15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $168M | -$661M | 39.2% | -110.5% | -$1.2B | $3.1B | $3.3B |
| 2024 | $140M | -$72M | 49.8% | -54.4% | -$292M | $0 | $274M |
| 2023 | $69M | -$73M | 53.5% | -42.5% | -$71M | $124M | $54M |
| 2022 | — | -$91M | — | — | -$95M | $125M | $1M |
| 2021 | — | -$96M | — | — | -$133M | $95M | $43M |
| 2020 | — | -$439320 | — | — | -$548744 | — | $4M |
| 2019 | — | -$813558 | — | — | -$955384 | $3M | $963649 |
| 2018 | — | $139465 | — | — | $681620 | $3M | $2M |
| 2017 | — | -$226147 | — | — | -$25400 | $3M | $929700 |
| 2016 | — | -$65061 | — | — | -$1M | $3M | $1M |
| 2015 | — | $135007 | — | — | — | — | $2M |
| 2014 | — | $648770 | — | — | — | — | $2M |
| 2013 | — | $682173 | — | — | — | — | $2M |
| 2012 | — | $693931 | — | — | — | — | $967943 |
| 2011 | — | $698257 | — | — | $171934 | — | $967943 |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $34M | -$428M | 60.1% | -476.7% | -$541M | $3.2B | $2.6B |
| Dec '25 | $36M | -$127M | 22.6% | -240.9% | -$703M | $3.1B | $3.3B |
| Sep '25 | $51M | -$455M | 57.2% | -48.8% | -$268M | — | $711M |
| Jun '25 | — | -$18M | — | — | -$175M | — | $90M |
| Mar '25 | $34M | -$61M | 20.2% | -173.3% | -$37M | — | $218M |
| Dec '24 | $35M | -$29M | 36.1% | -147.0% | -$196M | $0 | $274M |
| Sep '24 | $27M | -$23M | 40.0% | -58.1% | -$42M | $0 | $24M |
| Jun '24 | — | -$11M | — | — | -$30M | $72M | $104M |
| Mar '24 | — | -$10M | — | — | -$24M | $99M | $46M |
| Dec '23 | — | -$11M | — | — | -$23M | $124M | $54M |
| Sep '23 | — | -$19M | — | — | -$23M | $125M | $7M |
| Jun '23 | — | -$18M | — | — | -$6M | $119M | $8M |
| Mar '23 | — | -$26M | — | — | -$19M | $113M | $17M |
| Dec '22 | — | -$25M | — | — | -$12M | $125M | $1M |
| Sep '22 | — | -$34M | — | — | -$15M | $116M | $4M |
| Jun '22 | — | -$14M | — | — | -$26M | $101M | $921000 |
| Mar '22 | — | -$18M | — | — | -$43M | $98M | $4M |
| Dec '21 | — | -$83M | — | — | -$93M | $95M | $43M |
| Sep '21 | — | -$6M | — | — | -$10M | — | $2M |
| Jun '21 | — | -$4M | — | — | -$754786 | — | $2M |
How the market has priced WULF against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, Terawulf Inc.'s revenue has grown 56.0% per year. These are computed facts, not advice.
As of FY2025, Terawulf Inc. reported $3.1B of total debt against $3.3B of cash; operating income covered interest expense -2.3×.
In FY2025, gross margin was 39.2%, operating margin -110.5%, and net margin -392.6%.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.