What is TeraWulf's operating income?

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

TeraWulf (WULF) Financials

$16.74 +0.60 (+3.72%)

Closing price 09/11/2026 04:00 PM Eastern

Extended Trading

$16.76 +0.03 (+0.15%)

As of 09/11/2026 07:59 PM Eastern

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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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-9.73	-9.61	-11	-23	-28	-61	-18	-455	-127	-428	-940
Consolidated Net Income / (Loss)	-11	-9.61	-11	-23	-29	-61	-18	-455	-127	-428	-941
Net Income / (Loss) Continuing Operations	-11	-9.61	-11	-23	-29	-61	-18	-455	-127	-428	-941
Total Pre-Tax Income	-14	-15	-12	-20	-52	-61	-18	-455	-122	-416	-930
Total Operating Income	-4.67	-2.32	-6.77	-16	-51	-60	-16	-25	-86	-162	-140
Total Gross Profit	14	28	22	12	15	9.85	26	33	17	32	32
Total Revenue	23	42	36	27	35	34	48	51	36	34	45
Operating Revenue	23	42	36	27	35	34	48	51	36	34	45
Total Cost of Revenue	8.93	14	14	15	20	25	22	17	19	2.36	12
Operating Cost of Revenue	8.93	14	14	15	20	25	22	17	19	2.36	12
Total Operating Expenses	19	30	28	28	67	69	41	58	103	194	173
Selling, General & Admin Expense	10	17	14	13	35	53	18	21	75	139	150
Depreciation Expense	8.27	15	14	16	15	16	19	27	28	28	21
Other Operating Expenses / (Income)	-1.89	-1.33	0.70	-0.95	-0.62	0.87	-0.89	-0.34	0.97	0.65	0.80
Impairment Charge	0.81	-	-	0.36	-	0.00	0.00	0.00	-	26	0.00
Other Special Charges / (Income)	-	-	0.00	0.00	-	-	5.43	11	-	-	0.40
Total Other Income / (Expense), net	-9.16	-13	-4.88	-4.34	-0.37	-1.79	-2.78	-430	-36	-254	-789
Interest Expense	9.28	13	5.33	4.68	3.02	4.05	4.01	9.83	62	67	64
Interest & Investment Income	-	0.50	0.45	0.34	-	-	1.23	4.09	-	-	29
Other Income / (Expense), net	0.12	-	-	-	2.64	2.26	0.00	-425	-	-187	-755
Income Tax Expense	-	0.00	0.00	0.00	-	0.00	0.00	0.00	0.08	0.03	0.03
Other Gains / (Losses), net	3.32	5.28	0.77	-2.68	23	0.00	0.00	0.00	-4.13	-12	-11
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	0.00	0.00	-	-	-0.07	-0.91
Basic Earnings per Share	($0.02)	($0.03)	($0.03)	($0.06)	($0.09)	($0.16)	($0.05)	($1.13)	($0.32)	($1.01)	($1.94)
Weighted Average Basic Shares Outstanding	209.96M	290.60M	340.66M	382.09M	351.32M	383.15M	386.90M	401.56M	397.61M	423.00M	485.73M
Diluted Earnings per Share	($0.02)	($0.03)	($0.03)	($0.06)	($0.09)	($0.16)	($0.05)	($1.13)	($0.32)	($1.01)	($1.94)
Weighted Average Diluted Shares Outstanding	209.96M	290.60M	340.66M	382.09M	351.32M	383.15M	386.90M	401.56M	397.61M	423.00M	485.73M
Weighted Average Basic & Diluted Shares Outstanding	302.24M	333.18M	382.60M	385.91M	383.14M	384.58M	391.93M	418.68M	424.07M	495.53M	498.97M

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Change in Cash & Equivalents	48	-8.62	58	-80	250	-56	-127	621	3,010	-630	-64
Net Cash From Operating Activities	11	23	16	-21	-43	56	-55	-37	-88	-18	-137
Net Cash From Continuing Operating Activities	11	23	16	-21	-43	56	-55	-37	-88	-18	-137
Net Income / (Loss) Continuing Operations	-11	-9.61	-11	-23	-29	-61	-18	-455	-127	-428	-941
Consolidated Net Income / (Loss)	-11	-9.61	-11	-23	-29	-61	-18	-455	-127	-428	-941
Depreciation Expense	8.27	15	14	16	15	16	19	27	28	28	21
Amortization Expense	5.45	7.85	3.35	0.49	1.07	1.29	1.36	7.06	17	15	12
Non-Cash Adjustments To Reconcile Net Income	8.63	15	12	-18	-24	5.13	-41	387	17	126	105
Changes in Operating Assets and Liabilities, net	-0.77	-5.68	-2.44	3.83	-5.81	96	-16	-2.46	-24	240	666
Net Cash From Investing Activities	-34	-47	-47	11	-8.76	-61	-71	-200	-1,037	-713	-893
Net Cash From Continuing Investing Activities	-34	-47	-47	11	-8.76	-61	-71	-200	-1,037	-713	-893
Purchase of Property, Plant & Equipment	-34	-47	-47	-21	-154	-94	-120	-232	-615	-523	-1,087
Acquisitions	-	-	-	-	-	0.00	-	-19	-450	-201	201
Other Investing Activities, net	-	0.00	-	-	35	33	50	43	26	11	13
Net Cash From Financing Activities	71	16	89	-70	302	-51	-0.90	858	4,135	100	965
Net Cash From Continuing Financing Activities	71	16	89	-70	302	-51	-0.90	858	4,135	100	965
Issuance of Common Equity	78	51	124	18	0.62	0.00	-	3.13	2.56	13	1,194
Other Financing Activities, net	-2.53	-0.65	-5.01	-11	-67	-18	-0.90	-119	8.95	-5.31	-126
Cash Interest Paid	4.03	3.73	2.49	0.74	0.00	0.01	7.11	0.01	6.88	5.31	126

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	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Total Assets	317	300	312	395	480	406	841	869	2,454	7,009	8,048
Total Current Assets	22	14	13	54	111	32	230	99	729	2,867	2,807
Cash & Equivalents	17	8.24	6.60	46	104	24	218	90	711	2,630	2,619
Restricted Cash	0.00	0.00	0.00	-	-	-	-	-	-	196	143
Note & Lease Receivable	-	-	-	-	0.95	0.30	-	0.00	-	1.24	0.13
Accounts Receivable	-	-	2.72	1.67	2.55	4.38	5.10	5.70	12	5.60	13
Prepaid Expenses	4.38	3.47	2.36	3.97	2.85	3.09	4.80	2.94	2.96	21	18
Other Current Assets	0.86	2.65	1.30	2.89	0.51	0.71	1.99	0.49	2.92	14	13
Plant, Property, & Equipment, net	159	162	181	238	272	283	510	605	862	2,582	3,600
Total Noncurrent Assets	135	124	118	103	97	90	101	166	864	1,559	1,642
Long-Term Investments	122	111	106	92	86	79	-	-	-	435	445
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	7.20	7.11	120	119	118
Goodwill	-	-	-	-	-	-	-	55	55	55	55
Other Noncurrent Operating Assets	13	12	12	11	11	11	94	103	688	950	1,024
Total Liabilities & Shareholders' Equity	317	300	312	395	480	406	841	869	2,454	7,009	8,048
Total Liabilities	170	165	158	123	93	33	671	695	2,207	7,086	7,901
Total Current Liabilities	56	82	108	122	92	32	121	151	706	2,385	3,764
Short-Term Debt	7.00	38	78	99	72	0.00	-	30	-	632	1,193
Accounts Payable	23	20	21	14	8.40	20	55	39	62	228	198
Accrued Expenses	9.85	7.98	7.47	6.43	11	12	26	27	99	202	287
Current Deferred Revenue	-	-	-	-	-	-	32	48	51	57	50
Other Current Liabilities	16	15	2.33	2.01	0.93	0.53	0.60	0.63	481	1,151	1,979
Other Current Nonoperating Liabilities	-	-	-	-	-	-	6.00	2.29	6.87	115	57
Total Noncurrent Liabilities	114	83	49	0.93	0.91	0.86	550	544	1,501	4,702	4,137
Long-Term Debt	113	82	48	0.05	0.04	0.00	488	489	1,060	4,657	4,020
Noncurrent Deferred Revenue	-	-	-	-	-	-	58	42	36	14	0.94
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	-	0.10	0.13
Other Noncurrent Operating Liabilities	0.94	0.92	0.91	0.89	0.87	0.86	3.71	13	406	30	116
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	146	135	154	272	386	373	170	174	247	-78	148
Total Preferred & Common Equity	146	135	154	272	386	373	170	174	247	-79	147
Preferred Stock	9.27	9.27	9.27	9.27	9.27	9.27	9.27	9.27	9.27	0.00	0.00
Total Common Equity	137	126	145	263	377	363	161	165	238	-79	147
Common Stock	345	356	394	533	657	666	706	729	1,257	1,494	2,657
Retained Earnings	-213	-230	-249	-269	-280	-303	-394	-412	-867	-1,421	-2,361
Treasury Stock	-	-	-	-	-	-	-152	-152	-152	-152	-148
Noncontrolling Interest	-	-	-	-	-	-	-	-	-	1.15	0.24

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	424,068,125.00	495,532,645.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	424,068,125.00	495,532,645.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-1.01	-1.90
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	143.39%	267.93%	130.16%	42.75%	50.25%	-18.92%	33.91%	86.92%	2.43%	-1.14%	-6.02%
EBITDA Growth	330.21%	187,327.27%	97.73%	-84.27%	-457.48%	-307.41%	-57.51%	-98,153.77%	-17.66%	-654.23%	-19,034.91%
EBIT Growth	66.03%	74.88%	-9.10%	-59.63%	-972.63%	-2,474.61%	-130.45%	-2,759.87%	-67.87%	-508.44%	-5,642.06%
NOPAT Growth	65.15%	74.88%	-15.74%	-62.15%	-1,002.10%	-2,474.61%	-130.45%	-57.04%	-67.87%	-171.92%	-800.90%
Net Income Growth	57.82%	63.39%	37.99%	-19.03%	-177.40%	-538.91%	-68.90%	-1,901.72%	-333.55%	-596.38%	-5,021.54%
EPS Growth	88.89%	81.25%	62.50%	33.33%	-350.00%	-433.33%	-66.67%	-1,783.33%	-255.56%	-531.25%	-3,780.00%
Operating Cash Flow Growth	344.45%	362.21%	5,615.49%	-979.94%	-492.14%	147.25%	-434.60%	-75.32%	-106.37%	-131.14%	-149.42%
Free Cash Flow Firm Growth	0.00%	-157.56%	-196.05%	-660.17%	-505.12%	-135.23%	-151.20%	-213.18%	-249.94%	-582.39%	-390.59%
Invested Capital Growth	31.72%	83.28%	98.66%	60.16%	137.30%	90.69%	125.12%	124.02%	217.52%	362.92%	265.27%
Revenue Q/Q Growth	22.84%	82.23%	-16.16%	-23.94%	29.29%	-1.66%	38.46%	6.18%	-29.15%	-5.09%	31.62%
EBITDA Q/Q Growth	88.93%	124.90%	-47.13%	-93.17%	-4,394.89%	-30.49%	110.65%	-9,229.29%	89.98%	-633.19%	-182.27%
EBIT Q/Q Growth	52.77%	49.08%	-247.91%	-143.30%	-217.35%	-22.23%	73.85%	-2,782.07%	80.79%	-304.36%	-156.46%
NOPAT Q/Q Growth	51.84%	50.36%	-192.10%	-132.24%	-227.31%	-15.95%	73.85%	-58.26%	-249.88%	-87.83%	13.38%
Net Income Q/Q Growth	44.89%	8.67%	-13.14%	-109.02%	-28.43%	-110.36%	70.09%	-2,377.14%	72.18%	-237.90%	-119.97%
EPS Q/Q Growth	77.78%	-50.00%	0.00%	-100.00%	-50.00%	-77.78%	68.75%	-2,160.00%	71.68%	-215.63%	-92.08%
Operating Cash Flow Q/Q Growth	358.16%	109.69%	-28.30%	-227.74%	-104.18%	232.21%	-197.03%	33.07%	-140.34%	80.05%	-677.15%
Free Cash Flow Firm Q/Q Growth	-237.16%	-117.13%	-28.06%	18.92%	-168.39%	15.59%	-36.76%	-1.09%	-202.45%	-63.21%	1.68%
Invested Capital Q/Q Growth	14.80%	21.30%	14.89%	0.11%	70.09%	-2.53%	35.63%	-0.38%	142.43%	41.32%	7.02%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	61.64%	66.05%	60.88%	45.82%	43.91%	28.64%	53.62%	66.15%	47.28%	93.06%	72.30%
EBITDA Margin	39.37%	48.59%	31.38%	2.82%	-93.67%	-124.29%	9.56%	-821.99%	-116.27%	-898.17%	-1,926.19%
