TeraWulf (WULF) Financials

$24.17 +1.05 (+4.54%)

Closing price 04:00 PM Eastern

Extended Trading

$24.12 -0.05 (-0.19%)

As of 07:14 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	2014	2015	2016	2017	2018	2019	2020	2022	2023	2024	2025
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	0.65	0.14	-0.07	-0.23	0.14	-0.81	-0.44	-91	-73	-72	-661
Consolidated Net Income / (Loss)	0.65	0.14	-0.07	-0.23	0.14	-0.81	-0.44	-91	-73	-72	-661
Net Income / (Loss) Continuing Operations	0.65	0.14	-0.07	-0.23	0.14	-0.81	-0.44	-86	-73	-72	-661
Total Pre-Tax Income	0.92	0.23	-0.07	-0.52	0.19	-0.99	-0.65	-70	-64	-98	-657
Total Operating Income	0.91	0.22	-0.02	-0.46	0.23	-0.96	-1.79	-44	-29	-76	-186
Total Gross Profit	6.70	6.14	6.24	5.73	6.25	5.40	3.91	3.95	42	77	86
Total Revenue	18	18	18	17	18	18	13	15	69	140	168
Operating Revenue	18	18	18	17	18	18	13	15	69	140	168
Total Cost of Revenue	12	11	11	12	12	12	9.53	11	27	63	83
Operating Cost of Revenue	12	11	11	12	12	12	9.53	11	27	63	83
Total Operating Expenses	5.79	5.92	6.26	6.20	6.03	6.35	5.69	48	71	154	272
Selling, General & Admin Expense	5.12	5.26	5.61	5.51	5.35	5.48	5.02	39	42	78	168
Depreciation Expense	-	-	-	-	-	-	-	6.67	28	60	89
Other Operating Expenses / (Income)	-	-	-	-	-	-	-	0.24	-3.17	-2.20	0.61
Impairment Charge	-	-	-	-	-	-	-	1.46	3.04	0.00	0.00
Other Special Charges / (Income)	-	-	-	-	-	-	-	0.00	1.21	18	15
Total Other Income / (Expense), net	0.01	0.00	-0.05	-0.06	-0.04	-0.03	1.14	-27	-35	-22	-471
Interest Expense	-	-	0.06	0.08	0.09	0.09	0.09	27	35	26	80
Other Income / (Expense), net	-	-	-	-	-	-	-	0.00	0.23	3.93	-391
Income Tax Expense	0.27	0.09	-0.00	-0.30	0.05	-0.17	-0.21	-0.26	0.00	0.00	0.08
Other Gains / (Losses), net	-	-	-	-	-	-	-	-16	-9.29	26	-4.13
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-4.86	-0.13	0.00	0.00
Basic Earnings per Share	$0.32	$0.07	($0.03)	($0.11)	$0.07	($0.41)	($0.22)	($0.82)	($0.35)	($0.21)	($1.66)
Weighted Average Basic Shares Outstanding	2.02M	2.02M	2.02M	2.01M	1.98M	1.98M	1.98M	110.64M	209.96M	351.32M	397.61M
Diluted Earnings per Share	$0.32	$0.07	($0.03)	($0.11)	$0.07	($0.41)	($0.22)	($0.82)	($0.35)	($0.21)	($1.66)
Weighted Average Diluted Shares Outstanding	2.02M	2.02M	2.02M	2.01M	1.98M	1.98M	1.98M	110.64M	209.96M	351.32M	397.61M
Weighted Average Basic & Diluted Shares Outstanding	2.02M	2.02M	2.02M	1.98M	1.98M	1.98M	1.98M	186.27M	302.24M	383.14M	424.07M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	$0.00	$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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-19	-9.73	-9.61	-11	-23	-28	-61	-18	-455	-127	-428
Consolidated Net Income / (Loss)	-19	-11	-9.61	-11	-23	-29	-61	-18	-455	-127	-428
Net Income / (Loss) Continuing Operations	-19	-11	-9.61	-11	-23	-29	-61	-18	-455	-127	-428
Total Pre-Tax Income	-20	-14	-15	-12	-20	-52	-61	-18	-455	-122	-416
Total Operating Income	-9.69	-4.67	-2.32	-6.77	-16	-51	-60	-16	-25	-86	-162
Total Gross Profit	11	14	28	22	12	15	9.85	26	33	17	32
Total Revenue	19	23	42	36	27	35	34	48	51	36	34
Operating Revenue	19	23	42	36	27	35	34	48	51	36	34
Total Cost of Revenue	8.27	8.93	14	14	15	20	25	22	17	19	2.36
Operating Cost of Revenue	8.27	8.93	14	14	15	20	25	22	17	19	2.36
Total Operating Expenses	20	19	30	28	28	67	69	41	58	103	194
Selling, General & Admin Expense	12	10	17	14	13	35	53	18	21	75	139
Depreciation Expense	8.22	8.27	15	14	16	15	16	19	27	28	28
Other Operating Expenses / (Income)	-0.70	-1.89	-1.33	0.70	-0.95	-0.62	0.87	-0.89	-0.34	0.97	0.65
Impairment Charge	0.92	0.81	-	-	0.36	-	0.00	-	0.00	-	26
Total Other Income / (Expense), net	-10	-9.16	-13	-4.88	-4.34	-0.37	-1.79	-2.78	-430	-36	-254
Interest Expense	10	9.28	13	5.33	4.68	3.02	4.05	4.01	9.83	62	67
Other Income / (Expense), net	0.06	0.12	-	-	-	2.64	2.26	-	-425	-	-187
Income Tax Expense	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	0.08	0.03
Other Gains / (Losses), net	0.85	3.32	5.28	0.77	-2.68	23	0.00	0.00	0.00	-4.13	-12
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	-	0.00	-	-	-	-0.07
Basic Earnings per Share	($0.09)	($0.02)	($0.03)	($0.03)	($0.06)	($0.09)	($0.16)	($0.05)	($1.13)	($0.32)	($1.01)
Weighted Average Basic Shares Outstanding	221.72M	209.96M	290.60M	340.66M	382.09M	351.32M	383.15M	386.90M	401.56M	397.61M	423.00M
Diluted Earnings per Share	($0.09)	($0.02)	($0.03)	($0.03)	($0.06)	($0.09)	($0.16)	($0.05)	($1.13)	($0.32)	($1.01)
Weighted Average Diluted Shares Outstanding	221.72M	209.96M	290.60M	340.66M	382.09M	351.32M	383.15M	386.90M	401.56M	397.61M	423.00M
Weighted Average Basic & Diluted Shares Outstanding	238.20M	302.24M	333.18M	382.60M	385.91M	383.14M	384.58M	391.93M	418.68M	424.07M	495.53M
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	2014	2015	2016	2017	2018	2019	2020	2022	2023	2024	2025
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	0.23	0.31	-1.20	-0.12	0.69	-0.66	2.73	-38	46	220	3,449
Net Cash From Operating Activities	0.92	1.47	0.92	0.20	1.22	-0.48	-0.40	-34	4.26	-24	-123
Net Cash From Continuing Operating Activities	0.92	1.47	0.92	0.20	1.22	-0.48	-0.40	-32	4.16	-24	-123
Net Income / (Loss) Continuing Operations	0.65	0.14	-0.07	-0.23	0.14	-0.81	-0.44	-86	-73	-72	-661
Consolidated Net Income / (Loss)	0.65	0.14	-0.07	-0.23	0.14	-0.81	-0.44	-91	-73	-72	-661
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-4.86	-0.13	0.00	0.00
Depreciation Expense	0.64	0.66	0.76	0.84	0.76	0.64	0.66	6.67	28	60	89
Amortization Expense	0.03	0.03	0.03	0.04	0.04	0.04	0.04	12	21	13	27
Non-Cash Adjustments To Reconcile Net Income	-0.03	0.07	0.02	-0.01	0.01	0.09	-1.18	22	39	-14	369
Changes in Operating Assets and Liabilities, net	-0.37	0.58	0.17	-0.44	0.28	-0.44	0.52	13	-11	-10	54
Net Cash From Discontinued Operating Activities	-	-	-	-	-	-	-	-1.80	0.10	0.00	0.00
Net Cash From Investing Activities	-0.73	-1.15	-5.32	0.11	-0.39	0.01	2.06	-94	-78	-91	-1,369
Net Cash From Continuing Investing Activities	-0.73	-1.15	-5.32	0.11	-0.39	0.01	2.06	-94	-78	-91	-1,369
Purchase of Property, Plant & Equipment	-0.43	-2.87	-2.06	-0.23	-0.54	-0.48	-0.15	-61	-75	-268	-1,060
Acquisitions	-0.06	-0.05	-0.03	-0.04	-0.05	-0.02	-0.01	-46	-2.85	0.00	-472
Sale of Property, Plant & Equipment	0.06	-	0.02	0.03	0.00	0.02	0.02	13	0.00	23	12
Divestitures	-	-	-	-	-	-	-	0.00	0.00	86	0.00
Other Investing Activities, net	-	-	-	-	-	-	-	-0.03	0.00	67	151
Net Cash From Financing Activities	0.00	0.00	3.20	-0.44	-0.14	-0.19	1.07	90	120	335	4,941
Net Cash From Continuing Financing Activities	0.00	0.00	3.20	-0.44	-0.14	-0.19	1.07	90	120	335	4,941
Repayment of Debt	-	-	-0.22	-0.14	-0.14	-0.14	-0.14	-20	-9.34	343	1,965
Repurchase of Common Equity	-	-	-	-0.30	0.00	-0.05	0.00	0.00	0.00	-118	-33
Issuance of Debt	-	-	3.42	-	-	0.00	1.21	48	3.76	0.21	3,133
Issuance of Common Equity	-	-	-	-	-	-	-	53	138	194	5.69
Other Financing Activities, net	-	-	0.00	0.00	-	-	-	0.00	-13	-84	-129
Cash Interest Paid	-	-	0.04	0.07	0.08	0.08	0.08	14	20	6.96	14
Cash Income Taxes Paid	0.40	0.01	0.10	0.06	0.01	0.01	0.01	0.00	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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-1.65	48	-8.62	58	-80	250	-56	-127	621	3,010	-630
Net Cash From Operating Activities	2.38	11	23	16	-21	-43	56	-55	-37	-88	-18
Net Cash From Continuing Operating Activities	2.39	11	23	16	-21	-43	56	-55	-37	-88	-18
Net Income / (Loss) Continuing Operations	-19	-11	-9.61	-11	-23	-29	-61	-18	-455	-127	-428
Consolidated Net Income / (Loss)	-19	-11	-9.61	-11	-23	-29	-61	-18	-455	-127	-428
Depreciation Expense	8.22	8.27	15	14	16	15	16	19	27	28	28
Amortization Expense	6.26	5.45	7.85	3.35	0.49	1.07	1.29	1.36	7.06	17	15
Non-Cash Adjustments To Reconcile Net Income	9.63	8.63	15	12	-18	-24	5.13	-41	387	17	126
Changes in Operating Assets and Liabilities, net	-2.69	-0.77	-5.68	-2.44	3.83	-5.81	96	-16	-2.46	-24	240
Net Cash From Investing Activities	-25	-34	-47	-47	11	-8.76	-61	-71	-200	-1,037	-713
Net Cash From Continuing Investing Activities	-25	-34	-47	-47	11	-8.76	-61	-71	-200	-1,037	-713
Purchase of Property, Plant & Equipment	-25	-34	-47	-47	-21	-154	-94	-120	-232	-615	-523
Acquisitions	-	-	-	-	-	-	0.00	-	-19	-450	-201
Other Investing Activities, net	-	-	0.00	-	-	35	33	50	43	26	11
Net Cash From Financing Activities	21	71	16	89	-70	302	-51	-0.90	858	4,135	100
Net Cash From Continuing Financing Activities	21	71	16	89	-70	302	-51	-0.90	858	4,135	100
Repurchase of Common Equity	-	-	0.00	-	-	-	-33	-	-	-	0.00
Issuance of Debt	-	1.72	-	-	0.21	-	0.00	-	-	2,158	93
Issuance of Common Equity	22	78	51	124	18	0.62	0.00	-	3.13	2.56	13
Other Financing Activities, net	-	-2.53	-0.65	-5.01	-11	-67	-18	-0.90	-119	8.95	-5.31
Cash Interest Paid	4.29	4.03	3.73	2.49	0.74	0.00	0.01	7.11	0.01	6.88	5.31
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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Total Assets	15	18	17	17	17	15	265	318	378	788	6,558
Total Current Assets	6.72	9.05	8.27	8.96	8.69	7.80	68	14	63	281	3,478
Cash & Equivalents	2.25	1.05	0.93	1.62	0.96	3.69	43	1.28	54	274	3,266
Restricted Cash	-	-	-	-	-	-	3.01	7.04	-	0.00	190
Note & Lease Receivable	-	-	-	-	-	-	-	-	1.80	0.48	0.27
Accounts Receivable	2.17	2.34	2.19	2.22	2.43	2.12	0.65	0.00	1.00	4.27	1.21
Prepaid Expenses	0.09	0.36	0.17	0.38	0.91	0.13	1.49	5.10	4.54	2.49	6.27
Other Current Assets	-	-	-	-	-	-	0.11	0.73	0.81	0.12	14
Plant, Property, & Equipment, net	7.96	8.91	8.30	8.08	7.92	7.39	91	192	205	412	1,508
Total Noncurrent Assets	0.34	0.34	0.35	0.38	0.27	0.24	105	112	110	94	1,572
Long-Term Investments	-	-	-	-	-	-	104	99	99	0.00	446
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	-	-	0.00	7.29	119
Goodwill	-	-	-	-	-	-	-	-	-	0.00	55
Other Noncurrent Operating Assets	-	-	-	-	-	-	1.13	13	12	87	951
Total Liabilities & Shareholders' Equity	15	18	17	17	17	15	265	318	378	788	6,558
Total Liabilities	1.52	4.84	3.97	4.31	4.62	3.60	142	200	156	543	6,418
Total Current Liabilities	1.14	1.31	0.88	1.30	1.93	3.60	46	126	155	52	1,736
Short-Term Debt	-	0.13	0.13	0.13	0.13	2.69	12	63	123	0.00	536
Accounts Payable	0.42	0.73	0.32	0.65	0.76	0.46	12	22	15	24	65
Accrued Expenses	0.03	0.07	0.06	0.16	0.66	0.17	7.66	18	6.29	19	103
Current Deferred Revenue	-	-	-	-	-	-	-	-	-	0.00	58
Other Current Liabilities	0.33	-	-	-	-	-	13	23	5.32	1.42	921
Other Current Nonoperating Liabilities	-	-	-	-	-	-	1.76	-	-	2.56	53
Total Noncurrent Liabilities	0.39	3.52	3.09	3.00	2.69	0.00	96	74	0.96	491	4,682
Long-Term Debt	-	3.08	2.95	2.82	2.69	-	95	73	0.06	488	4,635
Noncurrent Deferred Revenue	-	-	-	-	-	-	-	-	-	0.00	23
Noncurrent Deferred & Payable Income Tax Liabilities	0.39	0.45	0.14	0.18	-	-	0.26	-	-	0.00	0.08
Other Noncurrent Operating Liabilities	-	-	-	-	-	-	0.99	0.95	0.90	3.72	24
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	12	12	123	118	222	244	140
Total Preferred & Common Equity	13	13	13	13	12	12	123	118	222	244	140
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.27	9.27	9.27	0.00
Total Common Equity	13	13	13	13	12	12	123	108	213	235	140
Common Stock	2.90	2.93	2.91	2.92	2.92	2.94	219	295	473	686	1,286
Retained Earnings	11	11	10	10	9.34	8.90	-96	-186	-260	-332	-994
Treasury Stock	-	-	-	-	-	-	-	-	0.00	-118	-152
Noncontrolling Interest	-	-	-	-	-	-	-	-	-	-	0.00

