Terawulf Inc. is a US-listed company in the internet services & infrastructure industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $165m, up 14.6% on a year earlier, slower than 27.3% a quarter earlier. The diluted share count is up 12.0% on a year earlier, which dilutes existing holders.
Our models give no value for Terawulf at present, so past values are not shown.
Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Terawulf Inc.'s trailing-twelve-month revenue grew 14.6% year on year, with a free-cash-flow margin of -1515.9%. Where it lags: stock pay as % of revenue of 118.8% ranks 32 of 32 internet services & infrastructure companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 456.5% while net income fell 1379.8%: a 923pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
The company also guided to incremental critical it capacity contracted annually of 250.00 to 500.00 for the annually.
Reported holdings, with the date attached
Balance date: 2026-06-30
This measures the reported treasury after the equity-bridge claims. It excludes the operating business, mining equipment and other assets, and is not updated for crypto price moves or purchases since the filing. A treasury deficit does not mean the whole company has negative equity value.
Debt and other claims exceed the crypto holdings and cash.
Source filing ↗No model value for Terawulf Inc. at the moment. Current status: reported crypto treasury NAV excludes the operating business. Available reported financials are shown below.
We value Terawulf Inc. as a crypto treasury or miner, with every model that fits that kind of business. Cost of equity 14%: the 10-year Treasury yield (4.9%) plus a beta of 2.22 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Reported crypto treasury NAV Reported crypto holdings at fair value plus cash and short-term investments, less debt, preferred stock and other claims, per listed share. Dated to the filing; excludes the operating business and future token purchases. Not a live crypto NAV. | — | Does not apply: Debt and other claims exceed the crypto holdings and cash. |
| Combined value Reported crypto treasury NAV only, not a valuation of the operating business. No growth, price premium or future crypto purchases are assumed. | — | No model applies: the filings don’t yet support a value. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Terawulf Inc. with crypto treasuries and miners in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Weak moat
How hard Terawulf's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -13.6% of total assets over 10 years.
Gross margin has been a median 35.4%, moving by 8.4 percentage points (standard deviation) across 10 years.
Operating margin has been a median -16.3%; its worst year was -250.4%.
Free cash flow was positive in 1 of 10 years, at a median -8.9% of revenue.
The diluted share count rose 21765.8% over five years; stock-based pay has been a median 0.6% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (27 before it).
Next results: November 6, 2026, before the open. Analysts expect revenue of $63m and EPS of −$0.38 (range −$0.40 to −$0.35) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$0.56 | −38% | $253m | +50% |
| Next | −$0.24 | +57% | $888m | +250% |
Next year's EPS estimate has moved −222.9% in 90 days, across 4 analysts.
The consensus EPS forecast for the current fiscal year is +3.9% on 90 days ago. In the last 30 days, 0 analysts raised Terawulf Inc.'s forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$0.54 | $0.20 |
| 60 days ago | −$0.48 | −$0.24 |
| 30 days ago | −$0.56 | −$0.24 |
| 7 days ago | −$0.56 | −$0.67 |
| Now | −$0.56 | −$0.24 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.27 | −$0.33 | −23.6% |
| Mar 2026 | −$0.19 | −$0.20 | −4.0% |
| Dec 2025 | −$0.16 | −$0.27 | −65.8% |
| Sept 2025 | −$0.05 | −$0.04 | +20.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −29.4%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $144m | $165m | +14.6% |
| P/S multiple | 41.5x | 28.6x | −31.1% |
| Share count | 386m | 432m | −10.7% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| WULF | +77% | −96% | +258% | +136% | +103% | −5% |
| Industry peers (median) | +12% | −80% | +44% | −17% | −12% | −30% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| WULF | 58% | 17% | 58% | 67% | 67% | 36% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| WULF | −66% | −96% | −76% | −48% | −66% | −62% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since October 29, 2015: 99% from November 19, 2021 to March 16, 2023. Getting back needed a 6580% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 5, 2026 | −6.7% | −0.4% | −9.0% | −14.0% |
| May 8, 2026 | −2.7% | +1.1% | −7.1% | +5.3% |
| April 14, 2026 | +1.1% | +2.0% | +1.6% | +18.9% |
| February 26, 2026 | −9.5% | −1.0% | −15.0% | −16.9% |
| November 10, 2025 | −11.3% | +1.8% | −20.7% | +13.1% |
| October 28, 2025 | +6.3% | +0.3% | +10.0% | +8.8% |
| August 14, 2025 | +64.3% | −0.2% | +68.3% | +92.1% |
| August 8, 2025 | +9.3% | +0.6% | +81.6% | +108.5% |
| May 9, 2025 | +5.5% | +3.2% | +17.9% | +37.0% |
| February 28, 2025 | +1.7% | −0.2% | −0.3% | −24.4% |
| November 12, 2024 | −16.7% | −0.3% | −16.3% | −14.6% |
| August 12, 2024 | −12.7% | +1.7% | +14.8% | +16.6% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $55.5M |
| FY23 Q4 | $69.2M |
| FY24 Q1 | $100.1M |
| FY24 Q2 | $120.2M |
| FY24 Q3 | $128.4M |
| FY24 Q4 | $140.1M |
| FY25 Q1 | $132M |
| FY25 Q2 | $144.1M |
| FY25 Q3 | $167.6M |
| FY25 Q4 | $168.5M |
| FY26 Q1 | $168.1M |
| FY26 Q2 | $165.2M |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY21 Q3 | 15.0% |
| FY23 Q4 | 360.5% |
| FY24 Q1 | 280.0% |
| FY24 Q2 | 197.5% |
| FY24 Q3 | 131.2% |
| FY24 Q4 | 102.3% |
| FY25 Q1 | 31.9% |
| FY25 Q2 | 19.8% |
| FY25 Q3 | 30.6% |
| FY25 Q4 | 20.3% |
| FY26 Q1 | 27.3% |
| FY26 Q2 | 14.6% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | -68.7% |
| FY23 Q4 | -42.5% |
| FY24 Q1 | -22.5% |
| FY24 Q2 | -19.5% |
| FY24 Q3 | -23.0% |
| FY24 Q4 | -54.4% |
| FY25 Q1 | -101.1% |
| FY25 Q2 | -98.8% |
| FY25 Q3 | -90.3% |
| FY25 Q4 | -110.5% |
| FY26 Q1 | -171.8% |
| FY26 Q2 | -250.4% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -107.5% |
| FY23 Q4 | -102.4% |
| FY24 Q1 | -76.2% |
| FY24 Q2 | -83.4% |
| FY24 Q3 | -92.6% |
| FY24 Q4 | -208.8% |
| FY25 Q1 | -231.3% |
| FY25 Q2 | -312.3% |
| FY25 Q3 | -403.7% |
| FY25 Q4 | -702.5% |
| FY26 Q1 | -1003.6% |
| FY26 Q2 | -1515.9% |
| Fiscal year | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||||||
| Revenue | 17 | 17 | 17 | 17 | 18 | 18 | 18 | 17 | 18 | 18 | 13 | 15 | 69 | 140 | 168 | 165 |
| Gross profit | 7 | 7 | 7 | 7 | 7 | 6 | 6 | 6 | 6 | 5 | 4 | 4 | 37 | 70 | 66 | 66 |
| EBITDA | 2 | 1 | 2 | 1 | 2 | 1 | 1 | 0 | 1 | −0 | −1 | −37 | −1 | −16 | −98 | −310 |
| Operating income | 2 | 1 | 1 | 1 | 1 | 0 | −0 | −0 | 0 | −1 | −2 | −44 | −29 | −76 | −186 | −414 |
| Net income | 1 | 1 | 1 | 1 | 1 | 0 | −0 | −0 | 0 | −1 | −0 | −91 | −73 | −72 | −661 | −1,949 |
| Diluted EPS | $0.28 | $0.17 | $0.17 | $0.17 | $0.16 | $0.04 | −$0.01 | −$0.06 | $0.04 | −$0.20 | −$0.11 | −$0.41 | −$0.35 | −$0.21 | −$1.66 | −$4.51 |
| Growth (year on year) | ||||||||||||||||
| Revenue | — | +1.6% | +3.2% | +1.0% | +5.7% | −5.0% | +0.0% | −1.9% | +5.6% | −3.3% | −23.8% | +11.9% | +360.5% | +102.3% | +20.3% | +14.6% |
| EBITDA | — | −25.5% | +5.6% | −2.2% | +4.0% | −43.2% | −16.1% | −49.6% | +164.5% | −132.2% | — | — | — | — | — | — |
| Operating income | — | −33.1% | +0.7% | −10.9% | −0.7% | −75.8% | — | — | — | — | — | — | — | — | — | — |
| Net income | — | −37.3% | −0.6% | −1.7% | −4.9% | −79.2% | — | — | — | — | — | — | — | — | — | — |
| Diluted EPS | — | −37.5% | 0.0% | −2.9% | −5.9% | −78.1% | — | — | — | — | — | — | — | — | — | — |
| Margins | ||||||||||||||||
| Gross margin | 41.2% | 40.0% | 40.1% | 39.7% | 36.3% | 35.0% | 35.5% | 33.2% | 34.3% | 30.6% | 29.1% | 26.3% | 53.5% | 49.8% | 39.2% | 40.2% |
| EBITDA margin | 11.7% | 8.6% | 8.8% | 8.5% | 8.4% | 5.0% | 4.2% | 2.2% | 5.4% | −1.8% | −8.4% | −246.6% | −1.5% | −11.7% | −57.9% | −187.4% |
| Operating margin | 9.3% | 6.1% | 6.0% | 5.3% | 4.9% | 1.3% | −0.1% | −2.7% | 1.2% | −5.4% | −13.3% | −291.0% | −42.5% | −54.4% | −110.5% | −250.4% |
| Net margin | 6.7% | 4.2% | 4.0% | 3.9% | 3.5% | 0.8% | −0.4% | −1.3% | 0.8% | −4.6% | −3.3% | −603.9% | −106.1% | −51.7% | −392.6% | <−999% |
| Free-cash-flow margin | 8.5% | 1.0% | 3.6% | 4.0% | 2.6% | −8.0% | −6.5% | −0.1% | 3.7% | −5.4% | −4.1% | −633.2% | −102.4% | −208.8% | −702.5% | <−999% |
| Cash flow | ||||||||||||||||
| Cash from operations | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 1 | −0 | −0 | −34 | 4 | −24 | −123 | −279 |
| Capital spending | 0 | 1 | 1 | 1 | 0 | 3 | 2 | 0 | 1 | 0 | 0 | 61 | 75 | 268 | 1,060 | 2,225 |
| Free cash flow | 1 | 0 | 1 | 1 | 0 | −1 | −1 | −0 | 1 | −1 | −1 | −95 | −71 | −292 | −1,183 | −2,504 |
| Stock-based pay | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 6 | 31 | 51 | 196 |
| Free cash flow after stock pay | 1 | 0 | 1 | 1 | 0 | −1 | −1 | −0 | 1 | −1 | −1 | −97 | −77 | −323 | −1,234 | −2,700 |
