TeraWulf (WULF) Financials

$3.74 -0.10 (-2.60%)

Closing price 04:00 PM Eastern

Extended Trading

$3.74 -0.01 (-0.13%)

As of 04:24 PM Eastern

Annual Income Statements for TeraWulf

This table shows TeraWulf's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2013	2014	2015	2016	2017	2018	2019	2020	2022	2023	2024
Period end date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	0.68	0.65	0.14	-0.07	-0.23	0.14	-0.81	-0.44	-91	-73	-72
Consolidated Net Income / (Loss)	0.68	0.65	0.14	-0.07	-0.23	0.14	-0.81	-0.44	-91	-73	-72
Net Income / (Loss) Continuing Operations	0.68	0.65	0.14	-0.07	-0.23	0.14	-0.81	-0.44	-86	-73	-72
Total Pre-Tax Income	0.93	0.92	0.23	-0.07	-0.52	0.19	-0.99	-0.65	-70	-64	-98
Total Operating Income	0.92	0.91	0.22	-0.02	-0.46	0.23	-0.96	-1.79	-44	-29	-76
Total Gross Profit	6.94	6.70	6.14	6.24	5.73	6.25	5.40	3.91	3.95	42	77
Total Revenue	17	18	18	18	17	18	18	13	15	69	140
Operating Revenue	17	18	18	18	17	18	18	13	15	69	140
Total Cost of Revenue	11	12	11	11	12	12	12	9.53	11	27	63
Operating Cost of Revenue	11	12	11	11	12	12	12	9.53	11	27	63
Total Operating Expenses	6.02	5.79	5.92	6.26	6.20	6.03	6.35	5.69	48	71	154
Selling, General & Admin Expense	5.37	5.12	5.26	5.61	5.51	5.35	5.48	5.02	39	42	78
Depreciation Expense	-	-	-	-	-	-	-	-	6.67	28	60
Other Operating Expenses / (Income)	-	-	-	-	-	-	-	-	0.24	-3.17	-2.20
Impairment Charge	-	-	-	-	-	-	-	-	1.46	3.04	0.00
Other Special Charges / (Income)	-	-	-	-	-	-	-	-	0.00	1.21	18
Total Other Income / (Expense), net	0.01	0.01	0.00	-0.05	-0.06	-0.04	-0.03	1.14	-27	-35	-22
Interest Expense	-	-	-	0.06	0.08	0.09	0.09	0.09	27	35	26
Other Income / (Expense), net	-	-	-	-	-	-	-	-	0.00	0.23	3.93
Income Tax Expense	0.25	0.27	0.09	-0.00	-0.30	0.05	-0.17	-0.21	-0.26	0.00	0.00
Other Gains / (Losses), net	-	-	-	-	-	-	-	-	-16	-9.29	26
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	-4.86	-0.13	0.00
Basic Earnings per Share	$0.34	$0.32	$0.07	($0.03)	($0.11)	$0.07	($0.41)	($0.22)	($0.82)	($0.35)	($0.21)
Weighted Average Basic Shares Outstanding	2.01M	2.02M	2.02M	2.02M	2.01M	1.98M	1.98M	1.98M	110.64M	209.96M	351.32M
Diluted Earnings per Share	$0.34	$0.32	$0.07	($0.03)	($0.11)	$0.07	($0.41)	($0.22)	($0.82)	($0.35)	($0.21)
Weighted Average Diluted Shares Outstanding	2.01M	2.02M	2.02M	2.02M	2.01M	1.98M	1.98M	1.98M	110.64M	209.96M	351.32M
Weighted Average Basic & Diluted Shares Outstanding	2.01M	2.02M	2.02M	2.02M	1.98M	1.98M	1.98M	1.98M	186.27M	302.24M	383.14M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	-	$0.00	$0.00	$0.00

This table shows TeraWulf's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-34	-24	-27	-18	-19	-9.73	-9.61	-11	-23	-28	-61
Consolidated Net Income / (Loss)	-34	-25	-26	-18	-19	-11	-9.61	-11	-23	-29	-61
Net Income / (Loss) Continuing Operations	-33	-25	-26	-18	-19	-11	-9.61	-11	-23	-29	-61
Total Pre-Tax Income	-21	-23	-16	-14	-20	-14	-15	-12	-20	-52	-61
Total Operating Income	-13	-13	-9.22	-5.85	-9.69	-4.67	-2.32	-6.77	-16	-51	-60
Total Gross Profit	-1.32	4.29	6.53	10	11	14	28	22	12	15	9.85
Total Revenue	3.86	9.57	12	15	19	23	42	36	27	35	34
Operating Revenue	3.86	9.57	12	15	19	23	42	36	27	35	34
Total Cost of Revenue	5.18	5.28	5.00	5.11	8.27	8.93	14	14	15	20	25
Operating Cost of Revenue	5.18	5.28	5.00	5.11	8.27	8.93	14	14	15	20	25
Total Operating Expenses	12	18	16	16	20	19	30	28	28	67	69
Selling, General & Admin Expense	9.14	13	10	9.66	12	10	17	14	13	35	53
Depreciation Expense	1.52	4.95	5.43	6.43	8.22	8.27	15	14	16	15	16
Other Operating Expenses / (Income)	1.41	-1.38	0.00	-0.58	-0.70	-1.89	-1.33	0.70	-0.95	-0.62	0.87
Total Other Income / (Expense), net	-7.23	-10	-6.83	-8.40	-10	-9.16	-13	-4.88	-4.34	-0.37	-1.79
Interest Expense	7.23	10	6.83	8.45	10	9.28	13	5.33	4.68	3.02	4.05
Interest & Investment Income	-	-	-	-	-	-	0.50	-	-	-	2.26
Income Tax Expense	-0.26	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Other Gains / (Losses), net	-13	-1.10	-10	-3.30	0.85	3.32	5.28	0.77	-2.68	23	0.00
Basic Earnings per Share	($0.32)	($0.18)	($0.16)	($0.08)	($0.09)	($0.02)	($0.03)	($0.03)	($0.06)	($0.09)	($0.16)
Weighted Average Basic Shares Outstanding	108.84M	110.64M	165.02M	210.42M	221.72M	209.96M	290.60M	340.66M	382.09M	351.32M	383.15M
Diluted Earnings per Share	($0.32)	($0.18)	($0.16)	($0.08)	($0.09)	($0.02)	($0.03)	($0.03)	($0.06)	($0.09)	($0.16)
Weighted Average Diluted Shares Outstanding	108.84M	110.64M	165.02M	210.42M	221.72M	209.96M	290.60M	340.66M	382.09M	351.32M	383.15M
Weighted Average Basic & Diluted Shares Outstanding	128.37M	186.27M	212.03M	221.13M	238.20M	302.24M	333.18M	382.60M	385.91M	383.14M	384.58M
Cash Dividends to Common per Share	-	-	$0.00	-	-	-	$0.00	-	-	-	$0.00