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	310	317	300	312	395	480	406	841	869	2,454	7,009
Total Current Assets	16	22	14	13	54	111	32	230	99	729	2,867
Cash & Equivalents	4.47	17	8.24	6.60	46	104	24	218	90	711	2,630
Restricted Cash	7.27	0.00	0.00	0.00	-	-	-	-	-	-	196
Note & Lease Receivable	-	-	-	-	-	0.95	0.30	-	0.00	-	1.24
Accounts Receivable	0.00	-	-	2.72	1.67	2.55	4.38	5.10	5.70	12	5.60
Prepaid Expenses	3.14	4.38	3.47	2.36	3.97	2.85	3.09	4.80	2.94	2.96	21
Other Current Assets	1.23	0.86	2.65	1.30	2.89	0.51	0.71	1.99	0.49	2.92	14
Plant, Property, & Equipment, net	202	159	162	181	238	272	283	510	605	862	2,582
Total Noncurrent Assets	92	135	124	118	103	97	90	101	166	864	1,559
Long-Term Investments	77	122	111	106	92	86	79	-	-	-	435
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	-	7.20	7.11	120	119
Goodwill	-	-	-	-	-	-	-	-	55	55	55
Other Noncurrent Operating Assets	15	13	12	12	11	11	11	94	103	688	950
Total Liabilities & Shareholders' Equity	310	317	300	312	395	480	406	841	869	2,454	7,009
Total Liabilities	188	170	165	158	123	93	33	671	695	2,207	7,086
Total Current Liabilities	106	56	82	108	122	92	32	121	151	706	2,385
Short-Term Debt	45	7.00	38	78	99	72	0.00	-	30	-	632
Accounts Payable	21	23	20	21	14	8.40	20	55	39	62	228
Accrued Expenses	15	9.85	7.98	7.47	6.43	11	12	26	27	99	202
Current Deferred Revenue	-	-	-	-	-	-	-	32	48	51	57
Other Current Liabilities	25	16	15	2.33	2.01	0.93	0.53	0.60	0.63	481	1,151
Other Current Nonoperating Liabilities	0.00	-	-	-	-	-	-	6.00	2.29	6.87	115
Total Noncurrent Liabilities	82	114	83	49	0.93	0.91	0.86	550	544	1,501	4,702
Long-Term Debt	82	113	82	48	0.05	0.04	0.00	488	489	1,060	4,657
Noncurrent Deferred Revenue	-	-	-	-	-	-	-	58	42	36	14
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	-	-	-	-	-	-	-	-	-	0.10
Other Noncurrent Operating Liabilities	0.96	0.94	0.92	0.91	0.89	0.87	0.86	3.71	13	406	30
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	122	146	135	154	272	386	373	170	174	247	-78
Total Preferred & Common Equity	122	146	135	154	272	386	373	170	174	247	-79
Preferred Stock	9.80	9.27	9.27	9.27	9.27	9.27	9.27	9.27	9.27	9.27	0.00
Total Common Equity	112	137	126	145	263	377	363	161	165	238	-79
Common Stock	274	345	356	394	533	657	666	706	729	1,257	1,494
Retained Earnings	-162	-213	-230	-249	-269	-280	-303	-394	-412	-867	-1,421
Treasury Stock	-	-	-	-	-	-	-	-152	-152	-152	-152
Noncontrolling Interest	-	-	-	-	-	-	-	-	-	-	1.15