Operating Margin	-20.04%	-5.46%	-19.02%	-58.06%	-146.99%	-173.31%	-32.73%	-48.78%	-240.88%	-476.72%	-313.74%
EBIT Margin	-19.53%	-5.46%	-17.76%	-56.81%	-139.44%	-173.31%	-32.73%	-888.36%	-240.88%	-1,026.27%	-1,999.66%
Profit (Net Income) Margin	-45.20%	-22.65%	-30.57%	-84.01%	-83.45%	-178.51%	-38.56%	-899.70%	-353.21%	-1,257.51%	-2,101.61%
Tax Burden Percent	76.13%	64.57%	93.41%	113.36%	56.37%	100.00%	100.00%	100.00%	103.44%	102.78%	101.19%
Interest Burden Percent	303.98%	642.83%	184.28%	130.46%	106.18%	103.00%	117.83%	101.28%	141.76%	119.22%	103.86%
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)	-5.72%	-2.11%	-7.92%	-23.86%	-44.28%	-47.08%	-7.55%	-13.12%	-29.55%	-44.64%	-25.76%
ROIC Less NNEP Spread (ROIC-NNEP)	1,831.95%	25.98%	2.60%	2.43%	-36.89%	-63.64%	-12.31%	-360.17%	-38.16%	-70.62%	-93.31%
Return on Net Nonoperating Assets (RNNOA)	-4.25%	-3.53%	-0.58%	-0.41%	-14.53%	-34.16%	-6.89%	-146.57%	-152.42%	-1,842.12%	-723.20%
Return on Equity (ROE)	-9.98%	-5.65%	-8.50%	-24.27%	-58.81%	-81.25%	-14.44%	-159.69%	-181.97%	-1,886.76%	-748.96%
Cash Return on Invested Capital (CROIC)	-39.51%	-67.51%	-74.18%	-55.68%	-97.80%	-89.87%	-99.76%	-100.84%	-117.76%	-145.03%	-134.59%
Operating Return on Assets (OROA)	-3.89%	-1.53%	-5.48%	-20.32%	-33.51%	-37.01%	-6.99%	-104.11%	-11.05%	-43.94%	-74.08%
Return on Assets (ROA)	-8.99%	-6.37%	-9.43%	-30.05%	-20.05%	-38.12%	-8.24%	-105.44%	-16.20%	-53.84%	-77.86%
Return on Common Equity (ROCE)	-9.43%	-5.40%	-8.20%	-23.42%	-56.47%	-77.84%	-13.96%	-154.91%	-177.59%	-1,674.66%	-726.81%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-20.85%	-12.97%	-14.42%	0.00%	-72.91%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.27	-1.62	-4.74	-11	-36	-42	-11	-17	-60	-113	-98
NOPAT Margin	-14.03%	-3.82%	-13.31%	-40.64%	-102.89%	-121.32%	-22.91%	-34.15%	-168.62%	-333.70%	-219.61%
Net Nonoperating Expense Percent (NNEP)	-1,837.67%	-28.09%	-10.52%	-26.29%	-7.40%	16.56%	4.75%	347.05%	8.60%	25.97%	67.55%
Return On Investment Capital (ROIC_SIMPLE)	-0.94%	-0.44%	-	-	-4.92%	-6.34%	-1.57%	-1.32%	-1.14%	-2.18%	-1.83%
Cost of Revenue to Revenue	38.36%	33.95%	39.12%	54.18%	56.09%	71.36%	46.38%	33.85%	52.72%	6.94%	27.70%
SG&A Expenses to Revenue	44.85%	39.08%	38.20%	48.28%	100.03%	154.15%	37.37%	41.87%	210.65%	408.58%	335.91%
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	81.68%	71.50%	79.89%	103.88%	190.90%	201.95%	86.35%	114.93%	288.16%	569.78%	386.04%
Earnings before Interest and Taxes (EBIT)	-4.55	-2.32	-6.32	-15	-49	-60	-16	-449	-86	-349	-895
