Detailed financial statements for TeraWulf Inc. (WULF): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
TeraWulf Inc., together with its subsidiaries, owns, develops, operates digital infrastructure in the United States. It also develops and operates bitcoin mining facilities for bitcoin mining and high-performance computing workloads, leveraging clean, cost-effective, and reliable energy. The company was founded in 2021 and is headquartered in Easton, Maryland.
Analysis Summary
TeraWulf Inc. reported revenue of $168.5M in the most recent fiscal year, growing at a 5-year CAGR of 65.8%.
Trailing-twelve-month margins: gross margin 69.3%, operating margin -228.5%, net margin -11.8%.
At the current price of $15.39, WULF has negative trailing earnings (P/E not meaningful) and an ROE of -17.09%. Market capitalisation stands at $7.6B.
Balance sheet quality for WULF: current ratio of 2.0, net debt of $1.93B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.6M | $17.2M | $18.2M | $17.6M | $13.4M | 0 | $15.0M | $69.2M | $140.1M | $168.5M |
| Cost of Revenue | $11.3M | $11.5M | $12.0M | $12.2M | $9.5M | $52000 | $11.1M | $27.3M | $62.6M | $82.7M |
| Gross Profit | $6.2M | $5.7M | $6.3M | $5.4M | $3.9M | -$52000 | $4.0M | $41.9M | $77.4M | $85.8M |
| Research & Development | $647065 | $688688 | $677242 | $777279 | $671493 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $5.6M | $5.5M | $5.4M | $5.5M | $4.7M | $43.3M | $36.0M | $41.9M | $70.6M | $147.8M |
| Operating Expenses | $6.3M | $6.2M | $6.0M | $6.3M | $5.3M | $43.3M | $47.7M | $71.3M | $153.7M | $256.1M |
| Operating Income | -$22000 | -$464610 | $225820 | -$863680 | -$1.4M | -$43.4M | -$43.7M | -$29.4M | -$76.2M | -$170.3M |
| EBITDA | $783696 | $434073 | $1.1M | -$223630 | $135294 | -$43.3M | -$38.8M | $161000 | -$17.4M | -$483.9M |
| Interest Expense | $58222 | $83080 | $90583 | $90058 | $2.5M | $2.3M | $24.7M | $34.8M | $19.8M | $80.2M |
| Pre-tax Income | -$69061 | -$524147 | $185465 | -$985558 | -$649320 | -$47.2M | -$86.2M | -$73.3M | -$98.4M | -$661.3M |
| Income Tax | -$4000 | -$298000 | $46000 | -$172000 | -$210000 | -$615000 | -$256000 | 0 | -$26.0M | $76000 |
| Net Income | -$65060 | -$226147 | $139465 | -$813558 | -$439320 | -$95.7M | -$90.8M | -$73.4M | -$72.4M | -$661.4M |
| EPS | $-0.03 | $-0.11 | $0.07 | $-0.41 | $-0.22 | $-1.12 | $-0.83 | $-0.35 | $-0.21 | $-1.66 |
| EPS (Diluted) | $-0.03 | $-0.11 | $0.07 | $-0.41 | $-0.22 | $-1.12 | $-0.83 | $-0.35 | $-0.21 | $-1.66 |
| Shares Outstanding (Diluted) | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $85.2M | $110.6M | $210.0M | $351.3M | $397.6M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.0M | $929700 | $1.6M | $963649 | $6.3M | $46.5M | $1.3M | $54.4M | $274.1M | $3.27B |
| Short-term Investments | $3.2M | $2.9M | $2.7M | $2.2M | 0 | 0 | 0 | 0 | $476000 | 0 |
| Receivables | $2.4M | $2.2M | $2.2M | $2.4M | 0 | 0 | 0 | $1.0M | $4.3M | $4.6M |
| Inventory | $2.0M | $2.1M | $2.0M | $2.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $9.0M | $8.3M | $9.0M | $8.7M | $6.3M | $68.1M | $14.1M | $62.6M | $281.4M | $3.48B |
| Property, Plant & Equipment | $8.9M | $8.3M | $8.1M | $7.9M | $21.9M | $92.5M | $203.5M | $216.2M | $505.1M | $1.73B |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $55.5M |
| Intangible Assets | 0 | $351186 | $376406 | $271369 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $18.3M | $16.9M | $17.4M | $16.9M | $30.0M | $264.9M | $317.7M | $378.1M | $787.5M | $6.56B |
| Accounts Payable | $730386 | $321860 | $647528 | $761641 | $38000 | $11.8M | $21.9M | $15.2M | $24.4M | $65.1M |
| Short-term Debt | $127303 | $130898 | $129282 | $133287 | 0 | $88000 | $55.4M | $123.5M | 0 | $536.1M |
| Total Current Liabilities | $1.3M | $875781 | $1.3M | $1.9M | $1.7M | $45.9M | $126.0M | $154.7M | $51.8M | $1.74B |
| Long-term Debt | $3.1M | $2.9M | $2.8M | $2.7M | $94.6M | $94.6M | $73.0M | $56000 | $487.5M | $4.64B |
| Total Liabilities | $4.8M | $4.0M | $4.3M | $4.6M | $1.7M | $141.7M | $199.9M | $155.6M | $543.1M | $6.42B |
| Retained Earnings | $10.5M | $10.1M | $10.2M | $9.3M | -$1.7M | -$95.7M | -$186.5M | -$259.9M | -$332.3M | -$993.7M |