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

Metric	2014	2015	2016	2017	2018	2019	2020	2022	2023	2024	2025
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.71%	-5.02%	0.04%	-1.86%	5.63%	-3.27%	-23.76%	0.00%	360.51%	102.30%	20.28%
EBITDA Growth	2.11%	-42.51%	-14.67%	-46.86%	148.73%	-126.80%	-297.55%	0.00%	178.39%	-98.61%	-168,613.87%
EBIT Growth	-0.72%	-75.83%	-109.96%	-2,011.48%	148.60%	-523.65%	-86.69%	0.00%	33.27%	-147.65%	-698.13%
NOPAT Growth	-4.72%	-79.46%	-111.63%	-2,011.48%	152.21%	-494.37%	-86.69%	0.00%	32.74%	-159.05%	-144.32%
Net Income Growth	-4.90%	-79.19%	-148.19%	-247.59%	161.67%	-683.34%	46.00%	0.00%	19.13%	1.37%	-813.33%
EPS Growth	-5.88%	-78.13%	-142.86%	-266.67%	163.64%	-685.71%	46.34%	0.00%	57.32%	40.00%	-690.48%
Operating Cash Flow Growth	-37.49%	59.92%	-37.46%	-77.68%	498.35%	-138.95%	16.39%	0.00%	112.51%	-672.88%	-404.38%
Free Cash Flow Firm Growth	-30.28%	-436.36%	23.01%	85.35%	481.97%	-231.24%	79.13%	0.00%	0.00%	-374.63%	-252.80%
Invested Capital Growth	2.18%	16.71%	9.98%	-1.28%	-3.82%	1.41%	-9.03%	0.00%	31.72%	137.30%	217.52%
Revenue Q/Q Growth	0.14%	0.83%	-0.09%	1.13%	-0.48%	0.61%	-5.19%	0.00%	24.71%	9.12%	0.51%
EBITDA Q/Q Growth	-20.41%	26.48%	-18.62%	318.04%	-19.48%	-6,285.09%	24.61%	0.00%	206.77%	-99.35%	-613.37%
EBIT Q/Q Growth	-30.57%	426.28%	-111.18%	40.64%	-48.81%	-37.68%	16.65%	0.00%	23.47%	-157.68%	-281.30%
NOPAT Q/Q Growth	-28.28%	584.84%	-108.82%	40.64%	-57.64%	-37.68%	16.65%	0.00%	22.87%	-158.73%	-23.06%
Net Income Q/Q Growth	-28.15%	514.09%	-143.91%	61.58%	-61.11%	-39.34%	77.84%	0.00%	16.42%	-34.74%	-17.27%
EPS Q/Q Growth	-27.27%	600.00%	-142.86%	62.07%	-61.11%	-41.38%	78.22%	0.00%	31.37%	-50.00%	-16.08%
Operating Cash Flow Q/Q Growth	-38.60%	173.26%	-37.77%	-21.39%	8.57%	-2.40%	18.20%	0.00%	138.44%	-183.65%	-58.47%
Free Cash Flow Firm Q/Q Growth	-50.22%	-93.38%	47.88%	-572.85%	14.06%	-7.04%	45.48%	100.00%	-93.43%	-161.43%	-157.38%
Invested Capital Q/Q Growth	4.46%	12.37%	0.02%	3.10%	0.50%	-0.59%	0.31%	-8.50%	14.80%	70.09%	142.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	36.25%	34.99%	35.50%	33.23%	34.34%	30.63%	29.07%	26.28%	60.54%	55.30%	50.93%
EBITDA Margin	8.52%	5.16%	4.40%	2.38%	5.61%	-1.55%	-8.10%	-166.96%	28.42%	0.20%	-274.10%
Operating Margin	4.94%	1.26%	-0.13%	-2.69%	1.24%	-5.43%	-13.30%	-290.99%	-42.50%	-54.42%	-110.54%
EBIT Margin	4.94%	1.26%	-0.13%	-2.69%	1.24%	-5.43%	-13.30%	-290.99%	-42.16%	-51.62%	-342.50%
Profit (Net Income) Margin	3.51%	0.77%	-0.37%	-1.31%	0.77%	-4.62%	-3.27%	-603.94%	-106.06%	-51.71%	-392.64%
Tax Burden Percent	70.61%	60.00%	94.21%	43.15%	75.20%	82.55%	67.66%	128.82%	114.72%	73.61%	100.64%
Interest Burden Percent	100.58%	101.90%	313.86%	112.81%	82.13%	103.02%	36.36%	161.11%	219.26%	136.10%	113.91%
Effective Tax Rate	29.39%	40.00%	0.00%	0.00%	24.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	6.77%	1.27%	-0.13%	-2.65%	1.42%	-5.66%	-10.99%	-20.90%	-12.13%	-16.39%	-13.56%
ROIC Less NNEP Spread (ROIC-NNEP)	6.66%	1.18%	2.84%	-13.43%	4.29%	11.13%	-130.91%	-230.25%	13,361.61%	-37.13%	-82.64%
Return on Net Nonoperating Assets (RNNOA)	-1.76%	-0.26%	-0.35%	0.93%	-0.35%	-0.75%	7.35%	-56.20%	-31.02%	-14.62%	-330.13%
Return on Equity (ROE)	5.00%	1.01%	-0.48%	-1.71%	1.07%	-6.41%	-3.65%	-77.10%	-43.16%	-31.02%	-343.69%
Cash Return on Invested Capital (CROIC)	4.61%	-14.16%	-9.64%	-1.36%	5.32%	-7.06%	-1.53%	0.00%	-39.51%	-97.80%	-117.76%
Operating Return on Assets (OROA)	6.38%	1.49%	-0.13%	-2.64%	1.32%	-5.58%	-11.05%	-15.02%	-8.39%	-12.40%	-15.71%
Return on Assets (ROA)	4.53%	0.91%	-0.39%	-1.28%	0.81%	-4.74%	-2.72%	-31.17%	-21.10%	-12.43%	-18.01%
Return on Common Equity (ROCE)	5.00%	1.01%	-0.48%	-1.71%	1.07%	-6.41%	-3.65%	-74.13%	-40.81%	-29.79%	-335.41%
Return on Equity Simple (ROE_SIMPLE)	4.86%	1.00%	-0.48%	-1.75%	1.06%	-6.64%	-3.71%	-77.10%	-33.00%	-29.63%	0.00%
Net Operating Profit after Tax (NOPAT)	0.65	0.13	-0.02	-0.33	0.17	-0.67	-1.25	-31	-21	-53	-130
NOPAT Margin	3.49%	0.75%	-0.09%	-1.89%	0.93%	-3.80%	-9.31%	-203.70%	-29.75%	-38.09%	-77.38%
Net Nonoperating Expense Percent (NNEP)	0.11%	0.08%	-2.98%	10.79%	-2.87%	-16.79%	119.91%	209.35%	-13,373.75%	20.74%	69.08%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-12.08%	-5.95%	-7.29%	-2.45%
Cost of Revenue to Revenue	63.75%	65.01%	64.50%	66.77%	65.66%	69.37%	70.93%	73.72%	39.46%	44.70%	49.07%
SG&A Expenses to Revenue	27.72%	29.97%	31.94%	31.93%	29.38%	31.12%	37.37%	261.66%	60.53%	55.86%	99.44%
R&D to Revenue	3.60%	3.76%	3.68%	3.99%	3.72%	4.94%	5.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	31.31%	33.73%	35.62%	35.93%	33.10%	36.06%	42.37%	317.27%	103.04%	109.72%	161.47%
Earnings before Interest and Taxes (EBIT)	0.91	0.22	-0.02	-0.46	0.23	-0.96	-1.79	-44	-29	-72	-577
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1.57	0.91	0.77	0.41	1.02	-0.27	-1.09	-25	20	0.27	-462
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.20	1.67	1.69	1.16	1.28	0.86	1.66	0.79	2.68	9.29	34.25
Price to Tangible Book Value (P/TBV)	2.26	1.72	1.73	1.19	1.31	0.88	1.70	0.79	2.68	9.29	56.60
Price to Revenue (P/Rev)	1.59	1.29	1.29	0.87	0.92	0.60	1.47	5.68	8.26	15.60	28.56
Price to Earnings (P/E)	45.29	167.28	0.00	0.00	119.92	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	2.21%	0.60%	0.00%	0.00%	0.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.67	1.81	1.75	1.17	1.31	0.86	1.73	0.84	2.86	5.26	4.16
Enterprise Value to Revenue (EV/Rev)	1.39	1.16	1.23	0.83	0.84	0.58	1.39	8.21	7.97	17.19	36.09
Enterprise Value to EBITDA (EV/EBITDA)	16.31	22.46	27.99	34.67	15.04	0.00	0.00	0.00	28.03	8,784.48	0.00
Enterprise Value to EBIT (EV/EBIT)	28.12	92.09	0.00	0.00	68.01	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	39.82	153.49	0.00	0.00	90.44	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	28.02	13.87	23.58	69.53	12.54	0.00	0.00	0.00	129.35	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	58.45	0.00	0.00	0.00	24.12	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.24	0.24	0.23	0.23	0.23	1.15	0.56	1.99	36.82
Long-Term Debt to Equity	0.00	0.00	0.23	0.23	0.22	0.22	0.00	0.62	0.00	1.99	33.00
Financial Leverage	-0.26	-0.22	-0.12	-0.07	-0.08	-0.07	-0.06	0.24	0.00	0.39	3.99
Leverage Ratio	1.10	1.10	1.24	1.33	1.32	1.35	1.34	2.42	2.05	2.50	19.09