This table details how cash moves in and out of TeraWulf's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2013	2014	2015	2016	2017	2018	2019	2020	2022	2023	2024
Period end date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	0.74	0.23	0.31	-1.20	-0.12	0.69	-0.66	2.73	-38	46	220
Net Cash From Operating Activities	1.47	0.92	1.47	0.92	0.20	1.22	-0.48	-0.40	-34	4.26	-24
Net Cash From Continuing Operating Activities	1.47	0.92	1.47	0.92	0.20	1.22	-0.48	-0.40	-32	4.16	-24
Net Income / (Loss) Continuing Operations	0.68	0.65	0.14	-0.07	-0.23	0.14	-0.81	-0.44	-86	-73	-72
Consolidated Net Income / (Loss)	0.68	0.65	0.14	-0.07	-0.23	0.14	-0.81	-0.44	-91	-73	-72
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	-4.86	-0.13	0.00
Depreciation Expense	0.57	0.64	0.66	0.76	0.84	0.76	0.64	0.66	6.67	28	60
Amortization Expense	0.05	0.03	0.03	0.03	0.04	0.04	0.04	0.04	12	21	13
Non-Cash Adjustments To Reconcile Net Income	-0.00	-0.03	0.07	0.02	-0.01	0.01	0.09	-1.18	22	39	-14
Changes in Operating Assets and Liabilities, net	0.16	-0.37	0.58	0.17	-0.44	0.28	-0.44	0.52	13	-11	-10
Net Cash From Discontinued Operating Activities	-	-	-	-	-	-	-	-	-1.80	0.10	0.00
Net Cash From Investing Activities	-0.82	-0.73	-1.15	-5.32	0.11	-0.39	0.01	2.06	-94	-78	-91
Net Cash From Continuing Investing Activities	-0.82	-0.73	-1.15	-5.32	0.11	-0.39	0.01	2.06	-94	-78	-91
Purchase of Property, Plant & Equipment	-0.76	-0.43	-2.87	-2.06	-0.23	-0.54	-0.48	-0.15	-61	-75	-268
Acquisitions	-0.07	-0.06	-0.05	-0.03	-0.04	-0.05	-0.02	-0.01	-46	-2.85	0.00
Sale of Property, Plant & Equipment	0.04	0.06	-	0.02	0.03	0.00	0.02	0.02	13	0.00	23
Divestitures	-	-	-	-	-	-	-	-	0.00	0.00	86
Other Investing Activities, net	-	-	-	-	-	-	-	-	-0.03	0.00	67
Net Cash From Financing Activities	0.09	0.00	0.00	3.20	-0.44	-0.14	-0.19	1.07	90	120	335
Net Cash From Continuing Financing Activities	0.09	0.00	0.00	3.20	-0.44	-0.14	-0.19	1.07	90	120	335
Repayment of Debt	-	-	-	-0.22	-0.14	-0.14	-0.14	-0.14	-20	-9.34	343
Repurchase of Common Equity	-	-	-	-	-0.30	0.00	-0.05	0.00	0.00	0.00	-118
Issuance of Debt	-	-	-	3.42	-	-	0.00	1.21	48	3.76	0.21
Issuance of Preferred Equity	-	-	-	-	-	-	-	-	9.57	0.00	0.00
Issuance of Common Equity	-	-	-	-	-	-	-	-	53	138	194
Other Financing Activities, net	0.09	-	-	0.00	0.00	-	-	-	0.00	-13	-84
Cash Interest Paid	-	-	-	0.04	0.07	0.08	0.08	0.08	14	20	6.96
Cash Income Taxes Paid	0.17	0.40	0.01	0.10	0.06	0.01	0.01	0.01	0.00	0.00	0.00

This table details how cash moves in and out of TeraWulf's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	11	-3.41	8.66	-8.75	-1.65	48	-8.62	58	-80	250	-56
Net Cash From Operating Activities	-6.07	-4.46	-8.71	-0.30	2.38	11	23	16	-21	-43	56
Net Cash From Continuing Operating Activities	-4.82	-3.96	-8.62	-0.68	2.39	11	23	16	-21	-43	56
Net Income / (Loss) Continuing Operations	-33	-25	-26	-18	-19	-11	-9.61	-11	-23	-29	-61
Consolidated Net Income / (Loss)	-34	-25	-26	-18	-19	-11	-9.61	-11	-23	-29	-61
Depreciation Expense	1.52	4.95	5.43	6.43	8.22	8.27	15	14	16	15	16
Amortization Expense	3.05	4.46	3.80	5.01	6.26	5.45	7.85	3.35	0.49	1.07	1.29
Non-Cash Adjustments To Reconcile Net Income	15	5.63	11	9.49	9.63	8.63	15	12	-18	-24	5.13
Changes in Operating Assets and Liabilities, net	8.93	5.54	-3.08	-4.07	-2.69	-0.77	-5.68	-2.44	3.83	-5.81	96
Net Cash From Investing Activities	3.45	-16	-12	-6.56	-25	-34	-47	-47	11	-8.76	-61
Net Cash From Continuing Investing Activities	3.45	-16	-12	-6.56	-25	-34	-47	-47	11	-8.76	-61
Purchase of Property, Plant & Equipment	-8.48	-7.17	-9.99	-6.00	-25	-34	-47	-47	-21	-154	-94
Other Investing Activities, net	0.06	-	-	-	-	-	0.00	-	-	35	33
Net Cash From Financing Activities	13	17	30	-1.88	21	71	16	89	-70	302	-51
Net Cash From Continuing Financing Activities	13	17	30	-1.88	21	71	16	89	-70	302	-51
Repayment of Debt	-4.43	-13	-1.45	-1.00	-0.16	-6.72	-35	-31	-77	486	0.00
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-	-33
Issuance of Common Equity	2.75	16	33	5.17	22	78	51	124	18	0.62	0.00
Other Financing Activities, net	-	-	-3.90	-6.55	-	-2.53	-0.65	-5.01	-11	-67	-18
Cash Interest Paid	4.27	4.77	5.40	5.85	4.29	4.03	3.73	2.49	0.74	0.00	0.01
Cash Income Taxes Paid	-	-	0.00	-	-	-	0.00	-	-	-	0.00

