WULF (TeraWulf Inc.) Stock Financials & Earnings | Market Cap Arena

WULF (TeraWulf Inc.) Stock Financials & Earnings | Market Cap Arena

WULFTeraWulf Inc.

Mkt Cap$6B

Financial Services·Financial - Capital Markets·🇺🇸 United States·NASDAQ

Revenue (TTM)$168M

Net Income (TTM)-$661M

EPS (TTM)-$1.66

Free Cash Flow (TTM)-$567M

Gross Margin50.9%

Op. Margin-110.5%

Net Margin-392.6%

FCF Margin-336.6%

P/S Ratio (TTM)37.1x

P/E Ratio (TTM)—

YoY Rev Growth+20.3%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$12M	$7M	-$9M
Q2 23	$15M	$10M	-$6M
Q3 23	$20M	$11M	-$10M
Q4 23	$23M	$14M	-$5M
Q1 24	$42M	$28M	-$2M
Q2 24	$36M	$22M	-$7M
Q3 24	$27M	$12M	-$16M
Q4 24	$35M	$15M	-$51M
Q1 25	$34M	$10M	-$60M
Q2 25	$48M	$26M	-$16M
Q3 25	$51M	$33M	-$25M
Q4 25	$36M	$17M	-$86M

Valuation

Quarter	P/S	P/E
Q1 23	237.1x	—
Q2 23	154.6x	—
Q3 23	111.2x	—
Q4 23	89.4x	—
Q1 24	62.0x	—
Q2 24	51.7x	—
Q3 24	48.7x	—
Q4 24	44.6x	—
Q1 25	47.3x	—
Q2 25	43.4x	—
Q3 25	37.3x	—
Q4 25	37.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$9M	-$19M
Q2 23	-$297K	-$6M
Q3 23	$2M	-$23M
Q4 23	$11M	-$23M
Q1 24	$23M	-$24M
Q2 24	$16M	-$30M
Q3 24	-$21M	-$42M
Q4 24	-$43M	-$196M
Q1 25	$56M	-$37M
Q2 25	-$55M	-$175M
Q3 25	-$37M	-$268M
Q4 25	-$180M	-$87M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$10M
Q2 23	$6M
Q3 23	$25M
Q4 23	$34M
Q1 24	$47M
Q2 24	$47M
Q3 24	$21M
Q4 24	$154M
Q1 25	$94M
Q2 25	$120M
Q3 25	$232M
Q4 25	$94M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+5214.7%	+121.2%
Q2 23	+1016.0%	+131.5%
Q3 23	+408.6%	+70.2%
Q4 23	+143.4%	+21.8%
Q1 24	+267.9%	+115.6%
Q2 24	+130.2%	+98.8%
Q3 24	+37.7%	+45.8%
Q4 24	+50.2%	+209.1%
Q1 25	-18.9%	+110.1%
Q2 25	+33.9%	+49.3%
Q3 25	+86.9%	+75.9%
Q4 25	+2.4%	+41.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$876K	7.6%
Q2 23	$2M	11.2%
Q3 23	$1M	7.2%
Q4 23	$2M	7.9%
Q1 24	$7M	16.3%
Q2 24	$5M	13.6%
Q3 24	$2M	8.9%
Q4 24	$17M	47.9%
Q1 25	$39M	112.4%
Q2 25	$4M	7.7%
Q3 25	$4M	8.6%
Q4 25	-$32M	-89.5%

OpEx Breakdown

Quarter	SG&A
Q1 23	$9M
Q2 23	$9M
Q3 23	$10M
Q4 23	$9M
Q1 24	$15M
Q2 24	$14M
Q3 24	$11M
Q4 24	$32M
Q1 25	$50M
Q2 25	$14M
Q3 25	$17M
Q4 25	$120M

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$17M	$0	$17M
Q2 23	$8M	$0	$8M
Q3 23	$7M	$0	$7M
Q4 23	$54M	$0	$54M
Q1 24	$46M	$2M	$48M
Q2 24	$104M	$0	$104M
Q3 24	$24M	$0	$24M
Q4 24	$274M	$0	$274M
Q1 25	$218M	$0	$218M
Q2 25	$90M	$0	$90M
Q3 25	$711M	$492K	$712M
Q4 25	$3.3B	$270K	$3.3B

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	165M	+25.6%
Q2 23	210M	+27.5%
Q3 23	222M	+5.4%
Q4 23	277M	+24.8%
Q1 24	291M	+5.0%
Q2 24	341M	+17.2%
Q3 24	382M	+12.2%
Q4 24	386M	+0.9%
Q1 25	383M	-0.6%
Q2 25	387M	+1.0%
Q3 25	402M	+3.8%
Q4 25	398M	-1.0%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$247K	75
FY 15	$214K	82
FY 16	$220K	80
FY 17	$208K	83
FY 18	$222K	82
FY 19	$215K	82
FY 20	$164K	82
FY 21	$0	6
FY 22	$2M	8
FY 23	$7M	10
FY 24	$12M	12
FY 25	$1M	141