Pricing Log in Create free account
Friday 6 November 2026 Export WULF’s income statement to Excel — free account

TeraWulf Inc.

WULF Financial Capital Markets

TeraWulf Inc.’s revenue for fiscal 2025 (year ended December 2025) was $168.5 million, up 20.3% from fiscal 2024.

Revenue
−6.02%
EPS
−3,780.0%
Free cash flow
−695.3%
Total debt
+966.1%

Quarter to June 2026, against a year earlier

10.11 1.59 −13.59%
Market cap
$5.0B
P/E
0.0×
Fwd P/E
−3.7×
Dividend yield
—
F-score
1/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2018

  • Chromaline
  • Ikonics Imaging
  • Ams
  • Dtx

Every year since 2017 →

Insider Decisions last twelve months

Bought, $m 0.39
Sold, $m 36.09
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 5 — — — — 1 1 — —
Sell — — — 2 2 1 1 — 2 1 — —
Insider Ownership 28.19%

Capital & Financial Ratios $m

Size
Market Cap 5,030.00
Revenue ttm 165.19
Net income ttm (1,950.16)
Free cash flow ttm (2,400.81)
Net debt Q 2,451.27
Valuation
P/E 0.00
Forward P/E (3.65) (negative: loss-making)
Price / sales 29.73 (above 10: high)
Forward P/S Powerpack
Price / FCF 0.00
Price / book 33.29
Financial health
Current ratio Q 0.75
Debt / equity Q 35.34
Interest coverage Q (2.49)
Growth
Revenue growth Q −6.02% (below 0%: shrinking)
Operating income growth Q −800.90% (below 0%: shrinking)
EPS, this year −101.15% (below 0%: weak)
EPS, next year A +90.76% (at or above 15%: strong)
Revenue, next year A +50.37% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +49.34% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/S against its own 10 years 80.53%
10-year low 10-year high
P/B against its own 10 years 87.20%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 54 274 3,456 2,762
Receivables 1 4 5 13
Inventory — — — —
Other 3 1 11 13
63 281 3,478 2,807
2023 2024 2025 Q'26
Payables 15 24 65 485
ST’ Debt 125 — 536 1,193
Other 3 — 845 1,817
155 52 1,736 3,764

Compound Annual Growth %

10y 5y 3y
Sales 24.73% 57.07% 123.78%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 26.40% 64.00% 6.05%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.20 Actual −0.37