| Total Equity | $13.5M | $13.0M | $13.1M | $12.3M | $28.3M | $123.2M | $117.8M | $222.5M | $244.4M | $140.4M |
| Total Debt | $3.2M | $3.1M | $3.0M | $2.8M | $95.7M | $95.7M | $129.3M | $124.5M | $491.2M | $5.20B |
| Net Debt | -$1.1M | -$747283 | -$1.4M | -$347005 | $89.4M | $49.3M | $128.0M | $70.0M | $217.2M | $1.93B |
| Working Capital | $7.7M | $7.4M | $7.7M | $6.8M | $4.6M | $22.2M | -$111.9M | -$92.1M | $229.6M | $1.74B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$65060 | -$226147 | $139465 | -$813558 | -$10.1M | -$46.6M | -$90.8M | -$73.4M | -$72.4M | -$661.4M |
| Depreciation & Amortization | $794540 | $836877 | $795319 | $671866 | $698054 | $52000 | $7.0M | $29.4M | $61.2M | $110.8M |
| Stock-based Compensation | $25007 | $23561 | $13634 | $8821 | $13.6M | 0 | $1.6M | $5.9M | $30.9M | $50.9M |
| Change in Working Capital | $107211 | -$137178 | $236117 | -$256656 | $520389 | $11.0M | $13.2M | -$10.6M | -$10.1M | $71.4M |
| Operating Cash Flow | $916947 | $204689 | $1.2M | -$477031 | -$398828 | -$24.1M | -$34.1M | $4.3M | -$24.4M | -$123.2M |
| Capital Expenditure | -$2.1M | -$269066 | -$593115 | -$498018 | -$164826 | -$109.1M | -$72.9M | -$75.2M | -$267.9M | -$1.06B |
| Acquisitions | $21000 | $32634 | 0 | $15596 | $18297 | -$10.3M | -$46.2M | -$2.8M | $23.3M | -$10.1M |
| Stock Repurchased | 0 | -$300466 | 0 | -$49595 | 0 | 0 | 0 | 0 | -$118.2M | -$33.3M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$1.2M | -$64377 | $631650 | -$975049 | -$563654 | -$133.2M | -$106.9M | -$70.9M | -$292.4M | -$1.18B |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -1.9% | +5.6% | -3.3% | -23.8% | -100.0% | +360.5% | +102.3% | +20.3% | ||
| Net Income Growth (YoY) | -247.6% | +161.7% | -683.3% | +46.0% | -21679.8% | +5.1% | +19.1% | +1.4% | -813.3% | |
| EPS Growth (YoY) | -241.6% | +163.9% | -683.2% | +46.3% | -409.1% | +25.9% | +57.8% | +40.0% | -690.5% | |
| Shares Change (YoY) | -0.5% | -1.2% | -0.2% | -0.2% | +4211.0% | +29.9% | +89.8% | +67.3% | +13.2% | |
| FCF Growth (YoY) | +94.5% | +1081.2% | -254.4% | +42.2% | -23526.4% | +19.7% | +33.7% | -312.3% | -304.8% | |
| Gross Margin | 35.5% | 33.2% | 34.3% | 30.6% | 29.1% | 26.3% | 60.5% | 55.3% | 50.9% | |
| Operating Margin | -0.1% | -2.7% | 1.2% | -4.9% | -10.6% | -291.0% | -42.5% | -54.4% | -101.1% | |
| EBITDA Margin | 4.5% | 2.5% | 5.9% | -1.3% | 1.0% | -258.3% | 0.2% | -12.4% | -287.3% | |
| Net Margin | -0.4% | -1.3% | 0.8% | -4.6% | -3.3% | -603.9% | -106.1% | -51.7% | -392.6% | |
| FCF Margin | -6.7% | -0.4% | 3.5% | -5.5% | -4.2% | -711.3% | -102.4% | -208.8% | -702.5% | |
| Effective Tax Rate | 5.8% | 56.9% | 24.8% | 17.5% | 32.3% | 1.3% | 0.3% | -0.0% | 26.4% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.58 | $-0.03 | $0.32 | $-0.49 | $-0.29 | $-1.56 | $-0.97 | $-0.34 | $-0.83 | $-2.98 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $2.0M | $2.0M | $2.0M | $2.0M | $2.0M | $85.2M | $110.6M | $210.0M | $351.3M | $397.6M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | -1708.70% |
| Return on Invested Capital | -6.89% |
| Return on Assets | -24.22% |
| Gross Margin | 69.26% |
| Operating Margin | -228.47% |
| Net Margin | -1179.94% |
Financial Health
| Debt / Equity | 35.56 |
| Current Ratio | 0.75 |
| Piotroski F-Score | 1 |
| Altman Z-Score | 0.47 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -349.38 | -68.36 | 119.91 | -13.05 | -45.32 | -13.44 | -0.81 | -6.86 | -26.95 | -6.92 |
| P/B | 1.69 | 1.17 | 1.28 | 0.86 | 0.70 | 10.41 | 0.63 | 2.26 | 8.13 | 32.53 |
| P/S | 1.29 | 0.88 | 0.92 | 0.60 | 1.47 | 0.00 | 4.93 | 7.28 | 14.20 | 27.12 |
| Gross Margin | 35.5% | 33.2% | 34.3% | 30.6% | 29.1% | 0.0% | 26.3% | 60.5% | 55.3% | 50.9% |
| Operating Margin | -0.1% | -2.7% | 1.2% | -4.9% | -10.6% | 0.0% | -291.0% | -42.5% | -54.4% | -101.1% |
| Net Margin | -0.4% | -1.3% | 0.8% | -4.6% | -3.3% | 0.0% | -603.9% | -106.1% | -51.7% | -392.6% |
Related companies: CIFR · HUT · MC · MKTX · PFSI · PIPR · RIOT
Explore sector: Financial Services · Financial - Capital Markets
More sections of WULF: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Radar — undervalued stock signals · Investment Academy — learn to analyze stocks