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WULFTeraWulf

Crypto · Financial Services · Nasdaq
WULF quote by TradingView
Compare with peers → Embed
FY2025 at a glance

Sales up 20.3%, free cash flow down to -$1.2B

XBRL, from each 10-K
RevenueStatements ↓
$168.5M
from $140.1M in FY2024
FY2015FY2025
Net incomeStatements ↓
-$661.4M
from -$72.4M in FY2024
FY2015FY2025
Free cash flowStatements ↓
-$1.2B
from -$292.4M in FY2024
FY2015FY2025
EPS (diluted)Statements ↓
$-1.66
from $-0.21 in FY2024
FY2015FY2025
Operating marginStatements ↓
-110.5%
from -54.4% in FY2024
FY2015FY2025
Total debtStatements ↓
$3.1B
from $0 in FY2024
FY2015FY2025
Price and key numbers

The latest figures

All key numbers (35, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)-1.69Sales (ttm)190.8MNet income (ttm)-784.2MSales growth+20.3%EPS growth-Sales Q/Q+50.7%
Free cash flow-3.1BGross margin25.7%Oper. margin-250.0%Net margin-410.9%FCF marginn/mROE-90.1%
ROA-9.6%R&D / sales-Dividend0.00Debt/Eq3.56Curr. ratio0.97Cash1.6B
Op. cash flow (ttm)-267.1MEBITDA-97.6MEBITDA margin-57.9%Net debt1.5BQuick ratio0.97Interest cover-2.32
Stock pay / sales30.2%Shares out.501.5MShares Y/Y+13.2%Book / share1.74Cash / share3.19Sales / share0.38
Asset turnover0.02Inventory turns50.25Days sales out.3Sales 3Y CAGR+124%Sales 5Y CAGR+45.7%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth slowed to +20.3%+102.3% → +20.3% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
  • Operating margin narrowed to -110.5%-54.4% → -110.5% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

WULF against Crypto peers

Ten years, side by side → · All 32 →
GrowthProfitBalanceCleanInsiders
WULFPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 32 companies, the better end on the right. Hover a dot for the company.

Sales growth
+20.3%16th of 27 · median +38.2%
Net margin
-410.9%14th of 19 · median -169.8%
Return on equity
-90.1%18th of 26 · median -57.4%
Debt / equity (less is better)
3.5611th of 12 · median 0.68
WULF and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
WULF TeraWulf$190.8M +20.3%25.7%-410.9%-90.1%-3.56
ABTC American Bitcoin$270.8M +159%49.1%-26.7%-9.1%-42.7%-
GEMI Gemini Space Station$206.7M +26.3%--250.1%-110.4%-148.6%-
CIFR Cipher Digital$146.1M +48.0%50.5%-742.3%-180.7%-9.26
BTBT Bit Digital$122.8M +5.1%--237.2%-73.7%-619.3%0.26
EXOD Exodus Movement$110.9M +4.5%--101.2%-56.6%-79.3%-

Profitability

1 of 4
  • !
    Net margin below the peer median-410.9% vs -169.8%
  • ✓
    Gross margin up over 5 years30.6% → 39.2%
  • !
    Return on equity below 15%-90.1%
  • !
    A profit in 1 of 8 years
Net margin, FY2017 to FY2025: -1.3% → -392.6%

