Terawulf Inc. (WULF)
Terawulf Inc. brought in $190.8M of revenue over the twelve months to September 30, 2026, up 13.9% from a year earlier. It posted a net loss of $784.2M. In fiscal 2025 capital spending exceeded operating cash flow by $1.2B. At September 30, 2026 it held $1.6B in cash. Its latest periodic report to the SEC is the quarterly report (10-Q) filed on November 6, 2026.
Key facts about Terawulf Inc.
- Net worth
- Terawulf Inc. has a market value (market cap) of $6.3B at the latest share price, and shareholders' equity of $870.7M on its balance sheet at September 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
- Revenue and profit
- In fiscal 2025 revenue was $168.5M (+20.3% year on year), with a net loss of $661.4M. Over the 12 months to September 30, 2026: revenue $190.8M, net loss $784.2M.
- Cash flow
- In fiscal 2025 operations used $123.2M of cash.
- Latest report
- The latest periodic report (quarterly report, 10-Q) was filed with the SEC on November 6, 2026 and covers the period to September 30, 2026. Open on SEC EDGAR
- Next earnings report
- Terawulf Inc.'s next report is expected around February 25, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
What Terawulf Inc. does
Terawulf Inc. is registered with the SEC under industry code SIC 6199 (Finance Services). Its shares trade on NASDAQ under the ticker WULF.
Revenue and profit by year
Key figures
| Fiscal year | Revenue | Net income | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2025 | $168.5M | -$661.4M | -$1.66 | -$1.2B |
| 2024 | $140.1M | -$72.4M | -$0.21 | -$292.4M |
| 2023 | $69.2M | -$73.4M | -$0.35 | -$70.9M |
| 2022 | $15M | -$90.8M | -$0.82 | -$95.2M |
| 2020 | $13.4M | -$439.3K | -$0.22 | -$548.7K |
| 2019 | $17.6M | -$813.6K | -$0.41 | -$955.4K |
Earnings: every quarter and the next report date
Full financial statements: income, balance sheet and cash flow
Where WULF ranks in Finance
Dividends
| Fiscal year | Per share | Paid out | Of profit |
|---|---|---|---|
| 2025 | $0.00 | n/a | n/a |
| 2024 | $0.00 | n/a | n/a |
| 2023 | $0.00 | n/a | n/a |
| 2022 | $0.00 | n/a | n/a |
| 2012 | n/a | $2M | n/a |
Latest SEC filings
What Terawulf Inc. has filed recently, newest first. Each links to the original document on SEC EDGAR.
- November 6, 2026Quarterly report 10-Q · period to September 30, 2026Revenue rose 51% to $76.2M versus the same quarter last year; diluted EPS -$0.03 versus -$1.13.
- November 6, 2026
- November 4, 2026
- October 23, 2026
- October 5, 2026Other event 8-K
- September 25, 2026Passive stake (5% or more) SCHEDULE 13G
- August 13, 2026Passive stake (5% or more) SCHEDULE 13G
- August 10, 2026Passive stake changed SCHEDULE 13G/A
- August 5, 2026Quarterly report 10-Q · period to June 30, 2026Revenue fell 6% to $44.8M versus the same quarter last year; diluted EPS -$1.94 versus -$0.05.
- August 5, 2026
Insider trades
What the people running Terawulf Inc. did with its shares, from the Form 4 filings they must send the SEC within two business days.
Insiders bought $189.9K and sold $5.3M worth of shares in the last 90 days. 44% of the selling was pre-planned under Rule 10b5-1 trading plans.
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| September 30, 2026 | Bucella Michael C.Director | Received as pay | 1,690 | - |
| September 30, 2026 | Carter Walter E.Director | Received as pay | 2,112 | - |
| September 30, 2026 | Prager Lisa A.Director | Received as pay | 1,690 | - |
| September 29, 2026 | Khan Nazar M.Chief Technology Officer, Director | Exercised options | 666,667 | - |
| September 15, 2026 | Bucella Michael C.Director | Bought | 6,085 | $90K |
| September 8, 2026 | Motz Catherine J.Director | Sold | 56,023 | $997.9K |
| August 31, 2026 | Carter Walter E.Director | Sold | 130,626 | $2M |
| August 27, 2026 | Prager Paul B.Chief Executive Officer, Director | Soldpre-planned (10b5-1), indirect | 137,500 | $2.3M |
Who owns WULF
Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.
5% holders
| