TeraWulf Inc. WULF R2KAI

Financial Services · Capital Markets · United States

https://www.terawulf.com

TeraWulf Inc., together with its subsidiaries, owns, develops, operates digital infrastructure in the United States. It also develops and operates bitcoin mining facilities for bitcoin mining and high-performance computing workloads, leveraging clean, cost-effective, and reliable energy. The company was founded in 2021 and is headquartered in Easton, Maryland.

Market & Price

Market Cap

$12.67B

Current Price

$25.56

High / Low (52W)

$26.74 / $3.53

Beta

4.28

Valuation

Stock P/E

Industry PE

12.01

Forward P/E

138.16

PEG Ratio

Book Value

$0.33

Price to Book

76.53

P/S

75.36

EV/EBITDA

-106.04

Dividend Yield

Profitability & Returns

ROCE

-11.96%

ROE

ROA

-3.42%

Profit Margin

0.00%

Op Margin

EPS (Latest Qtr)

$-1.01

EPS (TTM)

$-2.51

Balance Sheet & Liquidity

Debt/Equity

Quick Ratio

1.10

Current Ratio

1.20

Debt

$5.31B

Total Assets

$6.56B

Current Assets

$3.48B

Working Capital

$1.74B

Ownership

Promoter Holding

22.90%

Chg in Prom Hold

FII / Inst Holding

82.45%

Chg in FII Hold

-0.00%

Financial Snapshot

Enterprise Value

$15.35B

Total Revenue (TTM)

$168.06M

EBITDA

$-144.76M

Free Cash Flow

$-284.24M

Operating Cash Flow

$-197.26M

Shares Outstanding

495.53M

Gross Margin

64.02%

Payout Ratio

0.00%

Growth (CAGR)

Revenue 5Y

123.78%

Profit 5Y

-209.50%

Revenue (YoY)

-1.10%

Earnings (YoY)

PROS

Compounding revenue at 123.8% over 5 years.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

Earnings shrank at -209.5% CAGR over 5 years.

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Financial Services).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	WULF TeraWulf Inc. R2KAI	25.56	-	$12.67B	-	-11.96%	-	123.78%	-209.50%
2	JPM JPMorgan Chase & Co. SPX	299.31	14.33	$802.00B	2.00%	-	16.47%	12.50%	14.83%
3	V Visa Inc. SPX	326.36	28.48	$620.65B	0.82%	38.38%	60.35%	10.92%	10.28%
4	MA Mastercard Incorporated SPX	493.98	28.57	$436.47B	0.70%	61.47%	-	13.82%	14.66%
5	MS Morgan Stanley SPX	208.00	18.84	$328.08B	1.92%	-	16.39%	9.52%	15.20%
6	GS The Goldman Sachs Group, Inc. SPX	1,025.56	18.73	$302.55B	1.76%	-	14.55%	7.16%	15.11%
7	WFC Wells Fargo & Company SPX	77.54	11.98	$237.29B	2.32%	-	12.03%	4.02%	15.98%
8	BLK BlackRock, Inc. SPX	1,046.88	26.32	$162.51B	2.19%	4.89%	11.90%	10.65%	2.36%
9	SCHW The Charles Schwab Corporation SPX	87.35	17.37	$151.91B	1.47%	-	19.08%	4.83%	7.21%

Quarterly Results

Figures in USD.