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	9.17	21	11	0.76	-33	-43	4.55	-416	-42	-305	-862
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.68	3.02	3.93	4.93	9.29	6.49	10.21	18.80	34.25	0.00	83.10
Price to Tangible Book Value (P/TBV)	2.68	3.02	3.93	4.93	9.29	6.49	15.37	24.51	56.60	0.00	133.29
Price to Revenue (P/Rev)	8.26	7.94	12.33	13.95	15.60	7.92	11.69	26.70	28.56	36.41	74.09
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)	2.86	3.27	5.11	6.30	5.26	2.97	3.51	8.02	4.16	3.94	6.44
Enterprise Value to Revenue (EV/Rev)	7.97	7.65	11.43	13.22	17.19	10.04	14.73	28.84	36.09	48.49	86.24
Enterprise Value to EBITDA (EV/EBITDA)	28.03	19.12	29.69	40.19	8,784.48	0.00	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)	129.35	21.38	26.18	58.10	0.00	143.75	0.00	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	0.56	0.37	0.19	0.00	1.99	2.86	2.98	4.29	36.82	-68.15	35.34
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	1.99	2.86	2.80	4.29	33.00	-60.00	27.25
Financial Leverage	0.00	-0.14	-0.22	-0.17	0.39	0.54	0.56	0.41	3.99	26.09	7.75
Leverage Ratio	2.05	1.70	1.50	1.36	2.50	2.79	2.41	4.61	19.09	84.63	27.71
Compound Leverage Factor	6.22	10.94	2.76	1.78	2.65	2.88	2.84	4.67	27.06	100.89	28.78
Debt to Total Capital	35.70%	26.74%	15.77%	0.00%	66.60%	74.13%	74.85%	81.08%	97.36%	101.49%	97.25%
Short-Term Debt to Total Capital	35.68%	26.73%	15.77%	0.00%	0.00%	0.00%	4.33%	0.00%	10.09%	12.13%	22.25%
Long-Term Debt to Total Capital	0.02%	0.01%	0.01%	0.00%	66.60%	74.13%	70.52%	81.08%	87.26%	89.35%	75.00%
Preferred Equity to Total Capital	2.68%	2.49%	2.02%	2.49%	1.27%	1.41%	1.34%	0.71%	0.00%	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%	0.02%	0.00%
Common Equity to Total Capital	61.62%	70.77%	82.20%	97.51%	32.13%	24.47%	23.82%	18.21%	2.64%	-1.51%	2.75%
Debt to EBITDA	6.28	2.48	1.56	0.00	1,779.20	-7.28	-7.09	-16.38	-11.20	-7.28	-3.27
Net Debt to EBITDA	-1.50	-0.96	-2.53	0.00	778.97	-4.03	-5.86	-5.39	-2.75	-2.79	-1.26
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	1,779.20	-7.28	-6.68	-16.38	-10.04	-6.41	-2.52
Debt to NOPAT	-6.00	-6.31	-4.41	0.00	-9.14	-5.22	-5.21	-10.01	-39.67	-26.17	-18.01
Net Debt to NOPAT	1.43	2.43	7.15	0.00	-4.00	-2.89	-4.30	-3.29	-9.73	-10.04	-6.93
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	-9.14	-5.22	-4.90	-10.01	-35.56	-23.04	-13.89
Altman Z-Score	1.09	2.95	8.97	31.43	2.15	0.36	0.83	0.20	0.54	0.18	0.03