Compound Leverage Factor	1.11	1.13	3.88	1.50	1.08	1.39	0.49	3.90	4.48	3.40	21.74
Debt to Total Capital	0.00%	0.00%	19.23%	19.19%	18.37%	18.71%	18.51%	53.56%	35.70%	66.60%	97.36%
Short-Term Debt to Total Capital	0.00%	0.00%	0.76%	0.82%	0.80%	0.88%	18.51%	24.78%	35.68%	0.00%	10.09%
Long-Term Debt to Total Capital	0.00%	0.00%	18.47%	18.38%	17.57%	17.83%	0.00%	28.78%	0.02%	66.60%	87.26%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.66%	2.68%	1.27%	0.00%
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%	80.77%	80.81%	81.63%	81.29%	81.49%	42.78%	61.62%	32.13%	2.64%
Debt to EBITDA	0.00	0.00	4.15	7.50	2.89	-10.31	-2.47	-5.41	6.28	1,779.20	-11.20
Net Debt to EBITDA	0.00	0.00	-1.41	-1.82	-1.34	1.27	0.92	-1.15	-1.50	778.97	-2.75
Long-Term Debt to EBITDA	0.00	0.00	3.98	7.18	2.76	-9.82	0.00	-2.91	0.00	1,779.20	-10.04
Debt to NOPAT	0.00	0.00	-208.06	-9.46	17.38	-4.21	-2.15	-4.44	-6.00	-9.14	-39.67
Net Debt to NOPAT	0.00	0.00	70.76	2.30	-8.05	0.52	0.80	-0.94	1.43	-4.00	-9.73
Long-Term Debt to NOPAT	0.00	0.00	-199.80	-9.06	16.62	-4.01	0.00	-2.38	0.00	-9.14	-35.56
Altman Z-Score	16.81	11.57	5.09	4.55	4.76	3.48	4.91	-1.40	0.88	2.05	0.29
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.85%	5.45%	3.97%	2.41%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	11.90	5.92	6.89	9.44	6.87	4.49	2.17	0.11	0.40	5.43	2.00
Quick Ratio	7.79	3.89	5.05	6.87	5.01	2.90	1.62	0.01	0.37	5.37	1.88
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.44	-1.48	-1.14	-0.17	0.64	-0.84	-0.17	0.00	-67	-318	-1,132
Operating Cash Flow to CapEx	245.97%	51.14%	44.87%	103.66%	225.50%	-103.08%	-303.02%	-71.19%	5.67%	-9.98%	-11.75%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-19.54	-2.01	7.03	-9.28	-2.02	0.00	-1.93	-12.20	-14.11
Operating Cash Flow to Interest Expense	0.00	0.00	15.75	2.46	13.52	-5.30	-4.61	-1.27	0.12	-0.94	-1.54
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-19.35	0.09	7.52	-10.44	-6.13	-3.06	-2.04	-10.31	-14.60
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.29	1.18	1.05	0.98	1.06	1.03	0.83	0.05	0.20	0.24	0.05
Accounts Receivable Turnover	8.92	8.24	7.81	7.62	8.27	7.58	5.90	0.00	0.00	58.35	37.94
Inventory Turnover	4.55	4.81	5.52	5.65	5.79	5.78	4.98	0.00	0.00	0.00	0.00
Fixed Asset Turnover	3.35	2.63	2.08	2.00	2.22	2.20	1.76	0.11	0.35	0.45	0.18
Accounts Payable Turnover	26.09	28.85	19.70	21.88	24.67	17.35	15.60	0.66	1.48	3.17	1.85
Days Sales Outstanding (DSO)	40.93	44.28	46.76	47.91	44.14	48.17	61.87	0.00	0.00	6.25	9.62
Days Inventory Outstanding (DIO)	80.29	75.93	66.12	64.55	63.06	63.12	73.28	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	13.99	12.65	18.53	16.68	14.79	21.04	23.40	555.14	247.42	115.29	197.64
Cash Conversion Cycle (CCC)	107.24	107.57	94.35	95.78	92.41	90.25	111.76	-555.14	-247.42	-109.03	-188.02
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	9.64	11	12	12	12	12	11	146	193	458	1,462
Invested Capital Turnover	1.94	1.68	1.49	1.40	1.52	1.49	1.18	0.10	0.41	0.43	0.18
Increase / (Decrease) in Invested Capital	0.21	1.61	1.12	-0.16	-0.47	0.17	-1.08	0.00	46	265	1,002
Enterprise Value (EV)	26	20	22	14	15	10	19	123	551	2,407	6,079
Market Capitalization	29	23	23	15	17	11	20	85	572	2,184	4,811
Book Value per Share	$6.61	$6.69	$6.67	$6.50	$6.61	$6.20	$5.99	$0.85	$0.90	$0.61	$0.34
Tangible Book Value per Share	$6.43	$6.52	$6.50	$6.33	$6.42	$6.06	$5.87	$0.85	$0.90	$0.61	$0.20
Total Capital	13	13	17	16	16	15	15	254	346	732	5,312
Total Debt	0.00	0.00	3.20	3.08	2.95	2.82	2.69	136	124	488	5,171
Total Long-Term Debt	0.00	0.00	3.08	2.95	2.82	2.69	0.00	73	0.06	488	4,635
Net Debt	-3.70	-2.25	-1.09	-0.75	-1.37	-0.35	-1.01	29	-30	213	1,269
Capital Expenditures (CapEx)	0.37	2.87	2.04	0.20	0.54	0.46	0.13	48	75	245	1,049
Debt-free, Cash-free Net Working Capital (DFCFNWC)	4.41	3.34	3.56	3.70	3.47	3.72	3.20	-57	-23	-44	-1,178
Debt-free Net Working Capital (DFNWC)	8.11	5.59	7.86	7.53	7.78	6.89	6.90	-49	31	230	2,279
Net Working Capital (NWC)	8.11	5.59	7.73	7.40	7.65	6.76	4.21	-112	-92	230	1,742
Net Nonoperating Expense (NNE)	-0.00	-0.00	0.05	-0.10	0.03	0.14	-0.81	60	53	19	531
Net Nonoperating Obligations (NNO)	-3.70	-2.25	-1.09	-0.75	-1.37	-0.35	-1.01	29	-30	213	1,322
Total Depreciation and Amortization (D&A)	0.66	0.68	0.79	0.88	0.80	0.68	0.70	19	49	73	115
Debt-free, Cash-free Net Working Capital to Revenue	23.85%	19.01%	20.29%	21.47%	19.03%	21.13%	23.84%	-381.56%	-33.29%	-31.76%	-699.19%
Debt-free Net Working Capital to Revenue	43.88%	31.81%	44.73%	43.65%	42.74%	39.11%	51.34%	-326.20%	45.34%	163.93%	1,352.59%
Net Working Capital to Revenue	43.88%	31.81%	44.01%	42.89%	42.03%	38.36%	31.32%	-744.20%	-133.00%	163.93%	1,034.36%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.32	$0.07	($0.03)	($0.11)	$0.07	($0.41)	($0.22)	($0.82)	($0.35)	($0.21)	($1.66)
Adjusted Weighted Average Basic Shares Outstanding	2.02M	2.02M	2.02M	2.01M	1.98M	1.98M	1.98M	110.64M	209.96M	351.32M	397.61M
Adjusted Diluted Earnings per Share	$0.32	$0.07	($0.03)	($0.11)	$0.07	($0.41)	($0.22)	($0.82)	($0.35)	($0.21)	($1.66)
Adjusted Weighted Average Diluted Shares Outstanding	2.02M	2.02M	2.02M	2.01M	1.98M	1.98M	1.98M	110.64M	209.96M	351.32M	397.61M
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	2.02M	2.02M	2.02M	1.98M	1.98M	1.98M	1.98M	186.27M	302.24M	383.14M	424.07M
Normalized Net Operating Profit after Tax (NOPAT)	0.65	0.13	-0.02	-0.33	0.17	-0.67	-1.25	-30	-18	-41	-120
Normalized NOPAT Margin	3.49%	0.75%	-0.09%	-1.89%	0.93%	-3.80%	-9.31%	-196.91%	-25.45%	-29.19%	-71.02%
Pre Tax Income Margin	4.97%	1.28%	-0.39%	-3.04%	1.02%	-5.59%	-4.83%	-468.82%	-92.45%	-70.25%	-390.14%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	-0.38	-5.59	2.49	-10.62	-20.63	-1.64	-0.84	-2.77	-7.19
NOPAT to Interest Expense	0.00	0.00	-0.26	-3.91	1.87	-7.44	-14.44	-1.15	-0.59	-2.04	-1.62
EBIT Less CapEx to Interest Expense	0.00	0.00	-35.48	-7.97	-3.50	-15.76	-22.15	-3.43	-3.00	-12.14	-20.26
NOPAT Less CapEx to Interest Expense	0.00	0.00	-35.36	-6.29	-4.12	-12.57	-15.96	-2.94	-2.75	-11.42	-14.69
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%	-132.86%	0.00%	-6.10%	0.00%	0.00%	0.00%	-163.24%	-5.03%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	424,068,125.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	424,068,125.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-1.01