Metric	Sep 2013	Mar 2014	Jun 2014	Sep 2014	Mar 2015	Jun 2015	Sep 2015	Mar 2016	Jun 2016	Sep 2016	Mar 2017	Jun 2017	Sep 2017	Mar 2018	Jun 2018	Sep 2018	Mar 2019	Jun 2019	Sep 2019	Mar 2020	Jun 2020	Sep 2020	Mar 2021	Jun 2021	Sep 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	-	-	-	-	-	-	-	-	-	3.63M	4.69M	3.98M	4.07M	4.63M	4.65M	3.53M	4.60M	4.53M	3.50M	2.57M	3.13M	3.07M	4.25M	4.74M	-	-	-	-	-	-	-	-	-	-	34.41M	47.64M	50.58M	35.84M	34.01M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	24.55M	22.09M	17.12M	18.89M	2.36M
Gross Profit	1.64M	1.76M	1.71M	1.63M	1.10M	1.64M	1.62M	1.30M	1.52M	1.67M	1.09M	1.44M	1.32M	1.36M	1.66M	1.53M	1.01M	1.43M	1.41M	1.15M	384.89K	873.78K	996.33K	1.43M	1.58M	185.00K	794.00K	-1.32M	6.53M	10.34M	10.69M	28.02M	21.66M	-	-	9.85M	25.54M	33.45M	16.94M	31.65M
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	69.48M	35.70M	47.34M	103.58M	168.10M
Operating Income	161.50K	315.17K	292.98K	176.66K	-470.77K	194.68K	189.39K	-320.31K	49.92K	159.69K	-586.16K	-135.08K	-150.19K	-140.64K	196.88K	-21.94K	-551.69K	-180.90K	-153.81K	-811.37K	-1.02M	-242.51K	-322.18K	-4.27M	-6.03M	-9.17M	-7.82M	-13.37M	-9.22M	-5.84M	-9.69M	-2.32M	-6.76M	-	-	-59.63M	-10.16M	-13.89M	-86.63M	-136.44M
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-41.11M	5.18M	-417.55M	-30.43M	-318.71M
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4.05M	4.01M	9.83M	62.36M	67.07M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-61.42M	-18.37M	-455.05M	-122.37M	-416.13M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	76.00K	28.00K
Net Income	116.16K	204.91K	198.43K	138.97K	-228.95K	27.72K	116.76K	-192.81K	39.23K	82.27K	-378.90K	-105.07K	-110.95K	-130.74K	145.34K	-24.75K	-455.03K	-115.71K	-162.74K	-587.01K	-1.04M	-274.00K	-321.64K	-4.41M	-6.22M	-18.18M	-13.67M	-33.99M	-26.26M	-17.54M	-19.10M	-9.61M	-10.88M	-	-	-61.42M	-18.37M	-455.05M	-126.58M	-427.63M
Diluted EPS	0.06	0.10	0.10	0.07	-0.11	0.01	0.06	-0.10	0.02	0.04	-0.19	-0.05	-0.06	-0.07	0.07	-0.01	-0.23	-0.06	-0.08	-0.30	-0.53	-0.14	-0.16	-0.05	-0.07	-0.18	-0.14	-0.32	-0.16	-0.08	-0.09	-0.03	-0.03	-0.06	-	-0.16	-0.05	-1.13	-	-1.01
R&D Expense	149.86K	143.33K	177.48K	169.15K	155.84K	192.54K	157.81K	177.86K	147.12K	150.18K	165.77K	184.70K	168.69K	154.08K	156.47K	179.91K	178.84K	270.46K	218.47K	183.58K	201.23K	136.52K	134.92K	128.90K	134.61K	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	-	-	-	-	-	-	-	17.24M	18.21M	17.62M	13.43M	-	15.03M	69.23M	140.05M	168.46M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	11.08M	27.32M	62.61M	82.66M
Gross Profit	6.80M	6.71M	6.94M	6.94M	6.70M	6.14M	6.24M	5.73M	6.25M	5.40M	3.91M	-	3.95M	41.91M	77.44M	85.79M
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	46.81M	70.26M	138.03M	256.10M
Operating Income	1.53M	1.03M	1.03M	920.13K	913.47K	220.82K	-22.00K	-464.61K	225.82K	-956.68K	-1.79M	-43.40M	-42.86M	-28.34M	-60.59M	-170.31M
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-38.83M	161.00K	-17.41M	-483.91M
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	24.68M	34.81M	19.79M	80.25M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-70.48M	-64.00M	-98.38M	-657.21M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-256.00K	0	0	76.00K
Net Income	1.11M	698.26K	693.93K	682.17K	648.77K	135.01K	-65.06K	-226.15K	139.47K	-813.56K	-439.32K	-95.68M	-90.79M	-73.42M	-72.42M	-661.42M
Diluted EPS	0.56	0.35	0.35	0.34	0.32	0.07	-0.03	-0.11	0.07	-0.41	-0.22	-1.13	-0.82	-0.35	-0.21	-1.66
R&D Expense	695.59K	512.26K	629.78K	649.33K	665.00K	660.40K	647.07K	688.69K	677.24K	870.28K	671.49K	-	-	-	-	-