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$- of principal due

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2017 to FY2025

Revenue 168.5M Net income -661.4M
FY2017 revenue 17.2M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001437749-19-003743 FY2017 net income -226K · NetIncomeLoss, 0001437749-19-003743 17.2M FY2017 FY2018 revenue 18.2M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001437749-20-004241 FY2018 net income 139K · NetIncomeLoss, 0001437749-20-004241 18.2M FY2018 FY2019 revenue 17.6M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001437749-21-004835 FY2019 net income -814K · NetIncomeLoss, 0001437749-21-004835 17.6M FY2019 FY2020 revenue 13.4M · RevenueFromContractWithCustomerExcludingAssessedTax, 0001437749-21-004835 FY2020 net income -439K · NetIncomeLoss, 0001437749-21-004835 13.4M FY2020 FY2022 revenue 15.0M · RevenueFromContractWithCustomerIncludingAssessedTax, 0001083301-25-000018 FY2022 net income -90.8M · NetIncomeLoss, 0001083301-25-000018 15.0M FY2022 FY2023 revenue 69.2M · Revenues, 0001083301-26-000031 FY2023 net income -73.4M · NetIncomeLoss, 0001083301-26-000031 69.2M FY2023 FY2024 revenue 140.1M · Revenues, 0001083301-26-000031 FY2024 net income -72.4M · NetIncomeLoss, 0001083301-26-000031 140.1M FY2024 FY2025 revenue 168.5M · Revenues, 0001083301-26-000031 FY2025 net income -661.4M · NetIncomeLoss, 0001083301-26-000031 168.5M FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

WULF's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue168.5M
FY2015: -FY2016: -FY2017: 17.2MFY2018: 18.2MFY2019: 17.6MFY2020: 13.4MFY2022: 15.0MFY2023: 69.2MFY2024: 140.1MFY2025: 168.5M FY2016FY2018FY2020FY2023FY2025
Net income-661.4M
FY2015: 135KFY2016: -65KFY2017: -226KFY2018: 139KFY2019: -814KFY2020: -439KFY2022: -90.8MFY2023: -73.4MFY2024: -72.4MFY2025: -661.4M FY2016FY2018FY2020FY2023FY2025
Free cash flow-1.2B
FY2015: -1.4MFY2016: -1.1MFY2017: -25KFY2018: 682KFY2019: -955KFY2020: -549KFY2022: -95.2MFY2023: -70.9MFY2024: -292.4MFY2025: -1.2B FY2016FY2018FY2020FY2023FY2025
EPS (diluted)-1.66
FY2015: 0.07FY2016: -0.03FY2017: -0.11FY2018: 0.07FY2019: -0.41FY2020: -0.22FY2022: -0.82FY2023: -0.35FY2024: -0.21FY2025: -1.66 FY2016FY2018FY2020FY2023FY2025
Dividend per share0.00
FY2015: -FY2016: -FY2017: -FY2018: -FY2019: -FY2020: -FY2022: 0.00FY2023: 0.00FY2024: 0.00FY2025: 0.00 FY2016FY2018FY2020FY2023FY2025
Diluted shares397.6M
FY2015: 2.0MFY2016: 2.0MFY2017: 2.0MFY2018: 2.0MFY2019: 2.0MFY2020: 2.0MFY2022: 110.6MFY2023: 210.0MFY2024: 351.3MFY2025: 397.6M FY2016FY2018FY2020FY2023FY2025

Income statement

From EDGAR
FY2015FY2016FY2017FY2018FY2019FY2020FY2022FY2023FY2024FY2025
Revenue--17.2M18.2M17.6M13.4M15.0M69.2M140.1M168.5M
Cost of revenue11.4M11.3M11.5M12.0M12.2M9.5M11.1M27.3M62.6M82.7M
Gross profit6.1M6.2M5.7M6.3M5.4M3.9M4.0M37.0M69.8M66.0M
R&D660K647K689K677K870K671K----
SG&A5.3M5.6M5.5M5.4M5.5M5.0M22.8M---
Operating income221K-22K-465K226K-957K-1.8M-43.7M-29.4M-76.2M-186.2M
Interest expense-58K83K91K90K87K24.7M34.8M19.8M80.2M
Pretax income225K-69K-524K185K-986K-649K-86.2M-73.4M-72.4M-661.3M
Income tax90K-4K-298K46K-172K-210K-256K0076K
Net income135K-65K-226K139K-814K-439K-90.8M-73.4M-72.4M-661.4M
EPS (diluted)0.07-0.03-0.110.07-0.41-0.22-0.82-0.35-0.21-1.66
Diluted shares2.0M2.0M2.0M2.0M2.0M2.0M110.6M210.0M351.3M397.6M
Depreciation & amortization660K761K837K759K640K662K6.7M28.4M59.8M88.6M
EBITDA880K739K372K985K-317K-1.1M-37.1M-1.1M-16.4M-97.6M
Gross margin--33.2%34.3%30.6%29.1%26.3%53.5%49.8%39.2%
Operating margin---2.7%1.2%-5.4%-13.3%-291.0%-42.5%-54.4%-110.5%
Net margin---1.3%0.8%-4.6%-3.3%-603.9%-106.1%-51.7%-392.6%
Revenue growth---+5.6%-3.3%-23.8%-+361%+102%+20.3%
EPS growth--143%---686%-----