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.04 −0.07 Miss by 0.03
Q4 FY25 −0.13 −0.28 Miss by 0.15
Q1 FY26 −0.16 −0.44 Miss by 0.28
Q2 FY26 −0.20 −0.37 Miss by 0.17
Q3 FY26 −0.12 — Reports 6 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (1.01) (1.94) — — —
’25 (0.16) (0.05) (1.13) (0.29) (1.66)
’24 (0.03) (0.03) (0.06) (0.08) (0.21)
’23 (0.16) (0.08) (0.09) (0.02) (0.35)
’22 (0.18) (0.14) (0.32) (0.20) (0.82)
’21 (0.03) (0.05) (0.07) (0.98) (1.12)
’20 (0.30) (0.53) (0.14) 0.74 (0.22)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 34 45 — — —
’25 34 48 51 36 168
’24 42 36 27 35 140
’23 12 15 19 23 69
’22 3 4 5 10 15
’20 3 3 3 4 13
’19 4 5 5 5 18
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (18) (137) — — —
’25 56 (55) (37) (88) (123)
’24 23 16 (21) (43) (24)
’23 (9) 0 2 11 4
’22 (15) (8) (6) (4) (34)
’21 1 (5) (5) (15) (24)
’20 0 (1) 1 0 0
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (529) (979) — — —
’25 (5) (123) (218) (675) (1,020)
’24 (24) (30) (10) (138) (202)
’23 (19) (6) (23) (23) (71)
’22 (43) (26) (1) (25) (95)
’21 (23) (6) (10) (93) (133)
’20 (1) (1) 1 0 (1)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 18 17 18 18 13 — 15 69 140 168 165 +28.6% 253 888 1,756 +118.4%
Gross margin, % 35.50 33.23 34.34 30.63 29.07 0.00 26.28 60.54 55.30 50.93 69.26 +15.4 pt
EBT 0 (1) 0 (1) (1) (46) (70) (64) (76) (657) (1,934) +176.7%
EBT margin, % (0.39) (3.04) 1.02 (5.59) (4.83) 0.00 (468.82) (92.45) (54.11) (390.14) (1,170.96) (389.8) pt
Net income 0 0 0 (1) 0 (96) (91) (73) (72) (661) (1,950) +178.7%
Per share, $
Per share, $ Revenue 8.70 8.59 9.18 8.90 6.80 0.00 0.14 0.33 0.40 0.42 0.34 (28.5%)
Earnings (0.03) (0.11) 0.07 (0.41) (0.22) (1.13) (0.82) (0.35) (0.21) (1.66) (4.37) +56.2%
Cash flow 0.45 0.10 0.62 (0.24) (0.20) (0.28) (0.31) 0.02 (0.07) (0.31) (0.57) n/m
Capex (1.03) (0.12) (0.30) (0.24) (0.07) (1.28) (0.55) (0.36) (0.50) (2.26) (4.37) +9.2%
Free cash flow (0.57) (0.02) 0.32 (0.48) (0.28) (1.56) (0.86) (0.34) (0.57) (2.57) (4.94) +18.2%
Book value 6.67 6.45 6.61 6.19 5.99 1.45 1.06 1.06 0.70 0.35 0.30 (27.9%)
Shares, m 2 2 2 2 2 85 111 210 351 398 427 +79.9%
Valuation, ×
Valuation, × P/E 0.00 0.00 120.43 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 13.4
P/S 1.28 0.90 0.92 0.60 1.47 — 5.23 6.98 14.20 27.12 29.73 6.5
P/B 1.68 1.20 1.28 0.86 1.66 — 0.72 2.26 8.46 32.53 33.29 5.6
EV/Sales 1.22 0.86 0.84 0.58 1.43 — 13.35 8.00 16.24 37.30 — 8.9
EV/FCF (18.62) (466.40) 24.31 (10.68) (35.17) — (2.11) (7.81) (11.28) (6.16) — (59.3)
Cash, $m
Cash, $m Operating cash flow 1 0 1 0 0 (24) (34) 4 (24) (123) (279) n/m
Capex (2) 0 (1) 0 0 (109) (61) (75) (177) (897) (2,122) +96.3%
Free cash flow (1) 0 1 (1) (1) (133) (95) (71) (202) (1,020) (2,401) +112.5%
Balance, $m
Balance, $m Working capital 8 7 8 7 4 22 (112) (92) 230 1,742 (957) +82.6%
Net debt (1) (1) (1) 0 (1) 48 122 71 214 1,715 2,451 n/m
Shareholders’ equity 13 13 13 12 12 123 118 222 244 140 148 +29.8%
Returns, %
Returns, % ROA (0.39) (1.28) 0.81 (4.74) (2.72) (68.26) (31.17) (21.10) (12.43) (18.01) (43.71) (17.6) pt
ROIC (0.11) (2.38) 1.20 (5.02) (10.30) (15.82) (11.40) (6.27) (10.40) (6.27) (9.95) (6.2) pt
ROE (0.48) (1.71) 1.07 (6.41) (3.65) (141.73) (78.38) (45.65) (32.30) (352.18) (1,247.13) (351.7) pt
People
People Employees 80 83 82 82 58 6 8 10 12 141 — +6.5%
Revenue/emp, $m 0.22 0.21 0.22 0.21 0.23 0.00 1.88 6.92 11.67 1.19 — +20.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 24 Oct 2026

Business profile

Updated

TeraWulf owns, develops and operates digital infrastructure in the United States. It builds data center capacity for high-performance computing, or HPC: computing workloads that require substantial processing power, including artificial intelligence, machine learning and advanced cloud applications. Its customers include large cloud and enterprise users that need space, power and cooling for their computing equipment.

The company controls infrastructure needed to operate a data center, including land through ownership or long-term leases, grid interconnection rights, electrical systems and cooling. It provides capacity under long-term hosting and data center leases. Its campuses are designed to be built in phases as customers deploy equipment and power becomes available.

Where the money comes from and where it goes Fiscal 2018

Fiscal 2018: revenue by segment, and margins
Chromaline 12 63.75%
Ikonics Imaging 4 24.15%
Ams 2 9.80%
Dtx 0 2.31%
Gross margin 34.34%
Operating margin 1.24%
Pre-tax margin 1.02%

