Saturday 17 October 2026 Export WULF’s income statement to Excel — free account

TeraWulf Inc.

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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Market cap: $6.3B
P/E: 0.0×
Fwd P/E: −15.7×
Dividend yield: —
F-score: 1/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.44

Total sells 36.09

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	1	—	—	—	5	—	—	—	—	1	1	—
Sell	—	—	—	—	2	2	1	1	—	2	1	—

Insider Ownership 28.19%

Capital & Financial Ratios $m

Market Cap 6,300.00

Revenue 165.19

Net Income (1,950.16)

Free Cash Flow (2,400.81)

Net Debt 2,451.27

Current Ratio 0.75

Debt/Equity 35.34

P/E ratio 0.00

Fwd P/E (15.70)

P/S ratio 34.43

P/B ratio 38.56

Past 5Y EPS Growth —

This Y EPS Growth (89.36%)

Next Y EPS Growth 92.44%

Next Y revenue growth 56.54%

Next 5Y EPS Growth 49.34%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/S against its own 10 years 83.27%

10-year low 10-year high

P/B against its own 10 years 88.12%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2018	Powerpack
2017	Powerpack

special payouts not included in total or ratios

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%

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
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
	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

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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%

All 93 Capital Markets stocks →

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.

Source: company filings (standardised) and stockrow calculations.