TERAWULF INC. WULF
We are a vertically integrated owner, developer, and operator of large-scale digital infrastructure in the United States, purpose-built to support high-performance computing ("HPC") workloads, including artificial intelligence ("AI"), machine learning, and advanced cloud applications.
Our strategy is grounded in controlling infrastructure at utility scale and pairing compute‑optimized facilities with reliable, long‑duration power resources. By controlling land use through ownership or long-term ground leases, together with interconnection rights, electrical and cooling infrastructure, and, where applicable, on-site generation, we deliver resilient, cost-efficient capacity to hyperscale and enterprise customers through long-term hosting arrangements. This infrastructure-first approach enables TeraWulf to serve Tier-1 counterparties while maintaining operational control, development flexibility, and disciplined capital allocation.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $151.6M | $140.1M | $69.2M | $15.0M | — | $13.4M | $17.6M | $18.2M | $17.2M | $17.6M |
| Cost of revenue | $82.7M | $62.6M | $27.3M | $11.1M | — | $9.5M | $12.2M | $12.0M | $11.5M | $11.3M |
| Gross profit | $66.0M | $69.8M | $37.0M | $4.0M | — | $3.9M | $5.4M | $6.3M | $5.7M | $6.2M |
| R&D | — | — | — | — | — | $671.5K | $870.3K | $677.2K | $688.7K | $647.1K |
| SG&A | — | — | — | $22.8M | — | $5.0M | $5.5M | $5.4M | $5.5M | $5.6M |
| Total operating expenses | $354.7M | $216.3M | $98.7M | $58.8M | — | — | — | — | — | — |
| Operating income | -$186.2M | -$76.2M | -$29.4M | -$43.7M | — | -$1.8M | -$956.7K | $225.8K | -$464.6K | -$22.0K |
| Interest expense | $80.2M | $19.8M | $34.8M | $24.7M | — | $86.6K | $90.1K | $90.6K | $83.1K | $58.2K |
| Pre-tax income | -$661.3M | -$72.4M | -$73.4M | -$86.2M | — | -$649.3K | -$985.6K | $185.5K | -$524.1K | -$69.1K |
| Income tax | $76.0K | $0 | $0 | $256.0K | — | $210.0K | $172.0K | $46.0K | $298.0K | $4.0K |
| Net income | -$661.4M | -$72.4M | -$73.4M | -$90.8M | -$95.7M | -$439.3K | -$813.6K | $139.5K | -$226.1K | -$65.1K |
| EPS, basic | -1.66 | -0.21 | -0.35 | -0.82 | — | -0.22 | -0.41 | 0.07 | -0.11 | -0.03 |
| EPS, diluted | -1.66 | -0.21 | -0.35 | -0.82 | — | -0.22 | -0.41 | 0.07 | -0.11 | -0.03 |
| Shares, diluted (wtd. avg.) | 397.6M | 351.3M | 210.0M | 110.6M | — | 2.0M | 2.0M | 2.0M | 2.0M | 2.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.27B | $274.1M | $54.4M | $8.3M | $46.5M | $0 | $963.6K | $1.6M | $929.7K | $1.0M |
| Short-term investments | — | — | — | — | — | $0 | $2.2M | $2.7M | $2.9M | $3.2M |
| Receivables | $1.2M | $475.0K | — | — | — | $2.1M | $2.4M | $2.2M | $2.2M | $2.3M |
| Inventory | — | — | — | — | — | $1.6M | $2.2M | $2.0M | $2.1M | $2.0M |
| Total current assets | $3.48B | $281.4M | $62.6M | $14.1M | $68.1M | $6.3M | $8.7M | $9.0M | $8.3M | $9.0M |
| Property, plant and equipment | $1.51B | $411.9M | $205.3M | $191.5M | $91.4M | $7.4M | $7.9M | $8.1M | $8.3M | $8.9M |
| Goodwill | $55.5M | $0 | — | — | — | — | — | — | — | — |
| Other intangibles | — | — | — | — | — | $243.6K | $271.4K | $376.4K | $351.2K | $338.1K |
| Total assets | $6.56B | $787.5M | $378.1M | $317.7M | $264.9M | $30.0M | $16.9M | $17.4M | $16.9M | $18.3M |
| Accounts payable | $65.1M | $24.4M | $15.2M | $21.9M | $11.8M | $38.0K | — | — | — | — |
| Short-term debt | $46.3M | $0 | $123.5M | $51.9M | — | $2.7M | $133.3K | $129.3K | $130.9K | $127.3K |
| Total current liabilities | $1.74B | $51.8M | $154.7M | $126.0M | $45.9M | $1.7M | $1.9M | $1.3M | $875.8K | $1.3M |
| Long-term debt | $3.05B | $0 | $56.0K | $73.0M | $94.6M | — | $2.7M | $2.8M | $2.9M | $3.1M |
| Total liabilities | $6.42B | $543.1M | $155.6M | $199.9M | $141.7M | $1.7M | $4.6M | $4.3M | $4.0M | $4.8M |
| Retained earnings | -$993.7M | -$332.3M | -$259.9M | -$186.5M | -$95.7M | -$1.7M | $9.3M | $10.2M | $10.1M | $10.5M |
| Total equity | $140.4M | $244.4M | $222.5M | $117.8M | $123.2M | $0 | $12.3M | $13.1M | $13.0M | $13.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$123.2M | -$24.4M | $4.3M | -$34.1M | — | -$398.8K | -$477.0K | $1.2M | $204.7K | $916.9K |
| Depreciation and amortisation | $88.6M | $59.8M | $28.4M | $6.7M | — | $661.6K | $640.0K | $758.8K | $836.9K | $760.8K |
| Stock-based compensation | $50.9M | $30.9M | $5.9M | $1.6M | — | $22.0K | $8.8K | $13.6K | $23.6K | $25.0K |
| Capital expenditure | $1.06B | $267.9M | $75.2M | $61.1M | — | $149.9K | $478.4K | $543.1K | $230.1K | $2.1M |
| Investing cash flow | -$1.37B | -$91.2M | -$78.0M | -$94.0M | — | $2.1M | $7.6K | -$393.1K | $114.6K | -$5.3M |
| Financing cash flow | $4.94B | $335.2M | $119.9M | $90.0M | — | $1.1M | -$190.0K | -$138.2K | -$438.3K | $3.2M |
| Buybacks | $33.3M | $118.2M | $0 | $0 | — | — | $49.6K | — | $300.5K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001083301-26-000077.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.6M | $17.2M | $18.2M | $17.6M | $13.4M | — | $15.0M | $69.2M | $140.1M | $151.6M |
| Gross profit | $6.2M | $5.7M | $6.3M | $5.4M | $3.9M | — | $4.0M | $37.0M | $69.8M | $66.0M |
| Net income | -$65.1K | -$226.1K | $139.5K | -$813.6K | -$439.3K | -$95.7M | -$90.8M | -$73.4M | -$72.4M | -$661.4M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event Item 8.01
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Other event Item 8.01
- Regulation FD disclosure Item 7.01
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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