF revenueQ3 2026$76.23M

Quarter YoY
+50.7%
QoQ
+70.3%
FY YoY
+20.3%
5Y CAGR
+65.8%

WULF revenue was $76.23M in fiscal Q3 2026 (ended Sep 30, 2026), up 50.7% from a year earlier and up 70.3% from the prior quarter. For the full fiscal 2025 it was $168.46M, up 20.3% from fiscal 2024. Compound annual growth was +65.8% over 5 years. It rose in each of the last 3 fiscal years. Fiscal 2025 is the highest of the 8 fiscal years on file.

WULF net incomeQ3 2026$709.91M

WULF net income was $709.91M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$455.05M a year earlier. For the full fiscal 2025 it was -$661.42M, compared with -$72.42M in fiscal 2024.

WULF EPSQ3 2026-$0.03

WULF diluted EPS was -$0.03 in fiscal Q3 2026 (ended Sep 30, 2026). For the full fiscal 2025 it was -$1.66, compared with -$0.21 in fiscal 2024.

WULF free cash flowQ3 2026-$876.92M

WULF free cash flow was -$876.92M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$268.26M a year earlier. For the full fiscal 2025 it was -$1.18B, compared with -$292.36M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
FY2015
Dec 31, 2015
Revenue$168.46M$140.05M$69.23M$15.03M$13.43M$17.62M$18.21M$17.24M--
Cost of revenue$82.66M$62.61M$27.32M$11.08M$9.53M$12.22M$11.96M$11.51M$11.33M$11.42M
Gross profit$66.05M$69.79M$37.02M$3.95M$3.91M$5.40M$6.25M$5.73M$6.24M$6.14M
Research and development----$671.5K$870.3K$677.2K$688.7K$647.1K$660.4K
Selling, general and admin---$22.77M$5.02M$5.48M$5.35M$5.51M$5.61M$5.26M
Operating income-$186.21M-$76.22M-$29.42M-$43.74M-$1.79M-$956.7K$225.8K-$464.6K-$22.0K$220.8K
Interest expense$80.25M$19.79M$34.81M$24.68M$86.6K$90.1K$90.6K$83.1K$58.2K-
Pre-tax income-$661.34M-$72.42M-$73.42M-$86.19M-$649.3K-$985.6K$185.5K-$524.1K-$69.1K$225.0K
Income tax$76.0K$0$0-$256.0K-$210.0K-$172.0K$46.0K-$298.0K-$4.0K$90.0K
Net income-$661.42M-$72.42M-$73.42M-$90.79M-$439.3K-$813.6K$139.5K-$226.1K-$65.1K$135.0K
EPS, basic-$1.66-$0.21-$0.35-$0.82-$0.22-$0.41$0.07-$0.11-$0.03$0.07
EPS, diluted-$1.66-$0.21-$0.35-$0.82-$0.22-$0.41$0.07-$0.11-$0.03$0.07
Diluted shares397.6M351.3M210.0M110.6M2.0M2.0M2.0M2.0M2.0M2.0M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
FY2015
Dec 31, 2015
Cash and equivalents$3.27B$274.06M$54.44M$8.32M$3.69M$963.6K$1.62M$929.7K$1.05M$2.25M
Short-term investments----$0$2.21M$2.69M$2.90M$3.25M$0
Receivables$1.21M$475.0K--$2.12M$2.43M$2.22M$2.19M$2.34M$2.17M
Inventory----$1.64M$2.18M$2.05M$2.09M$1.99M$2.12M
Current assets$3.48B$281.43M$62.59M$14.14M$7.80M$8.69M$8.96M$8.27M$9.05M$6.72M
Goodwill$55.46M$0--------
Total assets$6.56B$787.51M$378.11M$317.69M$15.44M$16.88M$17.42M$16.92M$18.30M$15.02M
Current liabilities$1.74B$51.84M$154.66M$126.02M$3.60M$1.93M$1.30M$875.8K$1.31M$1.14M
Short-term debt$46.32M$0$123.47M$51.94M$2.69M$133.3K$129.3K$130.9K$127.3K-
Long-term debt$3.05B$0$56.0K$72.97M-$2.69M$2.82M$2.95M$3.08M-
Total debt$3.10B$0$123.52M$124.91M-$2.82M$2.95M$3.08M$3.20M-
Total liabilities$6.42B$543.07M$155.62M$199.93M$3.60M$4.62M$4.31M$3.97M$4.84M$1.52M
Shareholders' equity$140.44M$244.44M$222.49M$117.75M$11.84M$12.26M$13.11M$12.96M$13.46M$13.50M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
FY2015
Dec 31, 2015
Operating cash flow-$123.18M-$24.42M$4.26M-$34.07M-$398.8K-$477.0K$1.22M$204.7K$916.9K$1.47M
Capital expenditures$1.06B$267.94M$75.17M$61.12M$149.9K$478.4K$543.1K$230.1K$2.06M$2.87M
Free cash flow-$1.18B-$292.36M-$70.91M-$95.18M-$548.7K-$955.4K$681.6K-$25.4K-$1.15M-$1.40M
Investing cash flow-$1.37B-$91.16M-$78.01M-$94.05M$2.06M$7.6K-$393.1K$114.6K-$5.32M-$1.15M
Financing cash flow$4.94B$335.21M$119.87M$89.98M$1.07M-$190.0K-$138.2K-$438.3K$3.20M-
Share repurchases$33.29M$118.22M$0$0-$49.6K-$300.5K--
Stock-based compensation$50.91M$30.93M$5.86M$1.57M$22.0K$8.8K$13.6K$23.6K$25.0K$21.7K
Depreciation and amortization-----$640.0K$758.8K$836.9K$760.8K-