This table presents TeraWulf's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	15	15	18	17	17	17	15	265	318	378	788
Total Current Assets	8.86	6.72	9.05	8.27	8.96	8.69	7.80	68	14	63	281
Cash & Equivalents	1.94	2.25	1.05	0.93	1.62	0.96	3.69	43	1.28	54	274
Accounts Receivable	2.10	2.17	2.34	2.19	2.22	2.43	2.12	0.65	0.00	1.00	3.80
Prepaid Expenses	0.09	0.09	0.36	0.17	0.38	0.91	0.13	1.49	5.10	4.54	2.49
Other Current Assets	-	-	-	-	-	-	-	0.11	0.73	0.81	1.07
Plant, Property, & Equipment, net	5.42	7.96	8.91	8.30	8.08	7.92	7.39	91	192	205	412
Total Noncurrent Assets	0.35	0.34	0.34	0.35	0.38	0.27	0.24	105	112	110	94
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	-	-	-	0.00	7.29
Other Noncurrent Operating Assets	-	-	-	-	-	-	-	1.13	13	12	87
Total Liabilities & Shareholders' Equity	15	15	18	17	17	17	15	265	318	378	788
Total Liabilities	1.29	1.52	4.84	3.97	4.31	4.62	3.60	142	200	156	543
Total Current Liabilities	0.74	1.14	1.31	0.88	1.30	1.93	3.60	46	126	155	52
Accounts Payable	0.37	0.42	0.73	0.32	0.65	0.76	0.46	12	22	15	24
Accrued Expenses	0.08	0.03	0.07	0.06	0.16	0.66	0.17	7.66	18	6.29	19
Current Deferred Revenue	-	-	-	-	-	-	-	-	-	-	0.00
Current Employee Benefit Liabilities	0.29	0.35	0.39	0.36	0.37	0.38	0.28	-	-	4.41	4.55
Other Current Liabilities	-	0.33	-	-	-	-	-	13	23	5.32	1.42
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	1.76	-	-	2.56
Total Noncurrent Liabilities	0.55	0.39	3.52	3.09	3.00	2.69	0.00	96	74	0.96	491
Long-Term Debt	-	-	3.08	2.95	2.82	2.69	-	95	73	0.06	488
Noncurrent Deferred Revenue	-	-	-	-	-	-	-	-	-	-	0.00
Other Noncurrent Operating Liabilities	-	-	-	-	-	-	-	0.99	0.95	0.90	3.72
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	13	13	13	13	13	12	12	123	118	222	244
Total Preferred & Common Equity	13	13	13	13	13	12	12	123	118	222	244
Preferred Stock	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.27	9.27	9.27
Total Common Equity	13	13	13	13	13	12	12	123	108	213	235
Common Stock	2.88	2.90	2.93	2.91	2.92	2.92	2.94	219	295	473	686
Retained Earnings	10	11	11	10	10	9.34	8.90	-96	-186	-260	-332
Treasury Stock	-	-	-	-	-	-	-	-	-	0.00	-118

This table presents TeraWulf's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	319	310	317	300	312	395	480	406	841
Total Current Assets	22	16	22	14	13	54	111	32	230
Cash & Equivalents	0.92	4.47	17	8.24	6.60	46	104	24	218
Accounts Receivable	0.00	0.00	-	-	2.72	1.67	2.55	4.38	5.10
Prepaid Expenses	4.36	3.14	4.38	3.47	2.36	3.97	2.85	3.09	4.80
Other Current Assets	1.10	1.23	0.86	2.65	1.30	2.89	0.51	0.71	1.99
Plant, Property, & Equipment, net	154	202	159	162	181	238	272	283	510
Total Noncurrent Assets	143	92	135	124	118	103	97	90	101
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	-	-	7.20
Other Noncurrent Operating Assets	3.39	15	13	12	12	11	11	11	94
Total Liabilities & Shareholders' Equity	319	310	317	300	312	395	480	406	841
Total Liabilities	184	188	170	165	158	123	93	33	671
Total Current Liabilities	98	106	56	82	108	122	92	32	121
Accounts Payable	14	21	23	20	21	14	8.40	20	55
Accrued Expenses	9.69	15	9.85	7.98	7.47	6.43	11	12	26
Current Deferred Revenue	-	-	-	-	-	-	-	-	32
Current Employee Benefit Liabilities	-	-	-	-	-	-	-	-	1.51
Other Current Liabilities	45	25	16	15	2.33	2.01	0.93	0.53	0.60
Other Current Nonoperating Liabilities	2.49	0.00	-	-	-	-	-	-	6.00
Total Noncurrent Liabilities	87	82	114	83	49	0.93	0.91	0.86	550
Long-Term Debt	85	82	113	82	48	0.05	0.04	0.00	488
Noncurrent Deferred Revenue	-	-	-	-	-	-	-	-	58
Other Noncurrent Operating Liabilities	0.95	0.96	0.94	0.92	0.91	0.89	0.87	0.86	3.71
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	135	122	146	135	154	272	386	373	170
Total Preferred & Common Equity	135	122	146	135	154	272	386	373	170
Preferred Stock	9.56	9.80	9.27	9.27	9.27	9.27	9.27	9.27	9.27
Total Common Equity	125	112	137	126	145	263	377	363	161
Common Stock	253	274	345	356	394	533	657	666	706
Retained Earnings	-128	-162	-213	-230	-249	-269	-280	-303	-394
Treasury Stock	-	-	-	-	-	-	-	-	-152

This table displays calculated financial ratios and metrics derived from TeraWulf's official financial filings.

