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WULF

TeraWulf Inc.

WULF

TeraWulf Inc. • NASDAQ
$15.44 ▲ 4.04% (+0.60)
Market Cap $6.03 B
52w High $17.05
52w Low $2.06
Dividend Yield 0%
P/E -10.65
Volume 30.68M
Outstanding Shares 390.69M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $50.578M ▲ $58.127M ▲ $-455.05M ▼ -899.699% ▼ $-1.13 ▼ $-417.551M ▼
Q2-2025 $47.636M ▲ $41.132M ▼ $-18.37M ▲ -38.563% ▲ $-0.048 ▲ $5.178M ▲
Q1-2025 $34.405M ▼ $69.48M ▲ $-61.418M ▼ -178.515% ▼ $-0.16 ▼ $-41.11M ▼
Q4-2024 $34.985M ▲ $66.787M ▲ $-29.196M ▼ -83.453% ▲ $-0.072 ▼ $-33.221M ▼
Q3-2024 $27.059M $28.11M $-22.733M -84.013% $-0.06 $-3.75M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $711.807M ▲ $2.454B ▲ $2.207B ▲ $247.341M ▲
Q2-2025 $89.993M ▼ $869.408M ▲ $695.076M ▲ $174.332M ▲
Q1-2025 $218.162M ▼ $841.162M ▲ $670.787M ▲ $170.375M ▼
Q4-2024 $274.065M ▲ $787.511M ▲ $543.066M ▲ $244.445M ▼
Q3-2024 $23.938M $405.905M $33.274M $372.631M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-455.05M ▼ $-36.686M ▲ $-200.231M ▼ $858.253M ▲ $621.322M ▲ $-268.256M ▼
Q2-2025 $-18.37M ▲ $-54.81M ▼ $-71.032M ▼ $-902K ▲ $-126.744M ▼ $-174.752M ▼
Q1-2025 $-61.418M ▼ $56.487M ▲ $-61.064M ▼ $-51.326M ▼ $-55.903M ▼ $-37.2M ▲
Q4-2024 $-29.196M ▼ $-42.724M ▼ $-8.763M ▼ $301.614M ▲ $250.127M ▲ $-196.357M ▼
Q3-2024 $-22.733M $-20.925M $11.183M $-70.429M $-80.171M $-41.653M

Revenue by Products

Product Q1-2018Q2-2018Q2-2022Q3-2022
Cryptocurrency
Cryptocurrency
 $0 ▲$0 ▲$0 ▲$0 ▲
Company Imaging
Company Imaging
 $0 ▲$0 ▲$0 ▲$0 ▲
Digital Texturing
Digital Texturing
 $0 ▲$0 ▲$0 ▲$0 ▲
Domestic
Domestic
 $0 ▲$0 ▲$0 ▲$0 ▲
Export
Export
 $0 ▲$0 ▲$0 ▲$0 ▲
Micro Machining
Micro Machining
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has climbed steadily from a very small base, showing that the business is scaling up rather than standing still. Margins have improved from essentially break-even at the gross profit level to more meaningful profitability on each dollar of sales, which is a positive sign for the core operations. That said, operating income and net income remain negative, meaning the company is still losing money overall. Losses per share have narrowed over time but are still material, so the story here is one of clear growth and operational improvement, but not yet of consistent profitability.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, reflecting large investments in data center infrastructure and growth projects. Cash on hand has improved compared with earlier years, giving the company a better short-term cushion, but total debt has also risen meaningfully. Shareholders’ equity has grown, which indicates that the capital base is larger and the company has been able to finance expansion through both debt and equity. The trade-off is that leverage is now a more important risk factor, and future performance will need to justify the larger balance sheet and borrowing. Overall, the company has more assets and capacity, but also more obligations tied to its growth strategy.

Cash Flow

Cash Flow Operating cash flow is close to break-even, with only modest outflows, which suggests the underlying operations are not burning extreme amounts of cash but are not yet fully self-funding either. The main cash drain comes from heavy capital spending as the company builds out new campuses and high-density, liquid-cooled infrastructure. This results in noticeably negative free cash flow year after year. In simple terms, the business is in an investment-heavy phase and depends on continued access to financing or new capital until its expanded facilities and contracts can generate stronger, more stable cash inflows.

Competitive Edge

Competitive Edge TeraWulf’s edge is built around access to low-cost, mostly zero-carbon power and ownership of its own data center sites. Controlling the power source and infrastructure is critical in both Bitcoin mining and high-performance computing, where electricity and cooling dominate costs. The focus on nuclear, hydro, and other clean energy sources also gives the company a strong sustainability angle, which can appeal to large corporate and AI clients with strict environmental targets. Its dual model—self-mining Bitcoin and hosting AI/HPC workloads—provides flexibility to direct power to whichever use is more attractive at a given time. However, competition is intense in both crypto mining and AI infrastructure, and the firm must prove that its low-cost, green power and long-term contracts are enough to offset the scale and resources of much larger data center and cloud players.

Innovation and R&D

Innovation and R&D Innovation at TeraWulf is less about traditional laboratory R&D and more about how it designs, powers, and operates large-scale digital infrastructure. The company is repurposing old industrial and power sites into modern data centers, using existing grid connections and emphasizing high-density, liquid-cooled systems suited for AI and other demanding workloads. It is also innovating in its business model by pursuing long-term AI and HPC hosting agreements, such as its partnerships with Fluidstack and Core42, on top of its Bitcoin mining activities. These moves aim to create steadier, contract-based revenue alongside more volatile crypto income. The key uncertainty is execution: the company must complete large, complex build-outs on time, integrate new technologies effectively, and ramp these contracts into profitable, stable operations.

Summary

TeraWulf is transitioning from a pure Bitcoin miner into a broader, power-focused digital infrastructure company with strong sustainability credentials. Financially, it is moving in the right direction on revenue growth and operating efficiency but remains loss-making and heavily investment-driven, with substantial capital spending and rising debt. Strategically, its control of low-cost, zero-carbon power, ownership of its sites, and push into AI and high-performance computing set it apart from many peers and could provide a durable cost and ESG advantage if fully realized. The main watchpoints are the path to consistent profitability, the ability to manage leverage, and the successful execution of large AI/HPC projects and contracts. In short, this is an early-stage, infrastructure-heavy growth story with clear strategic strengths and equally clear execution and financing risks.

NEWS

November 25, 2025 · 7:00 AM UTC

TeraWulf Announces Mandatory Conversion Date for Series A Convertible Preferred Stock

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November 10, 2025 · 4:05 PM UTC

TeraWulf Reports Third Quarter 2025 Results

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October 31, 2025 · 4:30 PM UTC

TeraWulf Schedules Conference Call for Third Quarter 2025 Financial Results

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October 31, 2025 · 4:05 PM UTC

TeraWulf Inc. Announces Closing of $1.025 Billion 0.00% Convertible Notes Offering

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October 29, 2025 · 9:54 PM UTC

TeraWulf Inc. Announces Upsize and Pricing of $900 Million Convertible Notes Offering

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