TeraWulf Inc. (WULF) financials
NASDAQ · Financial Services · Financial - Capital Markets · 141 employees · CEO Paul Prager
- Price
- $11.73 -8.00%
- Market cap
- $5.85B
- Enterprise value
- $8.47B
- Last report
- Q2 '26 filed 2026-08-05
- Next report
- 2026-11-06 EPS est. -$0.18
Revenue (TTM)$165M+14.6% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)-228.5%-133.4 pp vs a year agoOperating income -$377M
Net income (TTM)-$1.95B-1,379.8% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$2.5B-456.5% vs a year agoCapex $2.23B
Diluted EPS (TTM)-$4.40-1,193.4% vs a year agoSum of the last 4 quarters
Net cash-$2.62B-537.0% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $5.85B EV $8.47B
- Revenue
- $165M Trailing 12 months
- Revenue growth
- +52% FY2026 consensus
- Profit margin
- -1,179.9% Net income / revenue, TTM
- P/E
- -2.7× Forward -3.5× (FY2026)
- P/S
- 35.4× Price / sales, TTM
- EV / EBITDA
- -9.6× TTM
- Free cash flow
- -$2.5B Trailing 12 months
- Net income
- -$1.95B Trailing 12 months
- Revenue estimate
- $256M FY2026 consensus
- Earnings
- 2026-11-06 Revenue est. $62.5M
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-05): revenue missed by 2.7%, EPS missed by 696.2%Revenue $44.8M vs $46M expected (-2.7%); EPS -$1.94 vs -$0.24 (-696.2%).
- Revenue growth slowing: -6.0% year on yearQ2 '26 revenue $44.8M, against an average of 30.5% over the four quarters before.
- Operating margin -228.5% (TTM), -133.4 pp on a year agoOperating income grew -175.6% while revenue grew 14.6%.
- Capex 1,347.0% of revenue (a year ago 269.3%)$2.23B invested in the last 4 quarters (+473.5% on a year earlier). Free cash flow -$2.5B.
- Diluted share count up 25.5% in a year486M diluted shares in Q2 '26, 387M a year earlier.
- Net debt $2.62BCash + short-term investments $2.62B, debt incl. leases $5.24B; a year ago net debt $411M.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $44.8M | $47.6M | -6.0% |
| Gross margin | 72.3% | 53.6% | +18.7 pp |
| Operating income | -$140M | -$10.2M | -1,282.5% |
| Operating margin | -313.7% | -21.3% | -292.4 pp |
| Net income | -$940M | -$18.4M | -5,016.6% |
| Diluted EPS | -$1.94 | -$0.05 | -3,984.2% |
| Operating cash flow | -$137M | -$54.8M | -149.4% |
| Capex | $856M | $120M | +613.3% |
| Free cash flow | -$992M | -$175M | -467.8% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $83.9M | $1.3M | +6,337.0% |
Reported vs consensus
2026-08-05| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $44.8M | $46M | -2.7% |
| EPS (as estimated) | -$1.94 | -$0.24 | -696.2% |
From the report of 2026-08-05 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '22 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Cryptocurrency | $2.42M | – | 100.0% | – | – | |
| Domestic | – | – | – | – | – | |
| Export | – | – | – | – | – | |
| Company Imaging | – | – | – | – | – | |
| Digital Texturing | – | – | – | – | – | |
| Micro Machining | – | – | – | – | – |
Revenue by region
share of total| Segment | Q3 '22 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Domestic | $1.99M | +9.6% | 100.0% | $7.15M | -0.5% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- -$279M
- Capex
- -$2.23B
- Buybacks
- -$101M
- Dividends
- $0
- Acquisitions
- -$275M
- Net debt issued
- $5.09B
- Stock-based compensation
- $158M
- Free cash flow
- -$2.5B
- Returned to shareholders / FCF
- -4.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -2.7× | – | – |
| EV / EBITDA | -9.6× | 3,564.7× 1 of 5 years | 3,564.7× – 3,564.7× |
| EV / Sales | 51.3× | 19.0× 4 of 5 years | 8.3× – 38.6× |
| Price / FCF | -2.3× | – | – |
| Price / Book | 38.7× | 10.8× | 0.6× – 32.5× |
| FCF yield | -42.8% | -41.9% | -144.2% – -10.4% |
| Return on invested capital | -6.9% | -11.3% | -19.5% – -3.2% |
| Return on equity | -1,708.7% | -137.7% | -470.9% – -29.6% |
Analysts
Consensus target $35.17 (+199.8%)
range $15.00 – $72.00 · rating Buy
Strong buy0
Buy14
Hold0
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $256M | +52.2% | -$3.33 | -100.4% | -3.5× | 7 |
| FY2027 | $853M | +232.7% | -$0.29 | +91.2% | -40.0× | 8 |
| FY2028 | $1.68B | +97.4% | $0.31 | +207.2% | 37.4× | 11 |
| FY2029 | $2.5B | +48.6% | $0.40 | +27.7% | 29.3× | 4 |
| FY2030 | $4.03B | +60.9% | $1.08 | +169.4% | 10.9× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 305 figures TeraWulf Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts and Other Receivables, Net, Current | $3.4M2025-12-31 | $3.8M | -10.6% | $3.4M | $3.8M | -10.6% |
| Accounts Payable, Current | $198M | $38.8M | +409.4% | $65.1M | $24.4M | +167.2% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $13.2M | $1.17M | +1,026.5% | $1.21M | $475K | +155.2% |
