Digital infrastructure company operating low-carbon bitcoin mining and high-performance compute facilities in the United States.MoreShow less
Profile & Fundamentals
TeraWulf (WULF.NASDAQ) Profile & Fundamentals
Review TeraWulf reported earnings, valuation, balance sheet and ownership, with source tables and separate AI assessments.
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Company and Market Context
TeraWulf: Company Profile & Ownership
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.
Company profile record
Terawulf Inc
Common Stock · Financials · Asset Management & Custody Banks
Company
- Company / asset
- Terawulf Inc
- Security type
- Common Stock
- Sector
- Financials
- Industry
- Asset Management & Custody Banks
- HQ
- 🇺🇸 United States
- Head office
- 9 Federal Street, Easton, MD, United States, 21601
Leadership & scale
- Chief executive
- Mr. Paul B. Prager
- CEO year born
- 1960
- Full-time employees
- 141
- Fiscal year end
- December
- IPO date
- 1996-05-30
Fundamentals snapshot
- Market Cap
- USD 5.5B
- P/E
- --
- Revenue (Q2 26)
- USD 44.8M
- Profit (Q2 26)
- USD -939.9M
- Dividend Yield
- --
- Revenue (FY 25)
- USD 168.5M
- Shares in public float
- 383.4M
- Insider ownership
- 23.01%
Reporting & identifiers
- Symbol
- WULF.NASDAQ
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US88080T1043
- Asset ID
- equity_1fc2e21a-fc19-5705-bd95-b46201595d36
TeraWulf: Ownership
Shares Outstanding
Latest: 485.7M | Max: 485.7M | Min: 2.0M
Latest reported ownership snapshot
Float Shares
78.93%
383.4M latest reported shares
Insider Ownership
23.01%
Latest reported insider stake
Short Float
0.30%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 2,007,600 |
| 2018-01-01 | 1,983,600 |
| 2019-01-01 | 1,980,300 |
| 2020-01-01 | 1,976,400 |
| 2021-01-01 | 99,976,300 |
| 2022-01-01 | 131,335,600 |
| 2023-01-01 | 276,733,300 |
| 2024-01-01 | 385,654,300 |
| 2025-01-01 | 397,608,200 |
| 2026-01-01 | 485,734,900 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| Lone Pine Capital LLC | 24,144,625 | 4.84% | 2026-06-30 |
| BlackRock Inc | 23,392,928 | 4.69% | 2026-06-30 |
| Vanguard Portfolio Management, LLC | 22,295,667 | 4.47% | 2026-06-30 |
| Vanguard Capital Management, LLC | 17,896,846 | 3.59% | 2026-06-30 |
| FMR Inc | 14,444,267 | 2.89% | 2026-06-30 |
| Vanguard MStar Total Stk Mkt Idx Invest | 12,647,739 | 2.53% | 2026-09-30 |
| Value Aligned Research Advisors LLC | 12,263,135 | 2.46% | 2026-06-30 |
| Morgan Stanley - Brokerage Accounts | 11,894,191 | 2.38% | 2026-06-30 |
| Two Sigma Investments LLC | 11,495,860 | 2.3% | 2026-06-30 |
| Vanguard Small Cap Index | 8,979,826 | 1.8% | 2026-09-30 |
| Geode Capital Management, LLC | 7,916,252 | 1.59% | 2026-06-30 |
| SCOGGIN LLC | 7,825,000 | 1.57% | 2026-06-30 |
| Amvescap Plc. | 7,107,793 | 1.42% | 2026-06-30 |
| Citadel Advisors Llc | 7,095,725 | 1.42% | 2026-06-30 |
| State Street Corp | 6,923,671 | 1.39% | 2026-06-30 |
TeraWulf: Earnings, Profitability & Valuation
Latest Financials Filed On
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
The company is undergoing a dramatic business overhaul, shifting away from unpredictable cryptocurrency mining toward contracted data center leasing. In the second quarter of 2026, high-performance computing hosting revenue climbed to thirty-one point nine million dollars, representing seventy-one percent of total sales. However, headline reports showed a massive quarterly net loss of nine hundred forty million dollars, creating widespread confusion. This alarming loss was heavily inflated by seven hundred fifty-five million dollars in non-cash accounting charges tied to warrant valuations as the stock rose. Beneath the accounting noise, core lease revenue is steadily growing. The critical challenge is that operating cash flows still do not cover corporate overhead and heavy construction spending, leaving actual bottom-line profitability a few years away.
