WULF
TERAWULF INC.
Next earnings Aug 6, 2026 · consensus $-0.24 EPS, $49.8M rev
Last earnings -2.6% on 2026-05-08
$21.18
▼ -17.20%$21.18▲ +401.90%
over 1Y
L $4.22H $28.98
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-17.2%
1W-18.7%
1M-20.0%
3M+42.3%
YTD+66.2%
1Y+401.9%
Avoid
Conviction
Horizon
Long (>12mo)
Street · 21 analysts
Buy
Speculative bitcoin-miner pivoting to AI/HPC data centers — deep losses, 45.7x leverage and a 73x P/S leave no margin of safety.
Revenue $168M · FY2025
TeraWulf is mid-transformation from a bitcoin miner into an AI/HPC data-center operator (Lake Mariner and Abernathy campuses), and the financials reflect the riskiest phase of that pivot. FY2025 revenue was just $168M (+20.3%), but the company posted an operating loss of $186M and a net loss of $661M (diluted EPS -$1.66). Gross margin compressed to 39.2% and gross profit actually fell 5.4% to $66.0M even as revenue grew, while the operating margin was -110.5%. This is a pre-revenue-scale story dressed in a $12.3B market cap.
The balance sheet exploded to fund the buildout. Total assets jumped to $6.56B but total liabilities ballooned to $6.42B (up 1081.8%), leaving razor-thin equity of $140M and an extreme 45.70x liabilities/equity ratio. Long-term debt is $3.05B, capex was $1.06B (+295.7%), and operating cash flow was negative $123M. The $3.27B cash balance is essentially borrowed/raised capital earmarked for construction, not a sign of self-funding — and shares already grew 10.7% to 424M, with retained earnings at -$994M.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 4:45 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY20 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | — | $69.2M | $140M | $168M |
| Gross profit | $3.91M | $3.95M | $37.0M | $69.8M | $66.0M |
| Operating income | -$1.79M | -$43.7M | -$29.4M | -$76.2M | -$186M |
| Net income | -$439K | -$90.8M | -$73.4M | -$72.4M | -$661M |
| Diluted EPS | -$0.22 | -$0.82 | -$0.35 | -$0.21 | -$1.66 |
| Net margin | — | — | -106.1% | -51.7% | -392.6% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$10.3B
EV / EBITDA—
EV / Sales61.3
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-6.3%
FCF yield-11.3%
Quality & risk
ROIC (est.)-4.5%
Free cash flow-$1.18B
Total debt$3.10B
Net cash$168M
Altman Z-Score1.02 distress
Piotroski F-Score1/9
Capital returns
Buyback yield0.3%
Dividend yield (est.)0.0%
Shareholder yield0.3%
Shares Δ YoY+10.7%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRoutine disclosure cadence — no material red flags in recent filings.
Recent filings
all on EDGAR ↗4Period ending 2026-06-292026-07-01open ↗4Period ending 2026-06-302026-07-01open ↗4Period ending 2026-06-302026-07-01open ↗4Period ending 2026-06-302026-07-01open ↗144Filing2026-06-29open ↗4Period ending 2026-06-242026-06-25open ↗4Period ending 2026-06-232026-06-25open ↗4Period ending 2026-06-232026-06-25open ↗4Period ending 2026-06-232026-06-25open ↗4Period ending 2026-06-232026-06-25open ↗4Period ending 2026-06-232026-06-25open ↗4Period ending 2026-06-232026-06-25open ↗
Frequently asked
- Is TERAWULF INC. (WULF) a buy?
- WULF currently carries a Avoid rating with 4/5 conviction, derived from its latest SEC filings. Speculative bitcoin-miner pivoting to AI/HPC data centers — deep losses, 45.7x leverage and a 73x P/S leave no margin of safety.
- What is TERAWULF INC.'s quality score?
- WULF scores 36.22168970821075/100 (grade F) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001083301, latest 10-Q filed 2026-05-08) · EODHD · Proprietary analysis · as of 6/21/2026, 8:45:29 PM.
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