Saturday 17 October 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. In the quarter to June 2026, revenue fell 6.02%, EPS fell 3,780.0%, free cash flow fell 695.3% and total debt rose 966.1%, each against the same quarter a year earlier. Revenue growth for three consecutive years; insiders bought in the last twelve months.
11.71
0.91
−7.21%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | 10.20 | 7.34 | 7.25 | 5.05 | 2.83 | 8.36 | 0.55 | 0.54 | 1.24 | 2.06 |
Analyst estimates 2026–2028 Powerpack |
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| High | 13.95 | 12.00 | 13.03 | 9.20 | 13.39 | 43.98 | 16.80 | 4.04 | 9.30 | 17.05 | |||||
| People | |||||||||||||||
| People | Employees | 80 | 83 | 82 | 82 | 58 | 6 | 8 | 10 | 12 | 141 | ||||
| Revenue/emp, $m | 0.22 | 0.21 | 0.22 | 0.21 | 0.23 | 0.00 | 1.88 | 6.92 | 11.67 | 1.19 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | 18 | 17 | 18 | 18 | 13 | — | 15 | 69 | 140 | 168 | ||||
| Gross margin, % | 35.50 | 33.23 | 34.34 | 30.63 | 29.07 | 0.00 | 26.28 | 60.54 | 55.30 | 50.93 | |||||
| EBT | 0 | (1) | 0 | (1) | (1) | (46) | (70) | (64) | (76) | (657) | |||||
| EBT margin, % | (0.39) | (3.04) | 1.02 | (5.59) | (4.83) | 0.00 | (468.82) | (92.45) | (54.11) | (390.14) | |||||
| Net income | 0 | 0 | 0 | (1) | 0 | (96) | (91) | (73) | (72) | (661) | |||||
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 19 | 49 | 73 | 115 | |||||
| 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 | ||||
| Earnings | (0.03) | (0.11) | 0.07 | (0.41) | (0.22) | — | (0.82) | (0.35) | (0.21) | (1.66) | |||||
| Cash flow | 0.45 | 0.10 | 0.62 | (0.24) | (0.20) | (0.28) | (0.31) | 0.02 | (0.07) | (0.31) | |||||
| Capex | (1.03) | (0.12) | (0.30) | (0.24) | (0.07) | (1.28) | (0.55) | (0.36) | (0.50) | (2.26) | |||||
| Free cash flow | (0.57) | (0.02) | 0.32 | (0.48) | (0.28) | (1.56) | (0.86) | (0.34) | (0.57) | (2.57) | |||||
| Book value | 6.67 | 6.45 | 6.61 | 6.19 | 5.99 | 1.45 | 1.06 | 1.06 | 0.70 | 0.35 | |||||
| Shares, m | 2 | 2 | 2 | 2 | 2 | 85 | 111 | 210 | 351 | 398 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | 0.00 | 0.00 | 120.43 | 0.00 | 0.00 | — | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| P/S | 1.28 | 0.90 | 0.92 | 0.60 | 1.47 | — | 5.23 | 6.98 | 14.20 | 27.12 | |||||
| P/B | 1.68 | 1.20 | 1.28 | 0.86 | 1.66 | — | 0.72 | 2.26 | 8.46 | 32.53 | |||||
| EV/Sales | 1.22 | 0.86 | 0.84 | 0.58 | 1.43 | — | 13.35 | 8.00 | 16.24 | 37.30 | |||||
| EV/FCF | (18.62) | (466.40) | 24.31 | (10.68) | (35.17) | — | (2.11) | (7.81) | (11.28) | (6.16) | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | 1 | 0 | 1 | 0 | 0 | (24) | (34) | 4 | (24) | (123) | ||||
| Capex | (2) | 0 | (1) | 0 | 0 | (109) | (61) | (75) | (177) | (897) | |||||
| Free cash flow | (1) | 0 | 1 | (1) | (1) | (133) | (95) | (71) | (202) | (1,020) | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | 8 | 7 | 8 | 7 | 4 | 22 | (112) | (92) | 230 | 1,742 | ||||
| Total debt | 3 | 3 | 3 | 3 | 3 | 95 | 130 | 125 | 488 | 5,171 | |||||
| Net debt | (1) | (1) | (1) | 0 | (1) | 48 | 122 | 71 | 214 | 1,715 | |||||
| Shareholders’ equity | 13 | 13 | 13 | 12 | 12 | 123 | 118 | 222 | 244 | 140 | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | (0.39) | (1.28) | 0.81 | (4.74) | (2.72) | (68.26) | (31.17) | (21.10) | (12.43) | (18.01) | ||||
| ROIC | (0.11) | (2.38) | 1.20 | (5.02) | (10.30) | (15.82) | (11.40) | (6.27) | (10.40) | (6.27) | |||||
| ROE | (0.48) | (1.71) | 1.07 | (6.41) | (3.65) | (141.73) | (78.38) | (45.65) | (32.30) | (352.18) | |||||
Negative figures in brackets.
