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Screener / SEC EDGAR /CIK 0001083301 /10-K filed Feb 27, 2026, compared with Mar 3, 2025 /Numbers from the XBRL of the 10-Ks
Crypto peers:
EXODABTCBTBTCIFRBMNRWULF
Nasdaq Crypto · Financial Services

TeraWulf WULF

WULF quote by TradingView
Headquarters
Easton, MD
CEO
Paul B. Prager
Next results
around Feb 25, 2027
Compare with peers Embed

WULF among Crypto peers

Six ratios from the latest 10-K. Each corner is the share of 25 peers the company is above, not a score.

Compare
Revenue growth: 20.3%, above 44% of 25 peers (their median 38.2%) REVENUE GROWTH 20.3% · above 44% Gross margin: 25.7%, above 0% of 15 peers (their median 55.2%) GROSS MARGIN 25.7% · above 0% Operating margin: -250.0%, above 25% of 16 peers (their median -163.4%) OPERATING MARGIN -250.0% · above 25% Net margin: -410.9%, above 24% of 17 peers (their median -146.9%) NET MARGIN -410.9% · above 24%
WULF Peer median Below the median

What changed

16 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Feb 27, 2026 against Mar 3, 2025.

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.

Accounting checks

9 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 8 checks found nothing to note

  • Receivables growing faster than revenue
    Receivables +155.2% vs revenue +20.3% (+134.9 pts)
  • Same auditor in both 10-Ks: DELOITTE & TOUCHE LLP
7 more checks with nothing to note
  • 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

In their words

16 paragraphs in Risk Factors that were not in the 10-K filed Mar 3, 2025. Quoted as filed.

All 16 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Mar 3, 2025 10-K, ITEM 1A
    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…
  2. Item 1A · new paragraph · not in the 10-K filed Mar 3, 2025 10-K, ITEM 1A
    Our ability to successfully develop projects is impacted by the availability of, and access to, interconnection facilities and transmission systems. In recent years, the time and costs required to secure and expand interconnection facilities and transmissions systems have increased, complicating project planning and creating additional…
  3. Item 1A · new paragraph · not in the 10-K filed Mar 3, 2025 10-K, ITEM 1A
    If we engage in debt financing, the holders of any debt we issue would likely have priority over the holders of shares of our common stock in terms of order of payment preference and may require us to accept restrictive covenants. If we are unable to generate sufficient cash flows from operations to support our strategic growth, we may…
  4. Item 1A · new paragraph · not in the 10-K filed Mar 3, 2025 10-K, ITEM 1A
    Such breaches, whether attributable to a vulnerability in our systems or otherwise, could result in claims of liability against us, damage our reputation and materially harm our business.

New risk paragraphs, against peers

Latest 10-K of each, Crypto companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$15.0M$69.2M$140.1M$168.5M
Net income−$90.8M−$73.4M−$72.4M−$661.4M
Operating cash flow−$34.1M$4.3M−$24.4M−$123.2M
Free cash flow−$95.2M−$70.9M−$292.4M−$1.2B

Revenue, FY2017 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$168.5M ▲ 20.3% in FY2025

FY2017FY2018FY2019FY2020FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

4 filings in the last 30 days · SEC EDGAR

All filings

About the company

TeraWulf, Easton, MD · from the 10-K filed Feb 27, 2026

We are a vertically integrated owner, developer, and operator of large-scale digital infrastructure in the United States, purpose-built to support high-performance computing (“HPC”) workloads, including artificial intelligence (“AI”), machine learning, and advanced cloud applications. Our strategy is grounded in controlling infrastructure at utility scale and pairing compute‑optimized facilities with reliable, long‑duration power resources.

Headquarters
Easton, MD
Country
United States
Reports in
USD
Listed on
Nasdaq
Fiscal year ends
December 31
Last results
Nov 6, 2026
Incorporated in
DE

Email alerts

Sources

The 10-K filed Feb 27, 2026 (open at SEC), compared with the 10-K filed Mar 3, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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