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	390.55%	143.39%	267.93%	130.16%	42.75%	50.25%	-18.92%	33.91%	86.92%	2.43%	-1.14%
EBITDA Growth	155.05%	330.21%	187,327.27%	97.73%	-84.27%	-457.48%	-307.41%	-57.51%	-98,153.77%	-17.66%	-654.23%
EBIT Growth	27.99%	66.03%	74.88%	-9.10%	-59.63%	-972.63%	-2,474.61%	-130.45%	-2,759.87%	-67.87%	-508.44%
NOPAT Growth	27.55%	65.15%	74.88%	-15.74%	-62.15%	-1,002.10%	-2,474.61%	-130.45%	-57.04%	-67.87%	-171.92%
Net Income Growth	43.81%	57.82%	63.39%	37.99%	-19.03%	-177.40%	-538.91%	-68.90%	-1,901.72%	-333.55%	-596.38%
EPS Growth	71.88%	88.89%	81.25%	62.50%	33.33%	-350.00%	-433.33%	-66.67%	-1,783.33%	-255.56%	-531.25%
Operating Cash Flow Growth	139.15%	344.45%	362.21%	5,615.49%	-979.94%	-492.14%	147.25%	-434.60%	-75.32%	-106.37%	-131.14%
Free Cash Flow Firm Growth	90.83%	0.00%	-157.56%	-196.05%	-660.17%	-505.12%	-135.23%	-151.20%	-213.18%	-249.94%	-582.39%
Invested Capital Growth	4.98%	31.72%	83.28%	98.66%	60.16%	137.30%	90.69%	125.12%	124.02%	217.52%	362.92%
Revenue Q/Q Growth	22.64%	22.84%	82.23%	-16.16%	-23.94%	29.29%	-1.66%	38.46%	6.18%	-29.15%	-5.09%
EBITDA Q/Q Growth	-14.06%	88.93%	124.90%	-47.13%	-93.17%	-4,394.89%	-30.49%	110.65%	-9,229.29%	89.98%	-633.19%
EBIT Q/Q Growth	-66.29%	52.77%	49.08%	-247.91%	-143.30%	-217.35%	-22.23%	73.85%	-2,782.07%	80.79%	-304.36%
NOPAT Q/Q Growth	-65.77%	51.84%	50.36%	-192.10%	-132.24%	-227.31%	-15.95%	73.85%	-58.26%	-249.88%	-87.83%
Net Income Q/Q Growth	-8.89%	44.89%	8.67%	-13.14%	-109.02%	-28.43%	-110.36%	70.09%	-2,377.14%	72.18%	-237.90%
EPS Q/Q Growth	-12.50%	77.78%	-50.00%	0.00%	-100.00%	-50.00%	-77.78%	68.75%	-2,160.00%	71.68%	-215.63%
Operating Cash Flow Q/Q Growth	900.67%	358.16%	109.69%	-28.30%	-227.74%	-104.18%	232.21%	-197.03%	33.07%	-140.34%	80.05%
Free Cash Flow Firm Q/Q Growth	68.42%	-237.16%	-117.13%	-28.06%	18.92%	-168.39%	15.59%	-36.76%	-1.09%	-202.45%	-63.21%
Invested Capital Q/Q Growth	24.17%	14.80%	21.30%	14.89%	0.11%	70.09%	-2.53%	35.63%	-0.38%	142.43%	41.32%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	56.38%	61.64%	66.05%	60.88%	45.82%	43.91%	28.64%	53.62%	66.15%	47.28%	93.06%
EBITDA Margin	25.60%	39.37%	48.59%	31.38%	2.82%	-93.67%	-124.29%	9.56%	-821.99%	-116.27%	-898.17%
Operating Margin	-51.12%	-20.04%	-5.46%	-19.02%	-58.06%	-146.99%	-173.31%	-32.73%	-48.78%	-240.88%	-476.72%
EBIT Margin	-50.80%	-19.53%	-5.46%	-17.76%	-56.81%	-139.44%	-173.31%	-32.73%	-888.36%	-240.88%	-1,026.27%
Profit (Net Income) Margin	-100.76%	-45.20%	-22.65%	-30.57%	-84.01%	-83.45%	-178.51%	-38.56%	-899.70%	-353.21%	-1,257.51%
Tax Burden Percent	96.07%	76.13%	64.57%	93.41%	113.36%	56.37%	100.00%	100.00%	100.00%	103.44%	102.78%
Interest Burden Percent	206.45%	303.98%	642.83%	184.28%	130.46%	106.18%	103.00%	117.83%	101.28%	141.76%	119.22%
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)	-12.10%	-5.72%	-2.11%	-7.92%	-23.86%	-44.28%	-47.08%	-7.55%	-13.12%	-29.55%	-44.64%
ROIC Less NNEP Spread (ROIC-NNEP)	-59.11%	1,831.95%	25.98%	2.60%	2.43%	-36.89%	-63.64%	-12.31%	-360.17%	-38.16%	-70.62%
Return on Net Nonoperating Assets (RNNOA)	-11.23%	-4.25%	-3.53%	-0.58%	-0.41%	-14.53%	-34.16%	-6.89%	-146.57%	-152.42%	-1,842.12%
Return on Equity (ROE)	-23.34%	-9.98%	-5.65%	-8.50%	-24.27%	-58.81%	-81.25%	-14.44%	-159.69%	-181.97%	-1,886.76%
Cash Return on Invested Capital (CROIC)	-21.13%	-39.51%	-67.51%	-74.18%	-55.68%	-97.80%	-89.87%	-99.76%	-100.84%	-117.76%	-145.03%
Operating Return on Assets (OROA)	-9.07%	-3.89%	-1.53%	-5.48%	-20.32%	-33.51%	-37.01%	-6.99%	-104.11%	-11.05%	-43.94%
Return on Assets (ROA)	-17.99%	-8.99%	-6.37%	-9.43%	-30.05%	-20.05%	-38.12%	-8.24%	-105.44%	-16.20%	-53.84%
Return on Common Equity (ROCE)	-21.72%	-9.43%	-5.40%	-8.20%	-23.42%	-56.47%	-77.84%	-13.96%	-154.91%	-177.59%	-1,674.66%
Return on Equity Simple (ROE_SIMPLE)	-57.07%	0.00%	-20.85%	-12.97%	-14.42%	0.00%	-72.91%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-6.78	-3.27	-1.62	-4.74	-11	-36	-42	-11	-17	-60	-113
NOPAT Margin	-35.78%	-14.03%	-3.82%	-13.31%	-40.64%	-102.89%	-121.32%	-22.91%	-34.15%	-168.62%	-333.70%
Net Nonoperating Expense Percent (NNEP)	47.00%	-1,837.67%	-28.09%	-10.52%	-26.29%	-7.40%	16.56%	4.75%	347.05%	8.60%	25.97%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.94%	-0.44%	-	-	-4.92%	-6.34%	-1.57%	-1.32%	-1.14%	-2.18%
Cost of Revenue to Revenue	43.62%	38.36%	33.95%	39.12%	54.18%	56.09%	71.36%	46.38%	33.85%	52.72%	6.94%
SG&A Expenses to Revenue	60.71%	44.85%	39.08%	38.20%	48.28%	100.03%	154.15%	37.37%	41.87%	210.65%	408.58%
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	107.50%	81.68%	71.50%	79.89%	103.88%	190.90%	201.95%	86.35%	114.93%	288.16%	569.78%
Earnings before Interest and Taxes (EBIT)	-9.63	-4.55	-2.32	-6.32	-15	-49	-60	-16	-449	-86	-349
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4.85	9.17	21	11	0.76	-33	-43	4.55	-416	-42	-305
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.93	2.68	3.02	3.93	4.93	9.29	6.49	10.21	18.80	34.25	0.00
Price to Tangible Book Value (P/TBV)	1.93	2.68	3.02	3.93	4.93	9.29	6.49	15.37	24.51	56.60	0.00
Price to Revenue (P/Rev)	5.02	8.26	7.94	12.33	13.95	15.60	7.92	11.69	26.70	28.56	36.41
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)	1.80	2.86	3.27	5.11	6.30	5.26	2.97	3.51	8.02	4.16	3.94
Enterprise Value to Revenue (EV/Rev)	5.44	7.97	7.65	11.43	13.22	17.19	10.04	14.73	28.84	36.09	48.49
Enterprise Value to EBITDA (EV/EBITDA)	47.09	28.03	19.12	29.69	40.19	8,784.48	0.00	0.00	0.00	0.00	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	129.35	21.38	26.18	58.10	0.00	143.75	0.00	0.00	0.00	0.00
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	0.82	0.56	0.37	0.19	0.00	1.99	2.86	2.98	4.29	36.82	-68.15
Long-Term Debt to Equity	0.31	0.00	0.00	0.00	0.00	1.99	2.86	2.80	4.29	33.00	-60.00
Financial Leverage	0.19	0.00	-0.14	-0.22	-0.17	0.39	0.54	0.56	0.41	3.99	26.09
Leverage Ratio	2.25	2.05	1.70	1.50	1.36	2.50	2.79	2.41	4.61	19.09	84.63
Compound Leverage Factor	4.65	6.22	10.94	2.76	1.78	2.65	2.88	2.84	4.67	27.06	100.89
Debt to Total Capital	45.07%	35.70%	26.74%	15.77%	0.00%	66.60%	74.13%	74.85%	81.08%	97.36%	101.49%
Short-Term Debt to Total Capital	27.77%	35.68%	26.73%	15.77%	0.00%	0.00%	0.00%	4.33%	0.00%	10.09%	12.13%