| Balance sheet | ||||||||||||||||
| Cash | 1 | 1 | 1 | 2 | 2 | 2 | 1 | 1 | 2 | 1 | 4 | 1 | 54 | 274 | 3,266 | 2,619 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 3 | 3 | 3 | 3 | 146 | 139 | 488 | 3,542 | 3,649 |
| Net debt (negative = net cash) | −1 | −1 | −1 | −2 | −2 | −2 | 2 | 2 | 1 | 2 | −1 | 145 | 85 | 213 | 276 | 1,030 |
| Diluted shares | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 4m | 221m | 210m | 351m | 398m | 432m |
| Returned to shareholders | ||||||||||||||||
| Dividends | — | — | 2 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Buybacks | 0 | 0 | — | — | — | — | — | 0 | — | 0 | — | 0 | 0 | 118 | 33 | 0 |
| Total returned | 0 | 0 | 2 | — | — | — | — | 0 | — | 0 | — | 0 | 0 | 118 | 33 | 0 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 27 | 35 | 34 | 48 | 51 | 36 | 34 | 45 |
| Gross profit | 11 | 13 | 7 | 22 | 29 | 8 | 20 | 9 |
| EBITDA | −0 | −36 | −44 | 3 | 2 | −59 | −134 | −119 |
| Operating income | −16 | −51 | −60 | −16 | −25 | −86 | −162 | −140 |
| Net income | −23 | −29 | −61 | −18 | −455 | −127 | −428 | −940 |
| Diluted EPS | −$0.06 | −$0.08 | −$0.16 | −$0.05 | −$1.13 | −$0.29 | −$1.01 | −$1.94 |
| Growth (year on year) | ||||||||
| Revenue | +42.8% | +50.2% | −18.9% | +33.9% | +86.9% | +2.4% | −1.1% | −6.0% |
| EBITDA | — | <−999% | −444.9% | −56.6% | — | — | — | <−999% |
| Margins | ||||||||
| Gross margin | 40.0% | 36.1% | 20.2% | 46.2% | 57.2% | 22.6% | 60.1% | 19.9% |
| EBITDA margin | −0.3% | −104.3% | −128.0% | 6.7% | 3.6% | −163.5% | −393.0% | −266.3% |
| Operating margin | −58.1% | −147.0% | −173.3% | −32.7% | −48.8% | −240.9% | −476.7% | −313.7% |
| Net margin | −84.0% | −83.5% | −178.5% | −38.6% | −899.7% | −353.2% | <−999% | <−999% |
| Free-cash-flow margin | −153.9% | −561.3% | −108.1% | −366.8% | −530.4% | <−999% | <−999% | <−999% |
| Cash flow | ||||||||
| Cash from operations | −21 | −43 | 56 | −55 | −37 | −88 | −18 | −137 |
| Capital spending | 21 | 154 | 94 | 120 | 232 | 615 | 523 | 856 |
| Free cash flow | −42 | −196 | −37 | −175 | −268 | −703 | −541 | −992 |
| Stock-based pay | 2 | 17 | 39 | 1 | 4 | 7 | 101 | 84 |
| Free cash flow after stock pay | −44 | −213 | −76 | −176 | −273 | −710 | −642 | −1,076 |
| Last 12 months unless stated | WULF | CIFR | DHX | BTBT | TZOO | HUT | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $165m | $146m | $125m | $123m | $92m | $318m | $242m |
| Revenue growth, last 12 months | 14.6% | −29.2% | −7.3% | 23.6% | 4.9% | 129.5% | 8.3% |
| Revenue growth, 3-year average | 59.9% | — | −7.1% | 221.2% | 6.1% | 57.0% | 7.6% |
| Revenue growth, latest quarter | −6.0% | −62.8% | −2.1% | 25.2% | −2.9% | 81.4% | 5.5% |
| Gross margin | 40.2% | 50.5% | 83.8% | 68.0% | 76.3% | 62.3% | 49.5% |
| Operating margin | −250.4% | −387.2% | 4.9% | −225.3% | 1.9% | −295.3% | −56.0% |
| Operating margin, 3-year average | −122.9% | −155.8% | 1.8% | −89.0% | 13.0% | 21.9% | −25.3% |
| Net margin | <−999% | −742.3% | 1.0% | −237.2% | 0.5% | −188.6% | −55.8% |