Metric	2013	2014	2015	2016	2017	2018	2019	2020	2022	2023	2024
Period end date	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.03%	5.71%	-5.02%	0.04%	-1.86%	5.63%	-3.27%	-23.76%	0.00%	360.51%	102.30%
EBITDA Growth	-2.19%	2.11%	-42.51%	-14.67%	-46.86%	148.73%	-126.80%	-297.55%	0.00%	178.39%	-98.61%
EBIT Growth	-10.92%	-0.72%	-75.83%	-109.96%	-2,011.48%	148.60%	-523.65%	-86.69%	0.00%	33.27%	-147.65%
NOPAT Growth	-1.30%	-4.72%	-79.46%	-111.63%	-2,011.48%	152.21%	-494.37%	-86.69%	0.00%	32.74%	-159.05%
Net Income Growth	-1.69%	-4.90%	-79.19%	-148.19%	-247.59%	161.67%	-683.34%	46.00%	0.00%	19.13%	1.37%
EPS Growth	-2.86%	-5.88%	-78.13%	-142.86%	-266.67%	163.64%	-685.71%	46.34%	0.00%	57.32%	40.00%
Operating Cash Flow Growth	24.08%	-37.49%	59.92%	-37.46%	-77.68%	498.35%	-138.95%	16.39%	0.00%	112.51%	-672.88%
Free Cash Flow Firm Growth	6.74%	-30.28%	-436.36%	23.01%	85.35%	481.97%	-231.24%	79.13%	0.00%	0.00%	-374.63%
Invested Capital Growth	0.50%	2.18%	16.71%	9.98%	-1.28%	-3.82%	1.41%	-9.03%	0.00%	31.72%	137.30%
Revenue Q/Q Growth	0.42%	0.14%	0.83%	-0.09%	1.13%	-0.48%	0.61%	-5.19%	0.00%	24.71%	9.12%
EBITDA Q/Q Growth	9.26%	-20.41%	26.48%	-18.62%	318.04%	-19.48%	-6,285.09%	24.61%	0.00%	206.77%	-99.35%
EBIT Q/Q Growth	12.85%	-30.57%	426.28%	-111.18%	40.64%	-48.81%	-37.68%	16.65%	0.00%	23.47%	-157.68%
NOPAT Q/Q Growth	12.69%	-28.28%	584.84%	-108.82%	40.64%	-57.64%	-37.68%	16.65%	0.00%	22.87%	-158.73%
Net Income Q/Q Growth	12.45%	-28.15%	514.09%	-143.91%	61.58%	-61.11%	-39.34%	77.84%	0.00%	16.42%	-34.74%
EPS Q/Q Growth	6.25%	-27.27%	600.00%	-142.86%	62.07%	-61.11%	-41.38%	78.22%	0.00%	31.37%	-50.00%
Operating Cash Flow Q/Q Growth	-16.94%	-38.60%	173.26%	-37.77%	-21.39%	8.57%	-2.40%	18.20%	0.00%	138.44%	-183.65%
Free Cash Flow Firm Q/Q Growth	-32.99%	-50.22%	-93.38%	47.88%	-572.85%	14.06%	-7.04%	45.48%	100.00%	-93.43%	-161.43%
Invested Capital Q/Q Growth	2.41%	4.46%	12.37%	0.02%	3.10%	0.50%	-0.59%	0.31%	-8.50%	14.80%	70.09%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	39.66%	36.25%	34.99%	35.50%	33.23%	34.34%	30.63%	29.07%	26.28%	60.54%	55.30%
EBITDA Margin	8.82%	8.52%	5.16%	4.40%	2.38%	5.61%	-1.55%	-8.10%	-166.96%	28.42%	0.20%
Operating Margin	5.26%	4.94%	1.26%	-0.13%	-2.69%	1.24%	-5.43%	-13.30%	-290.99%	-42.50%	-54.42%
EBIT Margin	5.26%	4.94%	1.26%	-0.13%	-2.69%	1.24%	-5.43%	-13.30%	-290.99%	-42.16%	-51.62%
Profit (Net Income) Margin	3.90%	3.51%	0.77%	-0.37%	-1.31%	0.77%	-4.62%	-3.27%	-603.94%	-106.06%	-51.71%
Tax Burden Percent	73.58%	70.61%	60.00%	94.21%	43.15%	75.20%	82.55%	67.66%	128.82%	114.72%	73.61%
Interest Burden Percent	100.77%	100.58%	101.90%	313.86%	112.81%	82.13%	103.02%	36.36%	161.11%	219.26%	136.10%
Effective Tax Rate	26.42%	29.39%	40.00%	0.00%	0.00%	24.80%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	7.20%	6.77%	1.27%	-0.13%	-2.65%	1.42%	-5.66%	-10.99%	-20.90%	-12.13%	-16.39%
ROIC Less NNEP Spread (ROIC-NNEP)	7.01%	6.66%	1.18%	2.84%	-13.43%	4.29%	11.13%	-130.91%	-230.25%	13,361.61%	-37.13%
Return on Net Nonoperating Assets (RNNOA)	-1.60%	-1.76%	-0.26%	-0.35%	0.93%	-0.35%	-0.75%	7.35%	-56.20%	-31.02%	-14.62%
Return on Equity (ROE)	5.59%	5.00%	1.01%	-0.48%	-1.71%	1.07%	-6.41%	-3.65%	-77.10%	-43.16%	-31.02%
Cash Return on Invested Capital (CROIC)	6.70%	4.61%	-14.16%	-9.64%	-1.36%	5.32%	-7.06%	-1.53%	0.00%	-39.51%	-97.80%
Operating Return on Assets (OROA)	6.77%	6.38%	1.49%	-0.13%	-2.64%	1.32%	-5.58%	-11.05%	-15.02%	-8.39%	-12.40%
Return on Assets (ROA)	5.02%	4.53%	0.91%	-0.39%	-1.28%	0.81%	-4.74%	-2.72%	-31.17%	-21.10%	-12.43%
Return on Common Equity (ROCE)	5.59%	5.00%	1.01%	-0.48%	-1.71%	1.07%	-6.41%	-3.65%	-74.13%	-40.81%	-29.79%
Return on Equity Simple (ROE_SIMPLE)	5.41%	4.86%	1.00%	-0.48%	-1.75%	1.06%	-6.64%	-3.71%	-77.10%	-33.00%	-29.63%
Net Operating Profit after Tax (NOPAT)	0.68	0.65	0.13	-0.02	-0.33	0.17	-0.67	-1.25	-31	-21	-53
NOPAT Margin	3.87%	3.49%	0.75%	-0.09%	-1.89%	0.93%	-3.80%	-9.31%	-203.70%	-29.75%	-38.09%
Net Nonoperating Expense Percent (NNEP)	0.19%	0.11%	0.08%	-2.98%	10.79%	-2.87%	-16.79%	119.91%	209.35%	-13,373.75%	20.74%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-12.08%	-5.95%	-7.29%
Cost of Revenue to Revenue	60.34%	63.75%	65.01%	64.50%	66.77%	65.66%	69.37%	70.93%	73.72%	39.46%	44.70%
SG&A Expenses to Revenue	30.69%	27.72%	29.97%	31.94%	31.93%	29.38%	31.12%	37.37%	261.66%	60.53%	55.86%
R&D to Revenue	3.71%	3.60%	3.76%	3.68%	3.99%	3.72%	4.94%	5.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	34.40%	31.31%	33.73%	35.62%	35.93%	33.10%	36.06%	42.37%	317.27%	103.04%	109.72%
Earnings before Interest and Taxes (EBIT)	0.92	0.91	0.22	-0.02	-0.46	0.23	-0.96	-1.79	-44	-29	-72
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1.54	1.57	0.91	0.77	0.41	1.02	-0.27	-1.09	-25	20	0.27
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.35	2.20	1.67	1.69	1.16	1.28	0.86	1.66	0.79	2.68	9.29
Price to Tangible Book Value (P/TBV)	2.41	2.26	1.72	1.73	1.19	1.31	0.88	1.70	0.79	2.68	9.29
Price to Revenue (P/Rev)	1.69	1.59	1.29	1.29	0.87	0.92	0.60	1.47	5.68	8.26	15.60
Price to Earnings (P/E)	43.44	45.29	167.28	0.00	0.00	119.92	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.30%	2.21%	0.60%	0.00%	0.00%	0.83%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.81	2.67	1.81	1.75	1.17	1.31	0.86	1.73	0.84	2.86	5.26
Enterprise Value to Revenue (EV/Rev)	1.51	1.39	1.16	1.23	0.83	0.84	0.58	1.39	8.21	7.97	17.19
Enterprise Value to EBITDA (EV/EBITDA)	17.16	16.31	22.46	27.99	34.67	15.04	0.00	0.00	0.00	28.03	8,784.48
Enterprise Value to EBIT (EV/EBIT)	28.76	28.12	92.09	0.00	0.00	68.01	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	39.09	39.82	153.49	0.00	0.00	90.44	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	18.04	28.02	13.87	23.58	69.53	12.54	0.00	0.00	0.00	129.35	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	41.99	58.45	0.00	0.00	0.00	24.12	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.24	0.24	0.23	0.23	0.23	1.15	0.56	1.99
Long-Term Debt to Equity	0.00	0.00	0.00	0.23	0.23	0.22	0.22	0.00	0.62	0.00	1.99
Financial Leverage	-0.23	-0.26	-0.22	-0.12	-0.07	-0.08	-0.07	-0.06	0.24	0.00	0.39