Long-Term Debt to Total Capital	17.30%	0.02%	0.01%	0.01%	0.00%	66.60%	74.13%	70.52%	81.08%	87.26%	89.35%
Preferred Equity to Total Capital	3.31%	2.68%	2.49%	2.02%	2.49%	1.27%	1.41%	1.34%	0.71%	0.00%	0.00%
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%	0.02%
Common Equity to Total Capital	51.62%	61.62%	70.77%	82.20%	97.51%	32.13%	24.47%	23.82%	18.21%	2.64%	-1.51%
Debt to EBITDA	19.69	6.28	2.48	1.56	0.00	1,779.20	-7.28	-7.09	-16.38	-11.20	-7.28
Net Debt to EBITDA	2.21	-1.50	-0.96	-2.53	0.00	778.97	-4.03	-5.86	-5.39	-2.75	-2.79
Long-Term Debt to EBITDA	7.56	0.00	0.00	0.00	0.00	1,779.20	-7.28	-6.68	-16.38	-10.04	-6.41
Debt to NOPAT	-4.73	-6.00	-6.31	-4.41	0.00	-9.14	-5.22	-5.21	-10.01	-39.67	-26.17
Net Debt to NOPAT	-0.53	1.43	2.43	7.15	0.00	-4.00	-2.89	-4.30	-3.29	-9.73	-10.04
Long-Term Debt to NOPAT	-1.82	0.00	0.00	0.00	0.00	-9.14	-5.22	-4.90	-10.01	-35.56	-23.04
Altman Z-Score	-0.35	1.09	2.95	8.97	31.43	2.15	0.36	0.83	0.20	0.54	0.18
Noncontrolling Interest Sharing Ratio	6.92%	5.45%	4.43%	3.56%	3.52%	3.97%	4.19%	3.31%	2.99%	2.41%	11.24%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.12	0.40	0.45	1.20	1.00	5.43	1.90	0.66	1.03	2.00	1.20
Quick Ratio	0.09	0.37	0.39	1.16	0.88	5.37	1.85	0.63	1.02	1.88	1.11
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-15	-50	-108	-138	-112	-301	-254	-347	-351	-1,062	-1,733
Operating Cash Flow to CapEx	9.36%	32.26%	48.63%	35.15%	-100.95%	-27.81%	60.29%	-45.70%	-16.33%	-14.40%	-3.36%
Free Cash Flow to Firm to Interest Expense	-1.44	-5.36	-8.26	-25.97	-23.95	-99.81	-62.73	-86.58	-35.72	-17.03	-25.84
Operating Cash Flow to Interest Expense	0.23	1.17	1.75	3.08	-4.47	-14.17	13.95	-13.66	-3.73	-1.41	-0.26
Operating Cash Flow Less CapEx to Interest Expense	-2.25	-2.47	-1.85	-5.67	-8.90	-65.13	-9.19	-43.56	-26.58	-11.23	-8.06
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.18	0.20	0.28	0.31	0.36	0.24	0.21	0.21	0.12	0.05	0.04
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	36.12	58.35	39.01	34.93	20.57	37.94	31.40
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	0.29	0.35	0.50	0.55	0.55	0.45	0.35	0.33	0.29	0.18	0.11
Accounts Payable Turnover	1.14	1.48	1.95	3.15	2.56	3.17	2.10	3.43	2.03	1.85	0.43
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	10.10	6.25	9.36	10.45	17.75	9.62	11.62
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)	320.93	247.42	187.29	115.74	142.80	115.29	173.62	106.51	179.57	197.64	852.58
Cash Conversion Cycle (CCC)	-320.93	-247.42	-187.29	-115.74	-132.70	-109.03	-164.27	-96.06	-161.82	-188.02	-840.95
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	168	193	234	269	269	458	446	605	603	1,462	2,066
Invested Capital Turnover	0.34	0.41	0.55	0.59	0.59	0.43	0.39	0.33	0.38	0.18	0.13
Increase / (Decrease) in Invested Capital	7.97	46	106	134	101	265	212	336	334	1,002	1,620
Enterprise Value (EV)	302	551	766	1,375	1,696	2,407	1,325	2,122	4,834	6,079	8,149
Market Capitalization	279	572	795	1,483	1,791	2,184	1,046	1,684	4,476	4,811	6,119
Book Value per Share	$0.65	$0.90	$0.87	$1.13	$0.95	$0.61	$0.42	$0.43	$0.61	$0.34	($0.19)
Tangible Book Value per Share	$0.65	$0.90	$0.87	$1.13	$0.95	$0.61	$0.42	$0.29	$0.47	$0.20	($0.32)
Total Capital	280	346	372	459	373	732	658	693	1,308	5,312	5,212
Total Debt	126	124	99	72	0.00	488	488	519	1,060	5,171	5,290
Total Long-Term Debt	48	0.06	0.05	0.04	0.00	488	488	489	1,060	4,635	4,657
Net Debt	14	-30	-38	-117	-103	213	270	429	349	1,269	2,029
Capital Expenditures (CapEx)	25	34	47	47	21	154	94	120	225	612	523
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-24	-23	-14	-13	-24	-44	-109	-112	-688	-1,178	-1,711
Debt-free Net Working Capital (DFNWC)	-18	31	32	91	0.00	230	109	-22	23	2,279	1,115
Net Working Capital (NWC)	-95	-92	-68	19	0.00	230	109	-52	23	1,742	483
Net Nonoperating Expense (NNE)	12	7.26	7.99	6.14	12	-6.80	20	7.46	438	66	314
Net Nonoperating Obligations (NNO)	14	-30	-38	-117	-103	213	276	431	356	1,322	2,144
Total Depreciation and Amortization (D&A)	14	14	23	17	16	16	17	20	34	45	44
Debt-free, Cash-free Net Working Capital to Revenue	-43.72%	-33.29%	-14.20%	-11.03%	-18.65%	-31.76%	-82.59%	-77.86%	-410.53%	-699.19%	-1,018.21%
Debt-free Net Working Capital to Revenue	-31.84%	45.34%	31.56%	75.55%	0.00%	163.93%	82.65%	-15.40%	13.87%	1,352.59%	663.47%
Net Working Capital to Revenue	-172.04%	-133.00%	-67.67%	15.42%	0.00%	163.93%	82.65%	-36.22%	13.87%	1,034.36%	287.13%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($0.02)	($0.03)	($0.03)	($0.06)	($0.09)	($0.16)	($0.05)	($1.13)	($0.32)	($1.01)
Adjusted Weighted Average Basic Shares Outstanding	0.00	209.96M	290.60M	340.66M	382.09M	351.32M	383.15M	386.90M	401.56M	397.61M	423.00M
Adjusted Diluted Earnings per Share	$0.00	($0.02)	($0.03)	($0.03)	($0.06)	($0.09)	($0.16)	($0.05)	($1.13)	($0.32)	($1.01)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	209.96M	290.60M	340.66M	382.09M	351.32M	383.15M	386.90M	401.56M	397.61M	423.00M
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	0.00	302.24M	333.18M	382.60M	385.91M	383.14M	384.58M	391.93M	418.68M	424.07M	495.53M
Normalized Net Operating Profit after Tax (NOPAT)	-5.84	-2.70	-1.62	-4.74	-11	-36	-42	-7.11	-9.72	-60	-96
Normalized NOPAT Margin	-30.83%	-11.59%	-3.82%	-13.31%	-39.73%	-102.89%	-121.32%	-14.93%	-19.22%	-168.62%	-280.82%
Pre Tax Income Margin	-104.89%	-59.37%	-35.09%	-32.73%	-74.11%	-148.06%	-178.51%	-38.56%	-899.70%	-341.48%	-1,223.47%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.94	-0.49	-0.18	-1.19	-3.28	-16.18	-14.73	-3.89	-45.71	-1.38	-5.20
NOPAT to Interest Expense	-0.66	-0.35	-0.12	-0.89	-2.35	-11.94	-10.31	-2.72	-1.76	-0.97	-1.69
EBIT Less CapEx to Interest Expense	-3.42	-4.13	-3.77	-9.94	-7.71	-67.14	-37.86	-33.78	-68.56	-11.20	-13.00
NOPAT Less CapEx to Interest Expense	-3.14	-3.99	-3.72	-9.64	-6.78	-62.90	-33.45	-32.62	-24.61	-10.79	-9.49
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%	-163.24%	-121.97%	-115.03%	-26.86%	-5.03%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, investor-focused trend snapshot for TeraWulf (WULF) using the last four years of quarterly financial statements. The analysis highlights how cash flow, profitability, and balance sheet leverage have evolved across the period.