Balance sheet

From EDGAR
FY2015FY2016FY2017FY2018FY2019FY2020FY2022FY2023FY2024FY2025
Cash2.2M1.0M930K1.6M964K3.7M1.3M54.4M274.1M3.3B
Short-term investments03.2M2.9M2.7M2.2M0----
Receivables2.2M2.3M2.2M2.2M2.4M2.1M--475K1.2M
Inventory2.1M2.0M2.1M2.0M2.2M1.6M----
Current assets6.7M9.0M8.3M9.0M8.7M7.8M14.1M62.6M281.4M3.5B
Property & equipment8.0M8.9M8.3M8.1M7.9M7.4M191.5M205.3M411.9M1.5B
Goodwill--------055.5M
Total assets15.0M18.3M16.9M17.4M16.9M15.4M317.7M378.1M787.5M6.6B
Accounts payable-730K322K---21.9M15.2M24.4M65.1M
Current liabilities1.1M1.3M876K1.3M1.9M3.6M126.0M154.7M51.8M1.7B
Total debt-3.2M3.1M3.1M2.9M-124.9M123.5M03.1B
Total liabilities1.5M4.8M4.0M4.3M4.6M3.6M199.9M155.6M543.1M6.4B
Shareholders' equity13.5M13.5M13.0M13.1M12.3M11.8M117.8M222.5M244.4M140.4M
Retained earnings10.6M10.5M10.1M10.2M9.3M8.9M-186.5M-259.9M-332.3M-993.7M

Cash flow

From EDGAR
FY2015FY2016FY2017FY2018FY2019FY2020FY2022FY2023FY2024FY2025
Operating cash flow1.5M917K205K1.2M-477K-399K-34.1M4.3M-24.4M-123.2M
Capital spending2.9M2.1M230K543K478K150K61.1M75.2M267.9M1.1B
Free cash flow-1.4M-1.1M-25K682K-955K-549K-95.2M-70.9M-292.4M-1.2B
Stock-based pay (added back)22K25K24K14K9K22K1.6M5.9M30.9M50.9M
Buybacks--300K-50K-00118.2M33.3M
Acquisitions-------0021.7M
Debt raised-3.4M---1.2M22.5M0487.1M-
Debt repaid-79K140K138K140K144K----
Investing cash flow-1.2M-5.3M115K-393K8K2.1M-94.0M-78.0M-91.2M-1.4B
Financing cash flow-3.2M-438K-138K-190K1.1M90.0M119.9M335.2M4.9B
Dividend per share------0.000.000.000.00

Stock-based pay and leases

From EDGAR
FY2015FY2016FY2017FY2018FY2019FY2020FY2022FY2023FY2024FY2025
Stock-based pay (expense)22K25K24K14K9K22K1.6M5.9M30.9M50.9M
Stock-based pay / revenue--0.1%0.1%0.1%0.2%10.4%8.5%22.1%30.2%
Operating lease cost------900K1.3M1.7M5.4M
Operating lease cash paid------200K900K11.5M2.7M
Finance lease principal paid------00941K9.2M
Right-of-use assets------11.9M10.9M85.9M104.0M
Operating lease liabilities------989K947K3.5M24.3M
Finance lease liabilities--------294K291K

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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