Terawulf Inc. (WULF) Financial Statements
Industry: Finance Services
In fiscal 2025, Terawulf reported revenue of $168.5M, up 20.3% from $140.1M the year before. Net income was -$661.4M (a -392.6% net margin), or -$1.66 per diluted share. Gross margin was 39.2% and operating margin was -110.5%. Operating activities generated -$123.2M of cash, leaving -$1.18B of free cash flow. At fiscal year end, Terawulf held $6.56B in total assets against $6.42B in total liabilities, including $3.27B of cash and equivalents.
Open the full interactive Terawulf financials → Quarterly statements, key ratios, valuation history and price charts.
Terawulf Key Stats
| Share Price | $13.21 |
|---|---|
| Market Cap | $6.42B |
| Revenue YoY Growth | +20.3% |
| 52-Week Range | $10.99 – $28.98 |
| Shares Outstanding | 485.7 million (basic, 2026 Q2) |
Terawulf Income Statement
| FY 2019 | FY 2020 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $17.6M | $13.4M | $15.0M | $69.2M | $140.1M | $168.5M |
| Cost of Goods Sold | $12.2M | $9.5M | $11.1M | $27.3M | $62.6M | $82.7M |
| Gross Profit | $5.4M | $3.9M | $4.0M | $41.9M | $77.4M | $66.0M |
| Operating Income | -$956,676 | -$1.8M | -$43.7M | -$29.4M | -$76.2M | -$186.2M |
| Pre-Tax Income | -$985,558 | -$649,320 | -$86.2M | -$73.4M | -$72.4M | -$657.2M |
| Income Tax | -$172,000 | -$210,000 | -$256,000 | $0 | $0 | $76,000 |
| Net Income | -$813,558 | -$439,320 | -$90.8M | -$73.4M | -$72.4M | -$661.4M |
| Diluted EPS | -$0.41 | -$0.22 | -$0.82 | -$0.35 | -$0.21 | -$1.66 |
Terawulf Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $50.6M | $35.8M | $34.0M | $44.8M |
| Net Income | -$455.1M | -$126.6M | -$427.6M | -$939.9M |
| Diluted EPS | -$1.13 | -$0.32 | -$1.01 | -$1.94 |
Terawulf Balance Sheet
| FY 2019 | FY 2020 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $963,649 | $3.7M | $1.3M | $54.4M | $274.1M | $3.27B |
| Current Assets | $8.7M | $7.8M | $14.1M | $62.6M | $281.4M | $3.48B |
| Total Assets | $16.9M | $15.4M | $317.7M | $378.1M | $787.5M | $6.56B |
| Current Liabilities | $1.9M | $3.6M | $126.0M | $154.7M | $51.8M | $1.74B |
| Total Long-Term Debt | $2.8M | $2.8M | $124.9M | $123.5M | $487.5M | $3.10B |
| Total Liabilities | $4.6M | $3.6M | $199.9M | $155.6M | $543.1M | $6.42B |
| Shareholders' Equity | $12.3M | $11.8M | $117.8M | $222.5M | $244.4M | $140.4M |
Terawulf Cash Flow Statement
| FY 2019 | FY 2020 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$477,031 | -$398,828 | -$34.1M | $4.3M | -$24.4M | -$123.2M |
| Cash From Investing | $7,578 | $2.1M | -$94.0M | -$78.0M | -$91.2M | -$1.37B |
| Cash From Financing | -$190,035 | $1.1M | $90.0M | $119.9M | $335.2M | $4.94B |
| Free Cash Flow | -$955,384 | -$548,744 | -$93.4M | -$71.0M | -$292.4M | -$1.18B |
Figures from Terawulf's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Terawulf financials page for every line item.
Terawulf Company Profile
| Ticker | WULF |
|---|---|
| Exchange | Nasdaq |
| Industry | Finance Services |
| Headquarters | Easton, Maryland |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001083301 |
Frequently Asked Questions
What was Terawulf's revenue in fiscal 2025?
Terawulf (WULF) reported revenue of $168.5M for fiscal 2025.
What is Terawulf's annual revenue history?
Terawulf's annual revenue by fiscal year: 2019: $17.6M; 2020: $13.4M; 2022: $15.0M; 2023: $69.2M; 2024: $140.1M; 2025: $168.5M.
What was Terawulf's net income in fiscal 2025?
Terawulf reported net income of -$661.4M for fiscal 2025.
What was Terawulf's earnings per share (EPS) in fiscal 2025?
Terawulf's diluted EPS was -$1.66 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Terawulf generate in fiscal 2025?
Terawulf generated -$1.18B of free cash flow in fiscal 2025.
What was Terawulf's revenue last quarter?
In its most recent reported quarter (2026 Q2), Terawulf reported revenue of $44.8M.
How much debt does Terawulf have?
Terawulf reported $3.10B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Terawulf are outstanding?
Terawulf reported a weighted average of 485.7 million basic shares outstanding in 2026 Q2.
What is Terawulf's market cap?
Based on its latest closing price, Terawulf (WULF) has a market capitalization of about $6.42B.
When does Terawulf's fiscal year end?
Terawulf's fiscal year end, as registered with the SEC, is December 31.
Where is Terawulf headquartered?
Terawulf lists its business address in Easton, Maryland in its SEC filings.