| Cash from operations / revenue | −169.0% | −231.1% | 21.3% | −225.7% | 3.5% | −28.1% | −10.4% |
| Free-cash-flow margin | <−999% | <−999% | 16.2% | −619.3% | 3.5% | −74.0% | −25.9% |
| Free-cash-flow margin, 3-year average | −637.2% | −823.7% | 8.8% | −276.5% | 12.9% | −86.7% | −17.4% |
| Stock pay / revenue | 118.8% | 74.7% | 3.5% | 14.8% | 1.6% | 46.8% | 11.9% |
| Change in share count | 12.0% | 12.4% | −5.1% | 84.8% | −10.8% | −3.0% | 5.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 14.6% | 10.1% | 15 of 34 |
| Change in growth rate Growth | -12.6pp | -0.6pp | 24 of 34 |
| Operating margin Profitability | -250.4% | -49.3% | 26 of 33 |
| Net margin Profitability | -1179.9% | -47.1% | 33 of 34 |
| Stock pay as % of revenue Cash generation | 118.8% | 12.4% | 32 of 32 |
| Long-term debt as % of assets Balance sheet | 43.7% | 20.2% | 18 of 25 |
| Change in share count Balance sheet | 12.0% | 5.2% | 17 of 26 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Lone Pine Capital LLC | $596M | 24.1M | 6.1% | ▲ 21.2% |
| Blackrock, Inc. | $578M | 23.4M | 5.9% | ▼ 16.9% |
| Vanguard Portfolio Management LLC | $551M | 22.3M | 5.6% | ▼ 0.7% |
| Vanguard Capital Management LLC | $442M | 17.9M | 4.5% | ▲ 14.5% |
| FMR LLC | $357M | 14.4M | 3.6% | ▲ 201.6% |
| Value Aligned Research Advisors, LLC | $303M | 12.3M | 3.1% | ▲ 56.3% |
| Morgan Stanley | $294M | 11.9M | 3.0% | ▲ 100.6% |
| Two Sigma Investments, LP | $284M | 11.5M | 2.9% | ▲ 46.7% |
| Geode Capital Management, LLC | $234M | 7.9M | 2.4% | ▼ 7.1% |
| Scoggin Management LP | $193M | 7.8M | 2.0% | ▲ 4.3% |
| Invesco Ltd. | $176M | 7.1M | 1.8% | ▲ 76.6% |
| Citadel Advisors LLC | $175M | 7.1M | 1.8% | ▲ 151.2% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Terawulf Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Bucella Michael C. Director | September 15, 2026 | Buy | 6,085 | $14.79 | $89,997 |
| Motz Catherine J. Director | September 8, 2026 | Sell | 56,023 | $17.81 | $997,770 |
| Carter Walter E. Director | August 31, 2026 | Sell | 130,626 | $15.14 | $2M |
| Prager Paul B. Chief Executive Officer | August 27, 2026 | Sell pre-set plan | 137,500 | $17.06 | $2.3M |
| Bucella Michael C. Director | August 17, 2026 | Buy | 2,860 | $17.47 | $49,964 |
| Bucella Michael C. Director | August 14, 2026 | Buy | 3,023 | $16.54 | $50,000 |
| Prager Paul B. Chief Executive Officer | June 29, 2026 | Sell pre-set plan | 137,500 | $26.60 | $3.7M |
| Prager Paul B. Chief Executive Officer | May 27, 2026 | Sell pre-set plan | 109,849 | $25.58 | $2.8M |
| Prager Paul B. Chief Executive Officer | May 27, 2026 | Sell pre-set plan | 56,801 | $26.57 | $1.5M |
| Prager Paul B. Chief Executive Officer | May 26, 2026 | Sell pre-set plan | 166,650 | $24.43 | $4.1M |
| Prager Paul B. Chief Executive Officer | April 28, 2026 | Sell | 79,100 | $20.62 | $1.6M |
| Prager Paul B. Chief Executive Officer | April 28, 2026 | Sell | 100 | $21.29 | $2,129 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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