Compounded Sales Growth

5 Years:	123.78%
1 Year:	-1.10%

Compounded Profit Growth

5 Years:	-209.50%
1 Year:	-

Stock Price Performance

1 Year:	+624.08%
6 Months:	+83.36%
3 Months:	+57.58%
1 Month:	+27.67%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Feb 2021	Mar 2021	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	13.14M	14.17M	13.18M	14.00M	14.63M	15.02M	18.30M	16.92M	17.42M	16.88M	15.44M	-	30.00M	264.91M	317.69M	378.11M	787.51M	6.56B
Current Assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	14.14M	62.59M	281.43M	3.48B
Cash & Equivalents	1.30M	1.29M	1.87M	967.94K	1.70M	1.94M	2.25M	1.05M	929.70K	1.62M	963.65K	3.69M	-	6.30M	43.45M	1.28M	54.44M	274.06M	3.27B
Inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Receivables	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	475.00K	1.21M
Total Liabilities	-	948.98K	1.18M	1.39M	1.40M	1.29M	1.52M	4.84M	3.97M	4.31M	4.62M	3.60M	-	1.74M	141.73M	199.93M	155.62M	543.07M	6.42B
Current Liabilities	-	777.98K	838.91K	1.02M	874.99K	744.50K	1.14M	1.31M	875.78K	1.30M	1.93M	3.60M	-	1.74M	45.86M	126.02M	154.66M	51.84M	1.74B
Long Term Debt	-	-	-	-	-	-	-	3.08M	2.95M	2.82M	2.69M	-	-	-	94.63M	72.97M	56.00K	487.50M	4.64B
Total Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	129.31M	124.47M	491.25M	5.20B
Total Equity	11.03M	12.19M	12.99M	11.79M	12.60M	13.34M	13.50M	13.46M	12.96M	13.11M	12.26M	11.84M	0	28.27M	123.18M	117.75M	222.49M	244.44M	140.44M
Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	145.49M	276.73M	404.22M	444.53M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	1.60M	793.53K	-	-	-	-	916.95K	204.69K	1.22M	-477.03K	-398.83K	-24.10M	-34.07M	4.26M	-24.42M	-123.18M
Investing Cash Flow	-1.64M	-288.88K	-	-	-	-	-5.32M	114.57K	-393.12K	7.58K	2.06M	-201.41M	-94.05M	-78.01M	-91.16M	-1.37B
Financing Cash Flow	22.61K	71.13K	-	-	-	-	3.20M	-438.27K	-138.21K	-190.03K	1.07M	271.97M	89.98M	119.87M	335.21M	4.94B
Capital Expenditure	-189.15K	-621.60K	-566.52K	-762.54K	-434.46K	-2.87M	-2.06M	-230.09K	-543.14K	-478.35K	-149.92K	-109.07M	-72.86M	-75.17M	-267.94M	-1.06B
Free Cash Flow	1.41M	171.93K	-	-	-	-	-1.15M	-25.40K	681.62K	-955.38K	-548.74K	-133.17M	-106.92M	-70.91M	-292.36M	-1.18B
Net Change in Cash	-	-	-	-	-	-	-	-	-	-	-	-	-38.13M	46.12M	219.63M	3.45B
Share Buybacks	15.13K	2.08K	-	-	-	-	-	300.47K	-	49.59K	-	-	0	0	118.22M	33.29M

Ratios (Annual)

Figures in %.

Metric	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	-	-	-	33.2%	34.3%	30.6%	29.1%	-	26.3%	60.5%	55.3%	50.9%
Operating Margin %	-	-	-	-	-	-	-	-2.7%	1.2%	-5.4%	-13.3%	-	-285.1%	-40.9%	-43.3%	-101.1%
Net Margin %	-	-	-	-	-	-	-	-1.3%	0.8%	-4.6%	-3.3%	-	-603.9%	-106.1%	-51.7%	-392.6%
ROE %	9.1%	5.4%	5.9%	5.4%	4.9%	1.0%	-0.5%	-1.7%	1.1%	-6.6%	-3.7%	-77.7%	-77.1%	-33.0%	-29.6%	-470.9%
ROCE %	12.4%	7.7%	8.5%	7.0%	6.6%	1.6%	-0.1%	-2.9%	1.4%	-6.4%	-15.1%	-19.8%	-22.4%	-12.7%	-8.2%	-3.5%

Shareholding Pattern

Insiders

22.90%

Institutions

82.45%

Public Float

106.94%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Blackrock Inc.	5.68%	28.14M	$719.31M
2	Vanguard Portfolio Management LLC	4.53%	22.46M	$574.14M
3	Lone Pine Capital Llc	4.02%	19.92M	$509.19M
4	Vanguard Capital Management LLC	3.15%	15.63M	$399.43M
5	Marshall Wace LLP	1.89%	9.37M	$239.61M
6	Geode Capital Management, LLC	1.72%	8.52M	$217.87M
7	Two Sigma Investments, LP	1.58%	7.84M	$200.32M
8	Value Aligned Research Advisors, LLC	1.58%	7.85M	$200.60M
9	State Street Corporation	1.54%	7.61M	$194.61M
10	Scoggin Management, LP	1.51%	7.50M	$191.70M

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Sector	Financial Services
Industry	Capital Markets
Headquarters	United States
Employees	141
Website	https://www.terawulf.com

TeraWulf Inc. WULF R2KAI

Market & Price

Valuation

Profitability & Returns

Balance Sheet & Liquidity

Ownership

Financial Snapshot

Growth (CAGR)

PROS

CONS

Price Chart

Technical Trend

Fundamental Growth

Peer comparison

Quarterly Results

Profit & Loss (Annual)

Compounded Sales Growth

Compounded Profit Growth

Stock Price Performance

Balance Sheet (Annual)

Cash Flows (Annual)

Ratios (Annual)

Shareholding Pattern

Top Institutional Holders

Analyst View

Latest News

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