Noncontrolling Interest Sharing Ratio	5.45%	4.43%	3.56%	3.52%	3.97%	4.19%	3.31%	2.99%	2.41%	11.24%	2.96%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.40	0.45	1.20	1.00	5.43	1.90	0.66	1.03	2.00	1.20	0.75
Quick Ratio	0.37	0.39	1.16	0.88	5.37	1.85	0.63	1.02	1.88	1.11	0.70
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-50	-108	-138	-112	-301	-254	-347	-351	-1,062	-1,733	-1,704
Operating Cash Flow to CapEx	32.26%	48.63%	35.15%	-100.95%	-27.81%	60.29%	-45.70%	-16.33%	-14.40%	-3.36%	-12.58%
Free Cash Flow to Firm to Interest Expense	-5.36	-8.26	-25.97	-23.95	-99.81	-62.73	-86.58	-35.72	-17.03	-25.84	-26.83
Operating Cash Flow to Interest Expense	1.17	1.75	3.08	-4.47	-14.17	13.95	-13.66	-3.73	-1.41	-0.26	-2.15
Operating Cash Flow Less CapEx to Interest Expense	-2.47	-1.85	-5.67	-8.90	-65.13	-9.19	-43.56	-26.58	-11.23	-8.06	-19.27
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.20	0.28	0.31	0.36	0.24	0.21	0.21	0.12	0.05	0.04	0.04
Accounts Receivable Turnover	0.00	0.00	0.00	36.12	58.35	39.01	34.93	20.57	37.94	31.40	17.48
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	0.35	0.50	0.55	0.55	0.45	0.35	0.33	0.29	0.18	0.11	0.08
Accounts Payable Turnover	1.48	1.95	3.15	2.56	3.17	2.10	3.43	2.03	1.85	0.43	0.43
Days Sales Outstanding (DSO)	0.00	0.00	0.00	10.10	6.25	9.36	10.45	17.75	9.62	11.62	20.88
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)	247.42	187.29	115.74	142.80	115.29	173.62	106.51	179.57	197.64	852.58	850.54
Cash Conversion Cycle (CCC)	-247.42	-187.29	-115.74	-132.70	-109.03	-164.27	-96.06	-161.82	-188.02	-840.95	-829.66
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	193	234	269	269	458	446	605	603	1,462	2,066	2,211
Invested Capital Turnover	0.41	0.55	0.59	0.59	0.43	0.39	0.33	0.38	0.18	0.13	0.12
Increase / (Decrease) in Invested Capital	46	106	134	101	265	212	336	334	1,002	1,620	1,606
Enterprise Value (EV)	551	766	1,375	1,696	2,407	1,325	2,122	4,834	6,079	8,149	14,246
Market Capitalization	572	795	1,483	1,791	2,184	1,046	1,684	4,476	4,811	6,119	12,240
Book Value per Share	$0.90	$0.87	$1.13	$0.95	$0.61	$0.42	$0.43	$0.61	$0.34	($0.19)	$0.30
Tangible Book Value per Share	$0.90	$0.87	$1.13	$0.95	$0.61	$0.42	$0.29	$0.47	$0.20	($0.32)	$0.19
Total Capital	346	372	459	373	732	658	693	1,308	5,312	5,212	5,361
Total Debt	124	99	72	0.00	488	488	519	1,060	5,171	5,290	5,213
Total Long-Term Debt	0.06	0.05	0.04	0.00	488	488	489	1,060	4,635	4,657	4,020
Net Debt	-30	-38	-117	-103	213	270	429	349	1,269	2,029	2,006
Capital Expenditures (CapEx)	34	47	47	21	154	94	120	225	612	523	1,087
