WULFTeraWulf

Crypto · Financial Services · Nasdaq

Headquarters: Easton, MD
CEO: Paul B. Prager
Next results: around Feb 25, 2027

RevenueFY2017–25 $168.5M+20.3% Highest in 8 years 10-K FY2025 · XBRL Net incomeFY2017–25 −$661.4M FY2024: −$72.4M 10-K FY2025 · XBRL Free cash flowFY2017–25 −$1.2B FY2024: −$292.4M 10-K FY2025 · XBRL Operating marginFY2017–25 -110.5%−56.1 pts -2.7% in FY2017 10-K FY2025 · XBRL

What changed

10-K filed Feb 27, 2026 against Mar 3, 2025

Area	What changed	Source
Risk factors	16 new paragraphs, nothing like them in the previous 10-K	10-K Item 1A
Receivables growing faster than revenue	Receivables +155.2% vs revenue +20.3% (+134.9 pts)	10-K · XBRL
Accounting checks	8 other checks clear, 1 worth a look	10-K · XBRL
Insiders	3 open-market buys in the last 90 days	Form 4
Filings	4 in the last 30 days	EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

What's new, in their words

10-K filed Feb 27, 2026

Paragraphs in Risk Factors that were not in the 10-K filed 2025-03-03. Quoted as filed.

Delays in lease commencement, limitations in customer backstop arrangements and the potential insufficiency of completion guarantees could adversely affect our financial condition and results of operations. Under certain circumstances, lessees may have the right to terminate applicable leases if there are significant delays in…
10-K, Item 1A

All 16 new paragraphs →

Accounting checks

latest 10-K

8 of 9 clear 1 worth a look. Checks, not verdicts.

!
Receivables growing faster than revenueReceivables +155.2% vs revenue +20.3% (+134.9 pts)
✓
Same auditor in both 10-Ks: DELOITTE & TOUCHE LLP
✓
No statement of substantial doubt about going concern
✓
No 8-K item 4.02 in the last 2 years
✓
No NT 10-K or NT 10-Q in the last 2 years
✓
The same matters as last year: Mining Revenue
✓
No sentence in the 10-K concludes that controls were not effective because of a material weakness
✓
No 8-K item 2.06 in the last 2 years
✓
No 8-K item 1.03 in the last 2 years

How each check works, with sources →

In the last 30 days

All filings →

Nov 6, 20268-K Quarterly results, Regulation FD disclosure 8-K items 2.02, 7.01
Nov 6, 202610-Q Quarterly report (10-Q) period ended Sep 30, 2026
Nov 4, 20268-K Material agreement signed, Regulation FD disclosure, Other events 8-K items 1.01, 7.01, 8.01
Oct 23, 20268-K Material agreement signed, New debt or obligation 8-K items 1.01, 2.03

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Work on WULF in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/WULF/export.csv") into a cell.