WULF

MKT CAP:$9B

TeraWulf Inc.

Market Cap

$9B

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

Financials·Financial·🇺🇸·NASDAQ

Stock Price

$20.01+$7.27 (+57.06%)

Apr 24, 2026

Company Details

TeraWulf Inc., together with its subsidiaries, operates as a digital asset technology company in the United States. It develops, owns, and operates bitcoin mining facility sites. The company operates two bitcoin mining facility sites locate...

CEO

Paul Prager

IPO Date

Apr 5, 1994

Website

www.terawulf.com

Key Metrics TTM

Revenue

$168M

+30.6% YoY

Net Income

-$564M

EPS (Diluted)

-$1.41

Free Cash Flow

-$677M

Revenue / Share

$0.42

Gross Margin

50.2%

Operating Margin

-90.3%

Net Margin

-336.5%

FCF Margin

-403.7%

P/S

52.5x

P/E

—

Earnings Reports

Q4 2025

May 8, 2026

PENDING

FY 2025

Feb 27, 2026

$168M+20.3%EPS -$1.66

Q3 2025

Nov 10, 2025

$51M+86.9%EPS -$1.13

Q2 2025

Aug 8, 2025

$48M+33.9%EPS -$0.05

Q1 2025

May 9, 2025

$34M-18.9%EPS -$0.16

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$0	-$115.0K	-$4M
Q1 22	$217.0K	$185.0K	-$9M
Q2 22	$1M	$794.0K	-$8M
Q3 22	$4M	-$1M	-$13M
Q4 22	$10M	$4M	-$13M
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

Valuation

Quarter	P/S	P/E
Q2 21	885.7x	—
Q1 22	1160.9x	—
Q2 22	1509.4x	—
Q3 22	1609.8x	—
Q4 22	585.3x	—
Q1 23	333.9x	—
Q2 23	217.7x	—
Q3 23	156.5x	—
Q4 23	125.8x	—
Q1 24	87.3x	—
Q2 24	72.8x	—
Q3 24	68.6x	—
Q4 24	62.8x	—
Q1 25	66.6x	—
Q2 25	61.1x	—
Q3 25	52.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	-$5M	-$6M
Q1 22	-$22M	-$54M
Q2 22	-$2M	-$26M
Q3 22	-$3M	-$15M
Q4 22	-$1M	-$12M
Q1 23	-$9M	-$19M
Q2 23	-$297.0K	-$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

Capital Expenditures

Quarter	CapEx
Q2 21	$1M
Q1 22	$33M
Q2 22	$24M
Q3 22	$11M
Q4 22	$11M
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

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	-100.0%	-1.0%
Q1 22	-91.6%	+162.5%
Q2 22	-55.8%	+172.4%
Q3 22	-8.6%	+337.4%
Q4 22	—	+438.0%
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%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$0	—
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$568.0K	14.7%
Q4 22	$518.0K	5.4%
Q1 23	$876.0K	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%

OpEx Breakdown

Quarter	SG&A
Q2 21	$4M
Q1 22	$9M
Q2 22	$7M
Q3 22	$9M
Q4 22	$12M
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

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$4M	$0	$4M
Q2 22	$921.0K	$0	$921.0K
Q3 22	$4M	$0	$4M
Q4 22	$1M	$0	$1M
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	$492.0K	$712M
Q4 25	$3.3B	$270.0K	$3.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	100M	+4958.6%	+4958.6%
Q1 22	100M	+0.1%	+4966.0%
Q2 22	104M	+4.0%	+5168.3%
Q3 22	109M	+4.5%	+5407.1%
Q4 22	131M	+20.7%	+31.4%
Q1 23	165M	+25.6%	+64.8%
Q2 23	210M	+27.5%	+102.1%
Q3 23	222M	+5.4%	+103.7%
Q4 23	277M	+24.8%	+110.7%
Q1 24	291M	+5.0%	+76.1%
Q2 24	341M	+17.2%	+61.9%
Q3 24	382M	+12.2%	+72.3%
Q4 24	386M	+0.9%	+39.4%
Q1 25	383M	-0.6%	+31.8%
Q2 25	387M	+1.0%	+13.6%
Q3 25	402M	+3.8%	+5.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$0	82
Q1 22	$36.2K	6
Q2 22	$230.8K	6
Q3 22	$644.0K	6
Q4 22	$1M	8
Q1 23	$1M	8
Q2 23	$2M	8
Q3 23	$2M	8
Q4 23	$2M	10
Q1 24	$4M	10
Q2 24	$4M	10
Q3 24	$3M	10
Q4 24	$3M	12
Q1 25	$3M	12
Q2 25	$4M	12
Q3 25	$4M	12

Revenue / Employee