Terawulf (WULF) financial statements
Terawulf reported revenue of $152M in fiscal 2025, up 27.1% a year over 9 years.
Net income was -$661M and the operating margin -122.9%, against 1.3% in 2015.
Free cash flow was -$1.2B, and the company returned $33M in net buybacks.
The diluted share count rose 19597% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Terawulf's 10-K filings with the SEC.
| Fiscal year | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18M | $18M | $17M | $18M | $18M | $13M | $15M | $69M | $140M | $152M |
| Cost of revenue | $11M | $11M | $12M | $12M | $12M | $10M | $11M | $27M | $63M | $83M |
| Gross profit | $6M | $6M | $6M | $6M | $5M | $4M | $4M | $42M | $70M | $66M |
| Research and development | $660,402 | $647,065 | $688,688 | $677,242 | $870,279 | $671,493 | — | — | — | — |
| Selling, general and admin | $5M | $6M | $6M | $5M | $5M | $5M | $23M | — | — | — |
| Operating income | $220,818 | -$22,004 | -$464,609 | $225,819 | -$956,676 | -$2M | -$44M | -$29M | -$76M | -$186M |
| Interest expense | — | $58,222 | $83,080 | $90,583 | $90,058 | $86,561 | $25M | $35M | $20M | $80M |
| Pre-tax income | $225,007 | -$69,061 | -$524,147 | $185,465 | -$985,558 | -$649,320 | -$70M | -$64M | -$98M | -$657M |
| Income tax | $90,000 | -$4,000 | -$298,000 | $46,000 | -$172,000 | -$210,000 | -$256,000 | $0 | $0 | $76,000 |
| Net income | $135,007 | -$65,061 | -$226,147 | $139,465 | -$813,558 | -$439,320 | -$91M | -$73M | -$72M | -$661M |
| EPS (diluted) | $0.07 | -$0.03 | -$0.11 | $0.07 | -$0.41 | -$0.22 | -$0.82 | -$0.35 | -$0.21 | -$1.66 |
| Diluted shares | 2M | 2M | 2M | 2M | 2M | 2M | 111M | 210M | 351M | 398M |
| Gross margin | 35.0% | 35.5% | 33.2% | 34.3% | 30.6% | 29.1% | 26.3% | 60.5% | 49.8% | 43.6% |
| Operating margin | 1.3% | -0.1% | -2.7% | 1.2% | -5.4% | -13.3% | -291.0% | -42.5% | -54.4% | -122.9% |
| Net margin | 0.8% | -0.4% | -1.3% | 0.8% | -4.6% | -3.3% | -603.9% | -106.1% | -51.7% | -436.4% |
Balance sheet
Fiscal years, from Terawulf's 10-K filings with the SEC.
| Fiscal year | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $2M | $4M | $4M | $4M | $3M | $4M | $1M | $54M | $274M | $3.3B |
| Receivables | $2M | $2M | $2M | $2M | $2M | $2M | — | — | $475,000 | $1M |
| Inventory | $2M | $2M | $2M | $2M | $2M | $2M | — | — | — | — |
| Total current assets | $7M | $9M | $8M | $9M | $9M | $8M | $14M | $63M | $281M | $3.5B |
| Property, plant and equipment | $8M | $9M | $8M | $8M | $8M | $7M | $192M | $205M | $412M | $1.5B |
| Goodwill | — | — | — | — | — | — | — | — | $0 | $55M |
| Total assets | $15M | $18M | $17M | $17M | $17M | $15M | $318M | $378M | $788M | $6.6B |
| Total current liabilities | $1M | $1M | $875,781 | $1M | $2M | $4M | $126M | $155M | $52M | $1.7B |
| Long-term debt | — | $3M | $3M | $3M | $3M | — | $73M | $56,000 | $0 | $3.1B |
| Total liabilities | $2M | $5M | $4M | $4M | $5M | $4M | $200M | $156M | $543M | $6.4B |
| Shareholders' equity | $13M | $13M | $13M | $13M | $12M | $12M | $118M | $222M | $244M | $140M |
| Net debt | -$2M | $2M | $2M | $1M | $2M | -$1M | $124M | $69M | -$274M | -$168M |
Cash flow
Fiscal years, from Terawulf's 10-K filings with the SEC.
| Fiscal year | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1M | $916,947 | $204,689 | $1M | -$477,031 | -$398,828 | -$34M | $4M | -$24M | -$123M |
| Capital spending | $3M | $2M | $230,089 | $543,145 | $478,353 | $149,916 | $61M | $75M | $268M | $1.1B |
| Free cash flow | -$1M | -$1M | -$25,400 | $681,620 | -$955,384 | -$548,744 | -$95M | -$71M | -$292M | -$1.2B |
| Stock-based compensation | $21,743 | $25,007 | $23,561 | $13,634 | $8,821 | $21,968 | $2M | $6M | $31M | $51M |
| Share buybacks (net) | — | — | -$300,466 | — | -$49,595 | — | $0 | $0 | -$118M | -$33M |
| Net borrowing | — | $3M | -$139,690 | -$138,213 | -$140,440 | $1M | $0 | $0 | $487M | — |
| Free cash flow margin | -8.0% | -6.5% | -0.1% | 3.7% | -5.4% | -4.1% | -633.2% | -102.4% | -208.8% | -780.8% |
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Open WULF in InvestinglyQuestions
What was Terawulf's revenue in 2025?
$152M in fiscal 2025, from its 10-K filing.
How much free cash flow does Terawulf generate?
-$1.2B in fiscal 2025 (operating cash flow minus capital spending).
From Terawulf's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.