Strong financing inflows in 2025: Quarterly net cash from financing activities swung to significant positive totals—about $858.3 million in Q3 2025 and roughly $4.13 billion in Q4 2025—supporting liquidity and capital needs beyond operating cash flow.
Healthy gross margins in several recent quarters: Gross profit margins have remained positive, with Q3 2025 around 66% (gross profit ≈ $33.46M on revenue ≈ $50.58M) and Q4 2025 around 47% (gross profit ≈ $16.94M on revenue ≈ $35.84M), indicating the core business can generate gross profit even as net income remains negative.
Notable cash on hand and asset base: As of Q3 2025, cash and equivalents were about $711.3 million, contributing to liquidity, while total assets were roughly $2.454 billion, supporting the company’s asset base amid ongoing operations.
Equity exists despite leverage: The Q3 2025 balance sheet shows total assets around $2.454B and total liabilities around $2.206B, yielding an equity position near $238 million, providing a finite cushion amid high leverage.
Operating cash flow remains negative in every quarter analyzed, indicating ongoing cash burn from operations (e.g., Q3 2025 net cash from continuing operating activities ≈ -$36.7M; Q4 2025 ≈ -$88.2M; Q2 2025 ≈ -$54.8M), which requires ongoing financing support to fund activities.
Significant investing outflows: Capital expenditure and acquisitions drive cash used for investing (e.g., Q4 2025 PPE purchases ≈ -$614.99M; acquisitions ≈ -$450M in the same period), reflecting ongoing expansion and capacity investments.
Non-cash adjustments and depreciation/amortization help reflect non-cash profitability: Depreciation and amortization contribute to operating metrics (e.g., Q4 2025 depreciation ≈ $27.735M; amortization ≈ $16.923M), supporting reported profitability without immediate cash impact.
Net income remains materially negative: Quarterly losses are sizable (e.g., Q3 2025 Consolidated Net Income ≈ -$455.05M; Q4 2025 ≈ -$126.58M), underscoring ongoing profitability challenges even as financing funds liquidity.
High leverage and liability load: In several quarters (e.g., Q3 2025), total liabilities exceed equity by a wide margin (liabilities ≈ $2.206B vs. equity ≈ $238M), signaling a debt-heavy balance sheet with elevated financial risk.
Revenue volatility with uneven growth: Revenue fluctuates markedly quarter to quarter (e.g., Q3 2025 ≈ $50.6M vs. Q4 2025 ≈ $35.8M), indicating uncertain near-term top-line momentum and exposure to quarterly swings.