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-23	-14	-13	-24	-44	-109	-112	-688	-1,178	-1,711	-2,527
Debt-free Net Working Capital (DFNWC)	31	32	91	0.00	230	109	-22	23	2,279	1,115	235
Net Working Capital (NWC)	-92	-68	19	0.00	230	109	-52	23	1,742	483	-957
Net Nonoperating Expense (NNE)	7.26	7.99	6.14	12	-6.80	20	7.46	438	66	314	843
Net Nonoperating Obligations (NNO)	-30	-38	-117	-103	213	276	431	356	1,322	2,144	2,064
Total Depreciation and Amortization (D&A)	14	23	17	16	16	17	20	34	45	44	33
Debt-free, Cash-free Net Working Capital to Revenue	-33.29%	-14.20%	-11.03%	-18.65%	-31.76%	-82.59%	-77.86%	-410.53%	-699.19%	-1,018.21%	-1,529.61%
Debt-free Net Working Capital to Revenue	45.34%	31.56%	75.55%	0.00%	163.93%	82.65%	-15.40%	13.87%	1,352.59%	663.47%	142.46%
Net Working Capital to Revenue	-133.00%	-67.67%	15.42%	0.00%	163.93%	82.65%	-36.22%	13.87%	1,034.36%	287.13%	-579.54%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.02)	($0.03)	($0.03)	($0.06)	($0.09)	($0.16)	($0.05)	($1.13)	($0.32)	($1.01)	($1.94)
Adjusted Weighted Average Basic Shares Outstanding	209.96M	290.60M	340.66M	382.09M	351.32M	383.15M	386.90M	401.56M	397.61M	423.00M	485.73M
Adjusted Diluted Earnings per Share	($0.02)	($0.03)	($0.03)	($0.06)	($0.09)	($0.16)	($0.05)	($1.13)	($0.32)	($1.01)	($1.94)
Adjusted Weighted Average Diluted Shares Outstanding	209.96M	290.60M	340.66M	382.09M	351.32M	383.15M	386.90M	401.56M	397.61M	423.00M	485.73M
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	302.24M	333.18M	382.60M	385.91M	383.14M	384.58M	391.93M	418.68M	424.07M	495.53M	498.97M
Normalized Net Operating Profit after Tax (NOPAT)	-2.70	-1.62	-4.74	-11	-36	-42	-7.11	-9.72	-60	-96	-98
Normalized NOPAT Margin	-11.59%	-3.82%	-13.31%	-39.73%	-102.89%	-121.32%	-14.93%	-19.22%	-168.62%	-280.82%	-218.99%
Pre Tax Income Margin	-59.37%	-35.09%	-32.73%	-74.11%	-148.06%	-178.51%	-38.56%	-899.70%	-341.48%	-1,223.47%	-2,076.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.49	-0.18	-1.19	-3.28	-16.18	-14.73	-3.89	-45.71	-1.38	-5.20	-14.10
NOPAT to Interest Expense	-0.35	-0.12	-0.89	-2.35	-11.94	-10.31	-2.72	-1.76	-0.97	-1.69	-1.55
EBIT Less CapEx to Interest Expense	-4.13	-3.77	-9.94	-7.71	-67.14	-37.86	-33.78	-68.56	-11.20	-13.00	-31.21
NOPAT Less CapEx to Interest Expense	-3.99	-3.72	-9.64	-6.78	-62.90	-33.45	-32.62	-24.61	-10.79	-9.49	-18.66
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%	-163.24%	-121.97%	-115.03%	-26.86%	-5.03%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