Revenue by segment since 2017

TeraWulf Inc. vs peers in Capital Markets (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MKTX MarketAxess Holdings Inc. $5.8B 19.5× 21.3× −0.48% (below 0%: shrinking) +1.05% (above 0%: growing) −83.73% (below 0%: shrinking) 100.00% 41.15% Compare
HUT Hut 8 Corp. $5.7B — (loss-making) — (loss-making) −14.90% (below 0%: shrinking) +122.92% (above 0%: growing) +173.77% (above 0%: growing) 0.00% 447.73% Compare
RIOT Riot Platforms, Inc. $5.5B — (loss-making) — (loss-making) +0.66% (above 0%: growing) −96.67% (below 0%: shrinking) −276.72% (below 0%: shrinking) 0.00% 0.67% Compare
GLXY Galaxy Digital Inc. $5.0B — (loss-making) 205× −0.99% (below 0%: shrinking) n/m +80.14% (above 0%: growing) 0.86% (1.21%) Compare
WULF TeraWulf Inc. $5.0B — (loss-making) — (loss-making) −6.02% (below 0%: shrinking) n/m −695.25% (below 0%: shrinking) 72.30% (313.74%)
BGC BGC Group, Inc. $4.9B 25.7× 7.4× +7.85% (above 0%: growing) +36.36% (above 0%: growing) +164.18% (above 0%: growing) 97.58% 12.38% Compare
MC Moelis & Company $4.7B 19.3× 21.1× +12.05% (above 0%: growing) +16.36% (above 0%: growing) +8.25% (above 0%: growing) 100.00% 17.79% Compare
FIGR Figure Technology Solutions, Inc. $4.7B 19.6× 20.3× +112.66% (above 0%: growing) +254.55% (above 0%: growing) −119.20% (below 0%: shrinking) 87.18% 34.46% Compare
MRX Marex Group PLC $4.7B 15.3× 10.4× +76.97% (above 0%: growing) +94.87% (above 0%: growing) +54.74% (above 0%: growing) 100.00% 21.10% Compare
Median of peers $5.0B 19.5× 20.7× +4.26% +36.36% +31.50% 92.38% 19.45%

All 97 Capital Markets stocks →

From the latest earnings call

Updated

  • CEO Paul Prager said CB-3 was generating lease revenue in July and TeraWulf had signed a long-term Anthropic lease at its Justified Data campus.
  • CFO Patrick Fleury said existing liquidity and expected Abernathy proceeds could fund TeraWulf’s stated near-term commitments without accessing equity capital markets, based on current plans and assumptions.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
B. Riley Nov 3, 2026 Target cut — 40.00 → 26.00
ATB Cormark Nov 3, 2026 Target cut — 45.00 → 40.00
Cantor Fitzgerald Nov 3, 2026 Target cut — 37.00 → 30.00
TD Cowen Nov 3, 2026 Initiated Buy 21.00
KBW Nov 3, 2026 Target cut Outperform 29.00 → 20.00
Morgan Stanley Oct 28, 2026 Reiterated Outperform —

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 79.61%
Held by the ten largest 32.85%
Holder Shares Stake Change
Vanguard 43.44m 8.71% +2.50m
LONE PINE CAPITAL LLC 24.14m 4.84% +4.22m
BlackRock 23.39m 4.69% −4.75m
Fidelity (FMR) 14.44m 2.90% +9.65m
Value Aligned Research Advisors, LLC 12.26m 2.46% +4.41m
Morgan Stanley 11.89m 2.38% +5.96m
Two Sigma 11.50m 2.30% +3.66m
Geode Capital Management 7.92m 1.59% −607.72k
SCOGGIN MANAGEMENT LP 7.83m 1.57% +325.00k
Invesco 7.11m 1.42% +3.08m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 28 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 39.41m 60.30m 115.00

Ownership

Directors and executive officers, together 15.90%
Paul Prager 8.50%
Riesling Power LLC 6.80%
Nazar Khan 5.70%
Bank of Nova Scotia 5.60%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

TeraWulf Inc. (WULF) Latest News

5 Nov

Impact 4 · · videos.coindesk.com
Impact 3 · · Barchart

4 Nov

Impact 4 · · blockspace.media
Impact 3 · · Business Wire
Impact 3 · · blockspace.media

3 Nov

Impact 3 · · Simply Wall St.
Impact 3 · · TIKR

29 Oct

Impact 4 · · blockspace.media

28 Oct

Impact 4 · · blockspace.media

26 Oct

Impact 4 · · 24/7 Wall St.

25 Oct

Impact 4 · · Stocktwits

24 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Stocktwits
Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.

23 Oct

Impact 3 · · Insider Monkey

22 Oct

Impact 4 · · Zacks

21 Oct

Impact 4 · · Stocktwits
Impact 4 · · Stocktwits

17 Oct

Impact 4 · · Simply Wall St.

15 Oct

Impact 4 · · Stocktwits

12 Oct

Impact 4 · · Stocktwits

9 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 3 · · 24/7 Wall St.

7 Oct

Impact 3 · · blockspace.media
Impact 3 · · 24/7 Wall St.

5 Oct

Impact 4 · · blockspace.media
Impact 4 · · blockspace.media
Impact 4 · · blockspace.media

WULF metrics, ten years each

stockrow.com/WULF · Data as of Oct 24, 2026 · For information only; not investment advice. · © 2026 stockrow.com