05/14/26 07:15 PM ETAI Generated. May Contain Errors.

TeraWulf Financials - Frequently Asked Questions

According to the most recent income statement we have on file, TeraWulf's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

TeraWulf's net income appears to be on an upward trend, with a most recent value of -$661.42 million in 2025, falling from $648.77 thousand in 2014. The previous period was -$72.42 million in 2024. See TeraWulf's forecast for analyst expectations on what's next for the company.

TeraWulf's total operating income in 2025 was -$186.21 million, based on the following breakdown:

Total Gross Profit: $85.79 million
Total Operating Expenses: $272.01 million

Over the last 10 years, TeraWulf's total revenue changed from $18.49 million in 2014 to $168.46 million in 2025, a change of 811.1%.

TeraWulf's total liabilities were at $6.42 billion at the end of 2025, a 1,081.8% increase from 2024, and a 422,091.2% increase since 2015.

In the past 10 years, TeraWulf's cash and equivalents has ranged from $929.70 thousand in 2017 to $3.27 billion in 2025, and is currently $3.27 billion as of their latest financial filing in 2025.

Over the last 10 years, TeraWulf's book value per share changed from 6.61 in 2014 to 0.34 in 2025, a change of -94.9%.

Related Companies

Financial statements for NASDAQ:WULF last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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TeraWulf (WULF) Financials

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TeraWulf (WULF) Financials

Annual Income Statements for TeraWulf

Quarterly Income Statements for TeraWulf

Annual Cash Flow Statements for TeraWulf

Quarterly Cash Flow Statements for TeraWulf

Annual Balance Sheets for TeraWulf

Quarterly Balance Sheets for TeraWulf

Annual Metrics And Ratios for TeraWulf

Quarterly Metrics And Ratios for TeraWulf

Financials Breakdown Chart

Key Financial Trends

TeraWulf Financials - Frequently Asked Questions

When does TeraWulf's fiscal year end?

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

What is TeraWulf's operating income?

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

How much debt does TeraWulf have?

How much cash does TeraWulf have?

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

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