TeraWulf’s latest quarter shows rapid expansion, but profitability and cash generation remain under significant pressure. Revenue increased to $44.8 million in Q2 2026, up 31% from $34.0 million in Q1 2026. However, revenue was still below the $47.6 million reported in Q2 2025. The company’s business has expanded substantially from the $15.5 million of revenue reported in Q2 2023, but that growth has been accompanied by sharply higher operating costs, debt and equity financing.

Revenue has grown significantly over the longer term. Quarterly revenue increased from $15.5 million in Q2 2023 to $44.8 million in Q2 2026, indicating substantial expansion in the company’s operating platform.
Gross profit remained positive. TeraWulf generated $32.4 million of gross profit in Q2 2026, compared with $31.7 million in Q1 2026. The company’s gross margin was approximately 72%, although this was below the roughly 94% margin reported in Q1.
The company has built a much larger asset base. Net property, plant and equipment increased to $3.6 billion in Q2 2026 from $283.1 million in Q3 2024. Total assets reached $8.0 billion, compared with $405.9 million in Q3 2024, reflecting aggressive infrastructure development.
Liquidity remains substantial in absolute terms. TeraWulf ended Q2 2026 with $2.62 billion of cash and equivalents and $143 million of restricted cash. This provides the company with capital to continue funding development, although its cash balance declined during the quarter.
Operating losses improved sequentially. The operating loss narrowed to $140.5 million in Q2 2026 from $162.1 million in Q1. This improvement occurred despite higher revenue, though it was not enough to offset the company’s large expense base.
Capital spending remains focused on expansion. TeraWulf spent approximately $1.09 billion on property, plant and equipment in Q2 2026, more than double the $523.0 million spent in Q1. This could support future revenue growth, but the investment must eventually generate sufficient returns to justify its cost.
The balance sheet moved back to positive equity. Total equity and noncontrolling interests were $147.5 million at June 30, 2026, compared with negative $77.6 million at March 31. The improvement was primarily associated with capital-raising activity rather than retained profitability.
Net losses have widened dramatically. TeraWulf reported a $940.8 million net loss in Q2 2026, compared with losses of $427.7 million in Q1 2026 and $18.4 million in Q2 2025. The latest loss included $754.7 million of net other expense and an $11.1 million net loss from other gains and losses.
Operating expenses far exceed gross profit. Selling, general and administrative expense reached $150.4 million in Q2 2026, while total operating expenses were $172.8 million. These expenses were more than five times the company’s gross profit, producing a substantial operating loss.
TeraWulf remains dependent on external financing and is becoming more diluted. Financing activities provided $965.5 million in Q2, including $1.19 billion from common-equity issuance. Weighted-average basic shares increased to 485.7 million from 423.0 million in Q1 and 386.9 million in Q2 2025. Total short- and long-term debt stood at approximately $5.2 billion, creating meaningful interest and refinancing risk.

Cash flow trends are particularly important for investors. Cash flow from operations was negative $136.7 million in Q2 2026, a deterioration from negative $17.6 million in Q1 and negative $54.8 million in Q2 2025. Cash interest paid also rose sharply to $125.8 million. After investing and financing activity, cash and equivalents declined by $64.1 million during the quarter despite the large equity raise.

The central investment question is whether TeraWulf’s heavy infrastructure spending can translate into sustainable earnings and internally generated cash flow. The company has achieved considerable revenue and asset growth, but its recent results show that expansion is currently being funded primarily through new equity and debt rather than operating cash flow. Continued net losses, negative operating cash flow, high capital expenditures and shareholder dilution remain substantial risks.

09/13/26 01:05 PM ETAI Generated. May Contain Errors.

TeraWulf Financials - Frequently Asked Questions

According to the most recent income statement we have on file, TeraWulf's fiscal year ends in December. Their fiscal 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. Find out what analysts predict for TeraWulf in the coming months.

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%.

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Financial statements for NASDAQ:WULF last updated on 8/5/2026 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

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