Leverage Ratio	1.11	1.10	1.10	1.24	1.33	1.32	1.35	1.34	2.42	2.05	2.50
Compound Leverage Factor	1.12	1.11	1.13	3.88	1.50	1.08	1.39	0.49	3.90	4.48	3.40
Debt to Total Capital	0.00%	0.00%	0.00%	19.23%	19.19%	18.37%	18.71%	18.51%	53.56%	35.70%	66.60%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.76%	0.82%	0.80%	0.88%	18.51%	24.78%	35.68%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	18.47%	18.38%	17.57%	17.83%	0.00%	28.78%	0.02%	66.60%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.66%	2.68%	1.27%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	80.77%	80.81%	81.63%	81.29%	81.49%	42.78%	61.62%	32.13%
Debt to EBITDA	0.00	0.00	0.00	4.15	7.50	2.89	-10.31	-2.47	-5.41	6.28	1,779.20
Net Debt to EBITDA	0.00	0.00	0.00	-1.41	-1.82	-1.34	1.27	0.92	-1.15	-1.50	778.97
Long-Term Debt to EBITDA	0.00	0.00	0.00	3.98	7.18	2.76	-9.82	0.00	-2.91	0.00	1,779.20
Debt to NOPAT	0.00	0.00	0.00	-208.06	-9.46	17.38	-4.21	-2.15	-4.44	-6.00	-9.14
Net Debt to NOPAT	0.00	0.00	0.00	70.76	2.30	-8.05	0.52	0.80	-0.94	1.43	-4.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	-199.80	-9.06	16.62	-4.01	0.00	-2.38	0.00	-9.14
Altman Z-Score	15.74	16.81	11.57	5.09	4.55	4.76	3.48	4.91	-1.40	0.88	2.05
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.85%	5.45%	3.97%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	9.19	11.90	5.92	6.89	9.44	6.87	4.49	2.17	0.11	0.40	5.43
Quick Ratio	5.97	7.79	3.89	5.05	6.87	5.01	2.90	1.62	0.01	0.37	5.37
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.63	0.44	-1.48	-1.14	-0.17	0.64	-0.84	-0.17	0.00	-67	-318
Operating Cash Flow to CapEx	201.72%	245.97%	51.14%	44.87%	103.66%	225.50%	-103.08%	-303.02%	-71.19%	5.67%	-9.98%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-19.54	-2.01	7.03	-9.28	-2.02	0.00	-1.93	-12.20
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	15.75	2.46	13.52	-5.30	-4.61	-1.27	0.12	-0.94
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	-19.35	0.09	7.52	-10.44	-6.13	-3.06	-2.04	-10.31
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.29	1.29	1.18	1.05	0.98	1.06	1.03	0.83	0.05	0.20	0.24
Accounts Receivable Turnover	8.51	8.92	8.24	7.81	7.62	8.27	7.58	5.90	0.00	0.00	58.35
Inventory Turnover	4.03	4.55	4.81	5.52	5.65	5.79	5.78	4.98	0.00	0.00	0.00
Fixed Asset Turnover	3.15	3.35	2.63	2.08	2.00	2.22	2.20	1.76	0.11	0.35	0.45
Accounts Payable Turnover	18.74	26.09	28.85	19.70	21.88	24.67	17.35	15.60	0.66	1.48	3.17
Days Sales Outstanding (DSO)	42.89	40.93	44.28	46.76	47.91	44.14	48.17	61.87	0.00	0.00	6.25
Days Inventory Outstanding (DIO)	90.51	80.29	75.93	66.12	64.55	63.06	63.12	73.28	0.00	0.00	0.00
Days Payable Outstanding (DPO)	19.48	13.99	12.65	18.53	16.68	14.79	21.04	23.40	555.14	247.42	115.29
Cash Conversion Cycle (CCC)	113.93	107.24	107.57	94.35	95.78	92.41	90.25	111.76	-555.14	-247.42	-109.03
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	9.43	9.64	11	12	12	12	12	11	146	193	458
Invested Capital Turnover	1.86	1.94	1.68	1.49	1.40	1.52	1.49	1.18	0.10	0.41	0.43
Increase / (Decrease) in Invested Capital	0.05	0.21	1.61	1.12	-0.16	-0.47	0.17	-1.08	0.00	46	265
Enterprise Value (EV)	26	26	20	22	14	15	10	19	123	551	2,407
Market Capitalization	30	29	23	23	15	17	11	20	85	572	2,184
Book Value per Share	$6.27	$6.61	$6.69	$6.67	$6.50	$6.61	$6.20	$5.99	$0.85	$0.90	$0.61
Tangible Book Value per Share	$6.11	$6.43	$6.52	$6.50	$6.33	$6.42	$6.06	$5.87	$0.85	$0.90	$0.61
Total Capital	13	13	13	17	16	16	15	15	254	346	732
Total Debt	0.00	0.00	0.00	3.20	3.08	2.95	2.82	2.69	136	124	488
Total Long-Term Debt	0.00	0.00	0.00	3.08	2.95	2.82	2.69	0.00	73	0.06	488
Net Debt	-3.17	-3.70	-2.25	-1.09	-0.75	-1.37	-0.35	-1.01	29	-30	213
Capital Expenditures (CapEx)	0.73	0.37	2.87	2.04	0.20	0.54	0.46	0.13	48	75	245
Debt-free, Cash-free Net Working Capital (DFCFNWC)	4.00	4.41	3.34	3.56	3.70	3.47	3.72	3.20	-57	-23	-44
Debt-free Net Working Capital (DFNWC)	7.17	8.11	5.59	7.86	7.53	7.78	6.89	6.90	-49	31	230
Net Working Capital (NWC)	7.17	8.11	5.59	7.73	7.40	7.65	6.76	4.21	-112	-92	230
Net Nonoperating Expense (NNE)	-0.01	-0.00	-0.00	0.05	-0.10	0.03	0.14	-0.81	60	53	19
Net Nonoperating Obligations (NNO)	-3.17	-3.70	-2.25	-1.09	-0.75	-1.37	-0.35	-1.01	29	-30	213
Total Depreciation and Amortization (D&A)	0.62	0.66	0.68	0.79	0.88	0.80	0.68	0.70	19	49	73
Debt-free, Cash-free Net Working Capital to Revenue	22.87%	23.85%	19.01%	20.29%	21.47%	19.03%	21.13%	23.84%	-381.56%	-33.29%	-31.76%
Debt-free Net Working Capital to Revenue	40.99%	43.88%	31.81%	44.73%	43.65%	42.74%	39.11%	51.34%	-326.20%	45.34%	163.93%
Net Working Capital to Revenue	40.99%	43.88%	31.81%	44.01%	42.89%	42.03%	38.36%	31.32%	-744.20%	-133.00%	163.93%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.34	$0.32	$0.07	($0.03)	($0.11)	$0.07	($0.41)	($0.22)	($0.82)	($0.35)	($0.21)
Adjusted Weighted Average Basic Shares Outstanding	2.01M	2.02M	2.02M	2.02M	2.01M	1.98M	1.98M	1.98M	110.64M	209.96M	351.32M
Adjusted Diluted Earnings per Share	$0.34	$0.32	$0.07	($0.03)	($0.11)	$0.07	($0.41)	($0.22)	($0.82)	($0.35)	($0.21)
Adjusted Weighted Average Diluted Shares Outstanding	2.01M	2.02M	2.02M	2.02M	2.01M	1.98M	1.98M	1.98M	110.64M	209.96M	351.32M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	2.01M	2.02M	2.02M	2.02M	1.98M	1.98M	1.98M	1.98M	186.27M	302.24M	383.14M
Normalized Net Operating Profit after Tax (NOPAT)	0.68	0.65	0.13	-0.02	-0.33	0.17	-0.67	-1.25	-30	-18	-41
Normalized NOPAT Margin	3.87%	3.49%	0.75%	-0.09%	-1.89%	0.93%	-3.80%	-9.31%	-196.91%	-25.45%	-29.19%
Pre Tax Income Margin	5.30%	4.97%	1.28%	-0.39%	-3.04%	1.02%	-5.59%	-4.83%	-468.82%	-92.45%	-70.25%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	-0.38	-5.59	2.49	-10.62	-20.63	-1.64	-0.84	-2.77
NOPAT to Interest Expense	0.00	0.00	0.00	-0.26	-3.91	1.87	-7.44	-14.44	-1.15	-0.59	-2.04
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	-35.48	-7.97	-3.50	-15.76	-22.15	-3.43	-3.00	-12.14
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	-35.36	-6.29	-4.12	-12.57	-15.96	-2.94	-2.75	-11.42
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	-132.86%	0.00%	-6.10%	0.00%	0.00%	0.00%	-163.24%