value withheld pending a data check
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
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 |
|---|---|---|---|---|---|---|---|---|---|
| SNEX StoneX Group Inc. | $7.2B | 12.8× | 18.8× | +15.40% (above 0%: growing) | +86.64% (above 0%: growing) | −183.02% (below 0%: shrinking) | 3.06% | 1.67% | Compare |
| GLXY Galaxy Digital Inc. | $7.1B | — (loss-making) | — (loss-making) | −0.99% (below 0%: shrinking) | n/m | +80.14% (above 0%: growing) | 0.86% | (1.21%) | Compare |
| WULF TeraWulf Inc. | $6.3B | — (loss-making) | — (loss-making) | −6.02% (below 0%: shrinking) | n/m | −695.25% (below 0%: shrinking) | 72.30% | (313.74%) | |
| FIGR Figure Technology Solutions, Inc. | $6.2B | 17.7× | 30.4× | +112.66% (above 0%: growing) | −9.34% (below 0%: shrinking) | −119.20% (below 0%: shrinking) | 87.18% | 34.46% | Compare |
| RIOT Riot Platforms, Inc. | $5.8B | — (loss-making) | — (loss-making) | +13.89% (above 0%: growing) | n/m | +49.16% (above 0%: growing) | 23.67% | (137.42%) | Compare |
| MKTX MarketAxess Holdings Inc. | $5.8B | 19.4× | 14.6× | −0.48% (below 0%: shrinking) | +1.05% (above 0%: growing) | −83.73% (below 0%: shrinking) | 100.00% | 41.15% | Compare |
| BGC BGC Group, Inc. | $5.4B | 28.3× | 7.4× | +7.85% (above 0%: growing) | +36.36% (above 0%: growing) | +164.18% (above 0%: growing) | 97.58% | 12.38% | Compare |
| MRX Marex Group PLC | $5.2B | 16.7× | 11.3× | +76.97% (above 0%: growing) | +94.87% (above 0%: growing) | +54.74% (above 0%: growing) | 100.00% | 21.10% | Compare |
| PIPR Piper Sandler Companies | $4.6B | 14.2× | 16.3× | +24.88% (above 0%: growing) | +58.10% (above 0%: growing) | +58.77% (above 0%: growing) | 98.91% | 20.27% | Compare |
| Median of peers | $5.8B | 17.2× | 15.5× | +14.65% | +47.23% | +51.95% | 92.38% | 16.33% |
TeraWulf Inc. (WULF) key facts
- Strength: TeraWulf Inc.’s revenue for fiscal 2025 (year ended December 2025) was $168.5 million, up 20.3% from fiscal 2024.
- TeraWulf Inc. (WULF) is a Capital Markets company in the Financial sector, listed on Nasdaq.
- As of October 16, 2026, WULF traded at $11.71, a market capitalization of $6.3 billion.
- Return on equity was −352.2% and debt-to-equity 35.34.
- Its Piotroski F-score is 1 out of 9 for fiscal 2025.