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Terawulf Inc (WULF) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

FINANCIAL SERVICES · CAPITAL MARKETS · DATA UPDATED 2026-09-19

Terawulf Inc (WULF) operates in the CAPITAL MARKETS industry and is headquartered in Easton, United States with about 141 employees. Its market capitalization is roughly $8 billion. In the fiscal year ended 2025-12-31, WULF reported $168M in revenue and ($661M) in net income.

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.

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WULF Revenue & Earnings History — Annual Income Statement

Income statementTTM → 2026-06-302025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-312011-12-312010-12-312009-12-312008-12-312007-12-312006-12-31
Total Revenue$166M$168M$140M$69M$15M$13M$13M$18M$18M$17M$18M$18M$18M$17M$17M$17M$17M$15M$16M$16M$15M
Gross Profit$114M$86M$77M$42M$4M$0M$4M$5M$6M$6M$6M$6M$7M$7M$7M$7M$7M$6M$7M$7M$7M
Gross Margin %68.7%50.9%55.3%60.5%26.3%-0.4%29.1%30.6%34.3%33.2%35.5%35.0%36.2%39.7%40.1%40.0%41.2%40.1%41.8%43.8%45.1%
Operating Income (EBIT)($377M)($170M)($76M)($29M)($44M)($43M)($2M)($1M)$0M$0M$0M$0M$1M$1M$1M$1M$2M$1M$1M$1M$1M
Operating Margin %-227.1%-101.1%-54.4%-42.5%-291.0%-340.5%-13.3%-5.4%1.2%-2.7%-0.1%0.8%4.9%5.3%6.0%6.1%9.3%5.8%6.1%9.0%9.9%
Net Income($1.9B)($661M)($72M)($73M)($91M)($96M)$0M($1M)$0M$0M$0M$0M$1M$1M$1M$1M$1M$0M$1M$1M$1M
Net Margin %-1174.7%-392.6%-51.7%-106.1%-603.9%-750.8%-3.3%-4.6%0.8%-1.3%-0.4%0.8%3.5%3.9%4.0%4.2%6.7%-2.0%5.1%7.4%7.5%
EBITDA($484M)($17M)$0M($39M)($43M)($2M)($1M)$0M$0M$0M$0M$2M$2M$2M$2M$2M$0M$1M$2M$2M
Earnings Per Share (EPS)$-4.40$-1.66$-0.21$-0.35$-0.82$-1.12$-0.22$-0.41$0.07$-0.11$-0.03$0.07$0.50$0.34$0.35$0.35$0.56$-0.16$0.40$0.57$0.55
Shares Outstanding (M)398M351M210M111M2M2M2M2M2M2M2M2M2M2M2M2M2M2M2M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

WULF Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement2026-06-302026-03-312025-12-312025-09-302025-06-302025-03-312024-12-312024-09-302024-06-30
Total Revenue$45M$34M$36M$51M$48M$34M$35M$27M$36M
Gross Profit$32M$32M$17M$33M$26M$10M$15M$12M$22M
Gross Margin %71.1%93.1%47.3%66.1%53.6%28.6%43.9%45.8%60.9%
Operating Income (EBIT)($140M)($136M)($87M)($14M)($10M)($60M)($51M)($16M)($7M)
Operating Margin %-311.1%-401.2%-241.8%-27.5%-21.3%-173.3%-147.0%-58.1%-19.0%
Net Income($940M)($428M)($127M)($455M)($18M)($61M)($29M)($23M)($11M)
Net Margin %-2088.9%-1257.3%-353.2%-899.7%-38.6%-178.5%-83.5%-84.0%-30.6%
EBITDA($319M)($30M)($418M)$5M($41M)($33M)($4M)$8M
Earnings Per Share (EPS)$-1.94$-1.01$-0.32$-1.13$-0.05$-0.16$-0.08$-0.06$-0.03
Shares Outstanding (M)423M398M402M387M383M386M382M341M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

WULF Free Cash Flow History

Cash flowTTM → 2026-06-302025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-312010-12-312009-12-312007-12-312006-12-312005-12-312004-12-31
Cash from Operations (CFO)($280M)($123M)($24M)$4M($34M)($24M)$0M$0M$1M$0M$1M$1M$1M$1M$1M$2M$1M$2M$1M$1M$1M
Capital Expenditures (CapEx)$2.2B$1.1B$268M$75M$73M$109M$0M$0M$1M$0M$2M$3M$0M$1M$1M$0M$0M$1M$0M$0M$0M
Free Cash Flow (FCF)($2.5B)($1.2B)($292M)($71M)($107M)($133M)($1M)($1M)$1M$0M($1M)($1M)$0M$1M$1M$1M$1M$1M$1M$1M$1M
FCF Margin %
Dividends Paid$2M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

WULF Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow2026-06-302026-03-312025-12-312025-09-302025-06-302025-03-312024-12-312024-09-302024-06-30
Cash from Operations (CFO)($137M)($18M)($88M)($37M)($55M)$56M($43M)($21M)$16M
Capital Expenditures (CapEx)$856M$523M$615M$232M$120M$94M$154M$21M$47M
Free Cash Flow (FCF)($992M)($541M)($703M)($268M)($175M)($37M)($196M)($42M)($30M)
FCF Margin %

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

WULF Balance Sheet History

Balance sheet2026-06-302025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-312017-12-312016-12-312015-12-312014-12-312013-12-312012-12-312011-12-312010-12-312009-12-312008-12-312007-12-312006-12-31
Total Assets$8.0B$6.6B$788M$378M$318M$265M$30M$17M$17M$17M$18M$15M$1M$1M$0M$0M$0M$0M$0M$12M$11M
Cash & Cash Equivalents$2.6B$3.3B$274M$54M$1M$46M$6M$1M$2M$1M$1M$2M$1M$3M
Total Liabilities$7.9B$6.4B$543M$156M$200M$142M$2M$5M$4M$4M$5M$2M$1M$1M$1M$1M$1M$1M$1M$1M$1M
Total Debt (Short + Long-Term)$5.2B$5.2B$488M$124M$128M$0M$0M$0M$0M$0M$0M$0M$0M$0M$0M$0M$0M$0M$0M$0M$0M
Total Shareholders' Equity$147M$140M$244M$222M$118M$123M$28M$12M$13M$13M$13M$13M$13M$13M$12M$13M$12M$11M$11M$11M$10M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive WULF viewer.

WULF Metric Deep Dives

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