This table displays calculated financial ratios and metrics derived from TeraWulf's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-18.54%	0.00%	5,214.75%	1,015.96%	390.55%	143.39%	267.93%	130.16%	42.75%	50.25%	-18.92%
EBITDA Growth	-1,223.70%	0.00%	100.16%	200.50%	155.05%	330.21%	187,327.27%	97.73%	-84.27%	-457.48%	-307.41%
EBIT Growth	-1,518.01%	0.00%	-0.59%	25.91%	27.99%	66.03%	74.88%	-9.10%	-59.63%	-972.63%	-2,474.61%
NOPAT Growth	-1,518.01%	0.00%	-0.59%	25.22%	27.55%	65.15%	74.88%	-15.74%	-62.15%	-1,002.10%	-2,474.61%
Net Income Growth	-3,890.44%	0.00%	-44.40%	-28.32%	43.81%	57.82%	63.39%	37.99%	-19.03%	-177.40%	-538.91%
EPS Growth	25.58%	0.00%	11.11%	42.86%	71.88%	88.89%	81.25%	62.50%	33.33%	-350.00%	-433.33%
Operating Cash Flow Growth	-684.65%	0.00%	42.87%	96.41%	139.15%	344.45%	362.21%	5,615.49%	-979.94%	-492.14%	147.25%
Free Cash Flow Firm Growth	-10,538.45%	0.00%	52.82%	47.82%	90.83%	0.00%	-157.56%	-196.05%	-660.17%	-505.12%	-135.23%
Invested Capital Growth	1,744.36%	0.00%	38.45%	45.95%	4.98%	31.72%	83.28%	98.66%	60.16%	137.30%	90.69%
Revenue Q/Q Growth	178.99%	147.59%	20.55%	34.02%	22.64%	22.84%	82.23%	-16.16%	-23.94%	29.29%	-1.66%
EBITDA Q/Q Growth	-56.89%	54.82%	100.28%	51,227.27%	-14.06%	88.93%	124.90%	-47.13%	-93.17%	-4,394.89%	-30.49%
EBIT Q/Q Growth	-71.11%	-0.10%	31.12%	37.20%	-66.29%	52.77%	49.08%	-247.91%	-143.30%	-217.35%	-22.23%
NOPAT Q/Q Growth	-71.11%	-0.10%	31.12%	36.61%	-65.77%	51.84%	50.36%	-192.10%	-132.24%	-227.31%	-15.95%
Net Income Q/Q Growth	-148.65%	26.59%	-5.23%	33.20%	-8.89%	44.89%	8.67%	-13.14%	-109.02%	-28.43%	-110.36%
EPS Q/Q Growth	-128.57%	43.75%	11.11%	50.00%	-12.50%	77.78%	-50.00%	0.00%	-100.00%	-50.00%	-77.78%
Operating Cash Flow Q/Q Growth	26.67%	26.62%	-95.49%	96.59%	900.67%	358.16%	109.69%	-28.30%	-227.74%	-104.18%	232.21%
Free Cash Flow Firm Q/Q Growth	-79.61%	100.00%	0.00%	-11.42%	68.42%	-237.16%	-117.13%	-28.06%	18.92%	-168.39%	15.59%
Invested Capital Q/Q Growth	72.64%	-8.50%	-12.83%	6.00%	24.17%	14.80%	21.30%	14.89%	0.11%	70.09%	-2.53%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	-34.08%	44.82%	56.63%	66.92%	56.38%	61.64%	66.05%	60.88%	45.82%	43.91%	28.64%
EBITDA Margin	-228.11%	-41.62%	0.10%	36.53%	25.60%	39.37%	48.59%	31.38%	2.82%	-93.67%	-124.29%
Operating Margin	-346.12%	-139.94%	-79.95%	-37.82%	-51.12%	-20.04%	-5.46%	-19.02%	-58.06%	-146.99%	-173.31%
EBIT Margin	-346.12%	-139.94%	-79.95%	-37.47%	-50.80%	-19.53%	-5.46%	-17.76%	-56.81%	-139.44%	-173.31%
Profit (Net Income) Margin	-879.61%	-260.80%	-227.67%	-113.48%	-100.76%	-45.20%	-22.65%	-30.57%	-84.01%	-83.45%	-178.51%
Tax Burden Percent	164.96%	106.49%	163.54%	123.17%	96.07%	76.13%	64.57%	93.41%	113.36%	56.37%	100.00%
Interest Burden Percent	154.06%	175.01%	174.11%	245.92%	206.45%	303.98%	642.83%	184.28%	130.46%	106.18%	103.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-10.05%	-13.41%	-9.38%	-12.10%	-5.72%	-2.11%	-7.92%	-23.86%	-44.28%	-47.08%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-64.26%	70.18%	55.07%	-59.11%	1,831.95%	25.98%	2.60%	2.43%	-36.89%	-63.64%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-15.68%	-12.44%	-8.52%	-11.23%	-4.25%	-3.53%	-0.58%	-0.41%	-14.53%	-34.16%
Return on Equity (ROE)	0.00%	-25.74%	-25.85%	-17.90%	-23.34%	-9.98%	-5.65%	-8.50%	-24.27%	-58.81%	-81.25%
Cash Return on Invested Capital (CROIC)	-179.43%	0.00%	-60.13%	-63.04%	-21.13%	-39.51%	-67.51%	-74.18%	-55.68%	-97.80%	-89.87%
Operating Return on Assets (OROA)	0.00%	-7.22%	-7.15%	-4.89%	-9.07%	-3.89%	-1.53%	-5.48%	-20.32%	-33.51%	-37.01%
Return on Assets (ROA)	0.00%	-13.46%	-20.35%	-14.82%	-17.99%	-8.99%	-6.37%	-9.43%	-30.05%	-20.05%	-38.12%
Return on Common Equity (ROCE)	0.00%	-24.75%	-24.06%	-16.65%	-21.72%	-9.43%	-5.40%	-8.20%	-23.42%	-56.47%	-77.84%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	-67.57%	-76.20%	-57.07%	0.00%	-20.85%	-12.97%	-14.42%	0.00%	-72.91%
Net Operating Profit after Tax (NOPAT)	-9.36	-9.37	-6.45	-4.09	-6.78	-3.27	-1.62	-4.74	-11	-36	-42
NOPAT Margin	-242.28%	-97.96%	-55.97%	-26.47%	-35.78%	-14.03%	-3.82%	-13.31%	-40.64%	-102.89%	-121.32%
Net Nonoperating Expense Percent (NNEP)	133.96%	54.21%	-83.59%	-64.45%	47.00%	-1,837.67%	-28.09%	-10.52%	-26.29%	-7.40%	16.56%
Return On Investment Capital (ROIC_SIMPLE)	-	-3.70%	-	-	-	-0.94%	-0.44%	-	-	-4.92%	-6.34%
Cost of Revenue to Revenue	134.08%	55.18%	43.37%	33.08%	43.62%	38.36%	33.95%	39.12%	54.18%	56.09%	71.36%
SG&A Expenses to Revenue	236.62%	138.05%	89.27%	62.51%	60.71%	44.85%	39.08%	38.20%	48.28%	100.03%	154.15%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	312.03%	184.76%	136.58%	104.74%	107.50%	81.68%	71.50%	79.89%	103.88%	190.90%	201.95%
Earnings before Interest and Taxes (EBIT)	-13	-13	-9.22	-5.79	-9.63	-4.55	-2.32	-6.32	-15	-49	-60
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-8.81	-3.98	0.01	5.65	4.85	9.17	21	11	0.76	-33	-43
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.20	0.79	1.27	2.96	1.93	2.68	3.02	3.93	4.93	9.29	6.49
Price to Tangible Book Value (P/TBV)	1.20	0.79	1.27	2.96	1.93	2.68	3.02	3.93	4.93	9.29	6.49
Price to Revenue (P/Rev)	0.00	5.68	6.63	9.18	5.02	8.26	7.94	12.33	13.95	15.60	7.92
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.14	0.84	1.29	2.81	1.80	2.86	3.27	5.11	6.30	5.26	2.97
Enterprise Value to Revenue (EV/Rev)	0.00	8.21	6.28	9.42	5.44	7.97	7.65	11.43	13.22	17.19	10.04
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	47.09	28.03	19.12	29.69	40.19	8,784.48	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	129.35	21.38	26.18	58.10	0.00	143.75
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.04	1.15	0.82	0.89	0.82	0.56	0.37	0.19	0.00	1.99	2.86
Long-Term Debt to Equity	0.67	0.62	0.78	0.61	0.31	0.00	0.00	0.00	0.00	1.99	2.86
Financial Leverage	0.28	0.24	-0.18	-0.15	0.19	0.00	-0.14	-0.22	-0.17	0.39	0.54
Leverage Ratio	2.44	2.42	2.21	2.29	2.25	2.05	1.70	1.50	1.36	2.50	2.79
Compound Leverage Factor	3.76	4.23	3.84	5.64	4.65	6.22	10.94	2.76	1.78	2.65	2.88
