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MARKETS / NASDAQ / WULF
NASDAQ · FINANCE SERVICES · LARGE CAP

Terawulf Inc. WULF

15 fiscal years on record · USD · FY2025 reported · SEC filings only
$151.6M
▲ 8.2% YoY
$-661.4M
$-1.2B
In brief

What this company does

TeraWulf Inc. is a vertically integrated owner, developer and operator of large-scale digital infrastructure in the United States that supports high-performance computing (HPC) workloads, including artificial intelligence, machine learning and advanced cloud applications. The company currently derives the majority of its revenue from bitcoin mining. As of the date of its Annual Report, it had 141 full-time employees, including employees of Beowulf E&D, its wholly owned subsidiary, who perform services related to construction, technical and engineering, operations and maintenance, procurement, information technology, finance and accounting, human resources, legal, risk management and external affairs consultation. Its contracted HPC platform consists of two primary campuses, the Lake Mariner Data Campus, located in Barker, New York, and the Abernathy HPC Campus, located in Abernathy, Texas, which together have contracted 522 MW of critical IT load. As of December 31, 2025, the Lake Mariner Data Campus operated 245 MW of legacy bitcoin mining capacity and had 18 MW of critical IT HPC capacity. TeraWulf was incorporated under the laws of the State of Delaware in February 2021 and commenced trading on The Nasdaq Stock Market LLC under the symbol "WULF" on December 14, 2021.

Written from the business description in TeraWulf Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 27 February 2026. Every sentence was checked against that document before publication.

Growth
USD 151.6M
Revenue, FY2025 · full 15-year series below
Revenue $M Net income $M
FY2025 · Revenue 151.6 · Net income -661.4
80.0M-250.0M-500.0M20102012201420162018202020232025
Compound annual growth
+116.0%
+62.4%
+24.1%
+15.9%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +62.4% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−436 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -122.9% · Net -436.4%
-200%-400%-600%20102012201420162018202020232025
ROE
FY2025 · ROE -343.7%
-100%-200%-300%20102012201420162018202020232025

Each USD of equity lost 344 cents this year.

Cash & shareholders
USD 33.3M
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF -1.2
-0.4B-0.8B20102012201420162018202020232025
Net buybacks $M Dividends $M
FY2025 · Dividends — · Net buybacks 33.3
20M-50M-100M201020112012201720192022202320242025

USD 33.3M in buybacks went back to shareholders in a year without profit.

Total assetsUSD 6.6B
EquityUSD 140.4M
CashUSD 3.3B
Gross debtUSD 3.1B
Net debtUSD -167.8M
Current ratio2.00×

The company holds more cash than debt.

The 15-year record
15 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023202220202019201820172016201520142013201220112010
Revenue $B0.20.10.10.00.00.00.00.00.00.00.00.00.00.00.0
Operating income $B−0.2−0.1−0.0−0.0−0.0−0.00.0−0.0−0.00.00.00.00.00.00.0
EBITDA $B−0.1−0.0−0.0−0.0−0.0−0.00.00.00.00.00.00.00.00.00.0
Income tax $B0.00.00.0−0.0−0.0−0.00.0−0.0−0.00.00.00.00.00.00.0
Net income $B−0.7−0.1−0.1−0.1−0.0−0.00.0−0.0−0.00.00.00.00.00.00.0
Free cash flow $B−1.2−0.3−0.1−0.1−0.0−0.00.0−0.0−0.0−0.00.00.00.00.00.0
EPS, diluted $−1.66−0.21−0.35−0.82−0.22−0.410.07−0.11−0.030.070.320.340.350.350.56
Dividend / sh $0.000.000.000.00···········
Payout %············288··
ROE %−343.7−31.0−43.2−75.4−3.6−6.41.1−1.7−0.51.05.05.65.65.59.1
Shares out B0.420.390.280.150.000.000.000.000.000.000.000.000.000.000.00

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures · 3 divergences in 78 reconciliationsAUDITED

Reconciled in 13 of 19 fiscal years. 3 of those reconciliations are divergences — the figures exist but don't fit the formula this check expects; that isn't the same as an error. 17 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures3 divergent
ActivityFinance Services
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2010

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