The company is undergoing a dramatic business overhaul, shifting away from unpredictable cryptocurrency mining toward contracted data center leasing. In the second quarter of 2026, high-performance computing hosting revenue climbed to thirty-one point nine million dollars, representing seventy-one percent of total sales. However, headline reports showed a massive quarterly net loss of nine hundred forty million dollars, creating widespread confusion. This alarming loss was heavily inflated by seven hundred fifty-five million dollars in non-cash accounting charges tied to warrant valuations as the stock rose. Beneath the accounting noise, core lease revenue is steadily growing. The critical challenge is that operating cash flows still do not cover corporate overhead and heavy construction spending, leaving actual bottom-line profitability a few years away.
Revenue, Net Income, and Free Cash Flow
Latest: USD 168.5M | Max: USD 168.5M | Min: USD -1.2B
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: --
No history available.
Profitability & Margins
Margins and Operating Efficiency
AI Review
The company exhibits a striking divide between facility-level operating efficiency and corporate-level accounting losses. Gross profit margins held above fifty percent in fiscal 2025, driven by low-cost zero-carbon electricity contracts and lucrative initial hosting rates. At the site level, running energy-efficient compute clusters generates healthy cash spreads. However, corporate operating margins collapsed below negative one hundred percent due to heavy overhead, administrative costs, and front-loaded equipment depreciation before data halls start billing. As completed capacity comes online and tenants begin paying long-term rent, operating leverage should improve significantly, gradually narrowing corporate losses and driving margins toward standard infrastructure levels.
The company exhibits a striking divide between facility-level operating efficiency and corporate-level accounting losses. Gross profit margins held above fifty percent in fiscal 2025, driven by low-cost zero-carbon electricity contracts and lucrative initial hosting rates. At the site level, running energy-efficient compute clusters generates healthy cash spreads. However, corporate operating margins collapsed below negative one hundred percent due to heavy overhead, administrative costs, and front-loaded equipment depreciation before data halls start billing. As completed capacity comes online and tenants begin paying long-term rent, operating leverage should improve significantly, gradually narrowing corporate losses and driving margins toward standard infrastructure levels.
Profitability Margins
Latest: 50.9% | Max: 60.5% | Min: <-100.0%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
50.9%
Gross profit / revenue
Operating Margin
-101.1%
Operating income / revenue
Net Margin
-392.6%
Net income / revenue
FCF Margin
-702.5%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 17,569,901 | -65,061 | -1,174,625 |
| 2017-12-31 | 17,243,244 | -226,147 | -64,377 |
| 2018-12-31 | 18,213,653 | 139,465 | 631,650 |
| 2019-12-31 | 17,618,559 | -813,558 | -975,049 |
| 2020-12-31 | 13,432,220 | -439,320 | -563,654 |
| 2021-12-31 | 12,744,208 | -95,683,000 | -133,171,000 |
| 2022-12-31 | 15,033,000 | -90,791,000 | -106,923,000 |
| 2023-12-31 | 69,229,000 | -73,421,000 | -70,905,000 |
| 2024-12-31 | 140,051,000 | -72,418,000 | -292,362,000 |
| 2025-12-31 | 168,455,000 | -661,416,000 | -1,183,369,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
No reported records are available in this preview.
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 35.5 | -0.13 | -0.37 | -6.69 |
| 2017-12-31 | 33.23 | -2.69 | -1.31 | -0.37 |
| 2018-12-31 | 34.34 | 1.24 | 0.77 | 3.47 |
| 2019-12-31 | 30.63 | -5.43 | -4.62 | -5.53 |
| 2020-12-31 | 29.07 | -13.3 | -3.27 | -4.2 |
| 2021-12-31 | -0.41 | -340.54 | -750.8 | -1,044.95 |
| 2022-12-31 | 26.28 | -290.99 | -603.94 | -711.26 |
| 2023-12-31 | 60.54 | -42.5 | -106.06 | -102.42 |
| 2024-12-31 | 55.3 | -54.42 | -51.71 | -208.75 |
| 2025-12-31 | 50.93 | -101.1 | -392.64 | -702.48 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Snapshot retrieved 2026-11-05.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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