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
FY2015
Dec 31, 2015
Revenue growth, YoY20.3%102.3%360.5%--23.8%-3.3%5.6%---
Net income growth, YoY----------79.2%
EPS growth, YoY----------78.1%
Gross margin39.2%49.8%53.5%26.3%29.1%30.6%34.3%33.2%--
Operating margin-110.5%-54.4%-42.5%-291.0%-13.3%-5.4%1.2%-2.7%--
Net margin-392.6%-51.7%-106.1%-603.9%-3.3%-4.6%0.8%-1.3%--
Free cash flow margin-702.5%-208.8%-102.4%-633.2%-4.1%-5.4%3.7%-0.1%--
Return on equity-470.9%-29.6%-33.0%-77.1%-3.7%-6.6%1.1%-1.7%-0.5%1.0%
Return on assets-10.1%-9.2%-19.4%-28.6%-2.8%-4.8%0.8%-1.3%-0.4%0.9%
Current ratio2.005.430.400.112.174.496.879.446.895.92
Debt to equity22.060.000.561.06-0.230.230.240.24-

Source: XBRL data TeraWulf Inc. files with the SEC, latest filing dated Nov 6, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

WULF peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
WULF$190.84M+13.9%-$784.22M-410.9%$6.18B
RIOT$675.71M+6.1%-$1.42B-210.8%$6.63B
MARA$716.04M-22.1%-$2.94B-411.2%$2.57B
CLSK$766.31M+102.2%$364.46M47.6%$1.77B
CIFR$146.09M-29.2%-$1.08B-742.3%$3.11B
CORZ$592.07M+77.2%-$108.41M-18.3%$4.10B
HUT$305.51M+71.3%-$518.65M-169.8%$6.84B
BTDR$620.25M+77.3%$65.60M10.6%$1.79B
IREN$694.71M+0.9%-$1.35B-194.4%$9.09B

WULF FAQ

9 questions
  • What is WULF revenue?
    TeraWulf Inc. (WULF) reported $190.84M of revenue for the twelve months ended Sep 30, 2026. That is up 13.9% from the year before. Revenue for fiscal 2025 was $168.46M.
  • Is WULF profitable?
    No. TeraWulf Inc. reported a net loss of $784.22M for the twelve months ended Sep 30, 2026.
  • How much cash and debt does WULF have?
    TeraWulf Inc. reported $1.60B in cash and cash equivalents on its most recent balance sheet in SEC filings.
  • How fast is WULF revenue growing?
    TeraWulf Inc.'s revenue changed +20.3% in fiscal 2025, to $168.46M. Its compound annual growth rate was +65.8% over 5 years.
  • What is WULF gross margin?
    TeraWulf Inc.'s gross profit was $49.07M on $190.84M of revenue for the twelve months ended Sep 30, 2026, a gross margin of 25.7%.
  • What is WULF free cash flow?
    TeraWulf Inc. generated -$3.11B of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of -$267.12M less capital expenditures.
  • What is WULF earnings per share?
    Diluted earnings per share were -$3.30 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did WULF last report financial results?
    The latest statements here come from TeraWulf Inc.'s 10-Q filed on Nov 6, 2026, covering the period ended Sep 30, 2026.
  • Where does this WULF financial data come from?
    Quantisnow builds these statements from the structured XBRL data TeraWulf Inc. files with the SEC. It is provided for information only and is not investment advice.