Debt to Total Capital	50.98%	53.56%	45.14%	47.14%	45.07%	35.70%	26.74%	15.77%	0.00%	66.60%	74.13%
Short-Term Debt to Total Capital	18.19%	24.78%	2.62%	14.83%	27.77%	35.68%	26.73%	15.77%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	32.79%	28.78%	42.52%	32.31%	17.30%	0.02%	0.01%	0.01%	0.00%	66.60%	74.13%
Preferred Equity to Total Capital	3.94%	3.66%	3.48%	3.64%	3.31%	2.68%	2.49%	2.02%	2.49%	1.27%	1.41%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	45.07%	42.78%	51.38%	49.22%	51.62%	61.62%	70.77%	82.20%	97.51%	32.13%	24.47%
Debt to EBITDA	0.00	-5.41	-6.54	-16.71	19.69	6.28	2.48	1.56	0.00	1,779.20	-7.28
Net Debt to EBITDA	0.00	-1.15	1.01	-0.08	2.21	-1.50	-0.96	-2.53	0.00	778.97	-4.03
Long-Term Debt to EBITDA	0.00	-2.91	-6.16	-11.46	7.56	0.00	0.00	0.00	0.00	1,779.20	-7.28
Debt to NOPAT	0.00	-4.44	-3.93	-4.11	-4.73	-6.00	-6.31	-4.41	0.00	-9.14	-5.22
Net Debt to NOPAT	0.00	-0.94	0.61	-0.02	-0.53	1.43	2.43	7.15	0.00	-4.00	-2.89
Long-Term Debt to NOPAT	0.00	-2.38	-3.70	-2.81	-1.82	0.00	0.00	0.00	0.00	-9.14	-5.22
Altman Z-Score	-0.79	-1.08	-0.47	0.08	-0.35	1.09	2.95	8.97	31.43	2.15	0.36
Noncontrolling Interest Sharing Ratio	7.43%	3.85%	6.94%	6.98%	6.92%	5.45%	4.43%	3.56%	3.52%	3.97%	4.19%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.15	0.11	0.40	0.18	0.12	0.40	0.45	1.20	1.00	5.43	1.90
Quick Ratio	0.04	0.01	0.30	0.10	0.09	0.37	0.39	1.16	0.88	5.37	1.85
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-161	0.00	-42	-47	-15	-50	-108	-138	-112	-301	-254
Operating Cash Flow to CapEx	-71.64%	-60.21%	-87.25%	-4.95%	9.36%	32.26%	48.63%	35.15%	-100.95%	-27.81%	60.29%
Free Cash Flow to Firm to Interest Expense	-22.24	0.00	-6.13	-5.53	-1.44	-5.36	-8.26	-25.97	-23.95	-99.81	-62.73
Operating Cash Flow to Interest Expense	-0.84	-0.44	-1.27	-0.04	0.23	1.17	1.75	3.08	-4.47	-14.17	13.95
Operating Cash Flow Less CapEx to Interest Expense	-2.01	-1.18	-2.74	-0.75	-2.25	-2.47	-1.85	-5.67	-8.90	-65.13	-9.19
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.05	0.09	0.13	0.18	0.20	0.28	0.31	0.36	0.24	0.21
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	36.12	58.35	39.01
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.11	0.19	0.26	0.29	0.35	0.50	0.55	0.55	0.45	0.35
Accounts Payable Turnover	0.00	0.66	0.93	1.18	1.14	1.48	1.95	3.15	2.56	3.17	2.10
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	10.10	6.25	9.36
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	555.14	390.82	309.78	320.93	247.42	187.29	115.74	142.80	115.29	173.62
Cash Conversion Cycle (CCC)	0.00	-555.14	-390.82	-309.78	-320.93	-247.42	-187.29	-115.74	-132.70	-109.03	-164.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	160	146	128	135	168	193	234	269	269	458	446
Invested Capital Turnover	0.00	0.10	0.24	0.35	0.34	0.41	0.55	0.59	0.59	0.43	0.39
Increase / (Decrease) in Invested Capital	151	0.00	35	43	7.97	46	106	134	101	265	212
Enterprise Value (EV)	183	123	165	381	302	551	766	1,375	1,696	2,407	1,325
Market Capitalization	134	85	175	371	279	572	795	1,483	1,791	2,184	1,046
Book Value per Share	$1.05	$0.85	$1.07	$0.59	$0.65	$0.90	$0.87	$1.13	$0.95	$0.61	$0.42
Tangible Book Value per Share	$1.05	$0.85	$1.07	$0.59	$0.65	$0.90	$0.87	$1.13	$0.95	$0.61	$0.42
Total Capital	249	254	267	255	280	346	372	459	373	732	658
Total Debt	127	136	120	120	126	124	99	72	0.00	488	488
Total Long-Term Debt	82	73	113	82	48	0.06	0.05	0.04	0.00	488	488
Net Debt	38	29	-19	0.54	14	-30	-38	-117	-103	213	270
Capital Expenditures (CapEx)	8.48	7.40	9.99	6.00	25	34	47	47	21	154	94
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-56	-57	-44	-38	-24	-23	-14	-13	-24	-44	-109
Debt-free Net Working Capital (DFNWC)	-44	-49	-27	-29	-18	31	32	91	0.00	230	109
Net Working Capital (NWC)	-89	-112	-34	-67	-95	-92	-68	19	0.00	230	109
Net Nonoperating Expense (NNE)	25	16	20	13	12	7.26	7.99	6.14	12	-6.80	20
Net Nonoperating Obligations (NNO)	38	29	-19	0.54	14	-30	-38	-117	-103	213	276
Total Depreciation and Amortization (D&A)	4.56	9.41	9.23	11	14	14	23	17	16	16	17
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-381.56%	-166.56%	-93.35%	-43.72%	-33.29%	-14.20%	-11.03%	-18.65%	-31.76%	-82.59%
Debt-free Net Working Capital to Revenue	0.00%	-326.20%	-102.09%	-72.96%	-31.84%	45.34%	31.56%	75.55%	0.00%	163.93%	82.65%
Net Working Capital to Revenue	0.00%	-744.20%	-128.66%	-166.56%	-172.04%	-133.00%	-67.67%	15.42%	0.00%	163.93%	82.65%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.32)	($0.18)	($0.16)	($0.08)	$0.00	($0.02)	($0.03)	($0.03)	($0.06)	($0.09)	($0.16)
Adjusted Weighted Average Basic Shares Outstanding	108.84M	110.64M	165.02M	210.42M	0.00	209.96M	290.60M	340.66M	382.09M	351.32M	383.15M
Adjusted Diluted Earnings per Share	($0.32)	($0.18)	($0.16)	($0.08)	$0.00	($0.02)	($0.03)	($0.03)	($0.06)	($0.09)	($0.16)
Adjusted Weighted Average Diluted Shares Outstanding	108.84M	110.64M	165.02M	210.42M	0.00	209.96M	290.60M	340.66M	382.09M	351.32M	383.15M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	128.37M	186.27M	212.03M	221.13M	0.00	302.24M	333.18M	382.60M	385.91M	383.14M	384.58M
Normalized Net Operating Profit after Tax (NOPAT)	-9.37	-8.74	-6.44	-3.61	-5.84	-2.70	-1.62	-4.74	-11	-36	-42
Normalized NOPAT Margin	-242.43%	-91.36%	-55.82%	-23.38%	-30.83%	-11.59%	-3.82%	-13.31%	-39.73%	-102.89%	-121.32%
Pre Tax Income Margin	-533.23%	-244.90%	-139.21%	-92.14%	-104.89%	-59.37%	-35.09%	-32.73%	-74.11%	-148.06%	-178.51%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.85	-1.33	-1.35	-0.69	-0.94	-0.49	-0.18	-1.19	-3.28	-16.18	-14.73
NOPAT to Interest Expense	-1.29	-0.93	-0.94	-0.48	-0.66	-0.35	-0.12	-0.89	-2.35	-11.94	-10.31
EBIT Less CapEx to Interest Expense	-3.02	-2.07	-2.81	-1.40	-3.42	-4.13	-3.77	-9.94	-7.71	-67.14	-37.86
NOPAT Less CapEx to Interest Expense	-2.47	-1.67	-2.41	-1.19	-3.14	-3.99	-3.72	-9.64	-6.78	-62.90	-33.45
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-163.24%	-121.97%