| Accrued Employee Benefits, Current | $1.72M2025-12-31 | $4.55M | -62.3% | $1.72M | $4.55M | -62.3% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $152M | $91.1M | +66.9% | $132M | $66.1M | +99.4% |
| Additional Paid in Capital | $2.66B | $728M | +264.8% | $1.29B | $685M | +87.5% |
| Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature | $02025-12-31 | – | – | $511M | – | – |
| Adjustments to Additional Paid in Capital, Warrant Issued | – | – | – | $15M2023-12-31 | $5.7M | +163.0% |
| Amortization of Debt Issuance Costs and Discounts | $20.3M2026-03-31 | – | – | $11.4M2024-12-31 | $21.2M | -46.2% |
| Asset Retirement Obligation | $16.5M | – | – | – | – | – |
| Asset Retirement Obligation, Accretion Expense | $200K | $0 | – | – | – | – |
| Asset Retirement Obligation, Current | $13.1M | – | – | – | – | – |
| Asset Retirement Obligation, Liabilities Incurred | $692K | – | – | – | – | – |
| Asset Retirement Obligations, Noncurrent | $3.4M | – | – | – | – | – |
| Assets | $8.05B | $869M | +825.7% | $6.56B | $788M | +732.8% |
| Assets, Current | $2.81B | $99.1M | +2,731.6% | $3.48B | $281M | +1,135.9% |
| Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $0 | $1.6M | -100.0% | $10.4M | $0 | – |
| Business Combination, Contingent Consideration, Liability, Current | – | – | – | $02023-12-31 | $10.9M | -100.0% |
| Capital Expenditures Incurred but Not yet Paid | $0 | $0 | – | – | – | – |
| Cash and Cash Equivalents, at Carrying Value | $2.62B | $90M | +2,810.4% | $3.27B | $274M | +1,091.8% |
| Cash Provided by (Used in) Operating Activities, Discontinued Operations | – | – | – | $0 | $0 | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $3.03B | $91.4M | +3,212.9% | $3.72B | $274M | +1,258.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$64.1M | -$127M | +49.4% | $3.45B | $220M | +1,470.3% |
| Cash, FDIC Insured Amount | $250K | – | – | $250K | – | – |
| Cash, Uninsured Amount | $2.96B | $6.9M | +42,826.1% | $3.65B | $4.7M | +77,538.3% |
| Class of Warrant or Right, Exercise Price of Warrants or Rights | $0.10 | $1.38 | -92.8% | $0.21 | $1.38 | -84.8% |
| Class of Warrant or Right, Number of Securities Called by Warrants or Rights | – | – | – | 8.46M2022-12-31 | – | – |
| Class of Warrant or Right, Outstanding | 77.7M | 17.3M | +350.0% | 84.6M | 17.3M | +389.8% |
| Common Stock, Dividends, Per Share, Declared | $0.00 | $0.00 | – | $0.00 | $0.00 | – |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 950M | 600M | +58.3% | 950M | 600M | +58.3% |
| Common Stock, Shares, Issued | 523M | 415M | +26.1% | 445M | 404M | +10.0% |
| Common Stock, Shares, Outstanding | 499M | 415M | +20.3% | 420M | 386M | +8.9% |
| Common Stock, Value, Issued | $523K | $415K | +26.0% | $444K | $404K | +9.9% |
| Contractual Obligation | $11.2M | – | – | – | – | – |
| Conversion of Stock, Amount Converted | – | – | – | $9.27M | $0 | – |
| Convertible Debt | $1.1B | $489M | +125.5% | $1.58B | $488M | +224.7% |
| Convertible Debt, Current | $490M2026-03-31 | $0 | – | $490M | $0 | – |
| Convertible Debt, Noncurrent | $1.6B2026-03-31 | $488M | +227.2% | $1.58B | $488M | +224.7% |
| Convertible Preferred Stock, Shares Issued upon Conversion | 1.4M2025-09-30 | 1.2M | +16.7% | 1.3M2024-12-31 | 1.1M | +18.2% |
| Cost of Goods and Services Sold | $12.4M | $22.1M | -43.9% | $82.7M | $62.6M | +32.0% |
| Cost, Depreciation | $21.2M | $18.8M | +12.8% | $88.6M | $59.8M | +48.2% |
| Costs and Expenses | $185M | $63.2M | +192.9% | $355M | $216M | +64.0% |
| CryptoAssetCost | $135K | $0 | – | – | – | – |
| CryptoAssetFairValue | $133K | $0 | – | – | – | – |
| CryptoAssetFairValueCurrent | $133K | $0 | – | $270K | $476K | -43.3% |
| CryptoAssetNumberOfUnits | 2 bitcoin | 0 bitcoin | – | – | – | – |
| CryptoAssetRealizedAndUnrealizedGainLossOperating | -$800K | $900K | -188.9% | – | – | – |
| CryptoAssetRealizedGainLossOperating | – | – | – | $0 | $0 | – |
| CryptoAssetUnrealizedGainLossOperating | -$799K | $887K | -190.1% | -$612K | $2.2M | -127.8% |
| Cumulative Dividends | $4M2025-09-30 | $2.7M | +48.1% | $3M2024-12-31 | $1.9M | +57.9% |
| Current Federal Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Current Foreign Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Current Income Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Current State and Local Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Debt Conversion, Converted Instrument, Amount | – | – | – | $0 | $0 | – |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $96.2M2026-03-31 | – | – | $101M | $0 | – |
| Debt Issuance Costs, Net | $1.43M2026-03-31 | – | – | $85K2020-12-31 | $96K | -11.5% |
| Deferred Costs, Noncurrent | $573M | – | – | $573M | $0 | – |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $73K | $0 | – |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-02