Key Financial Trends

Here are key takeaways from TeraWulf’s recent financial performance and trends over the last four years:

Operating cash flow rose sharply to $56.5 M in Q1 2025 from $22.8 M in Q1 2024, underlining improving core cash generation.
Cash & equivalents totaled $218.2 M at the end of Q1 2025, providing ample liquidity for ongoing investments.
Operating cash flow covered 60% of CapEx in Q1 2025, a healthy ratio compared to prior quarters.
Capital expenditures remain elevated at $93.7 M in Q1 2025 as TeraWulf continues to expand its mining capacity.
Invested capital grew by 0.9% quarter-over-quarter in Q1 2025, reflecting ongoing asset additions.
Enterprise value stands at $1.33 B, equating to about 10x EV/Revenue, in line with a high-growth equipment business.
Revenue declined 18.9% year-over-year in Q1 2025, continuing a slide from $42.4 M in Q1 2024 to $34.4 M.
Net loss widened to $61.4 M in Q1 2025 versus a $9.6 M loss in Q1 2024, driven by higher operating expenses and interest costs.
Margins remain negative: EBITDA margin at –1.24% and net margin at –1.79% in Q1 2025, indicating cost structure challenges.
Leverage is elevated, with debt-to-equity around 2.86 and net debt to equity ~1.68, increasing financial risk if earnings do not recover.

06/20/25 03:25 PMAI Generated. May Contain Errors.

Frequently Asked Questions About TeraWulf's Financials

When does TeraWulf's fiscal year end?

According to the most recent income statement we have on file, TeraWulf's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has TeraWulf's net income changed over the last 10 years?

TeraWulf's net income appears to be on an upward trend, with a most recent value of -$72.42 million in 2024, falling from $682.17 thousand in 2013. The previous period was -$73.42 million in 2023. View TeraWulf's forecast to see where analysts expect TeraWulf to go next.

What is TeraWulf's operating income?

TeraWulf's total operating income in 2024 was -$76.22 million, based on the following breakdown:

Total Gross Profit: $77.44 million
Total Operating Expenses: $153.66 million

How has TeraWulf's revenue changed over the last 10 years?

Over the last 10 years, TeraWulf's total revenue changed from $17.49 million in 2013 to $140.05 million in 2024, a change of 700.7%.

How much debt does TeraWulf have?

TeraWulf's total liabilities were at $543.07 million at the end of 2024, a 249.0% increase from 2023, and a 42,014.6% increase since 2014.

How much cash does TeraWulf have?

In the past 10 years, TeraWulf's cash and equivalents has ranged from $929.70 thousand in 2017 to $274.07 million in 2024, and is currently $274.07 million as of their latest financial filing in 2024.

How has TeraWulf's book value per share changed over the last 10 years?

Over the last 10 years, TeraWulf's book value per share changed from 6.27 in 2013 to 0.61 in 2024, a change of -90.3%.

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This page (NASDAQ:WULF) was last updated on 6/20/2025 by MarketBeat.com Staff

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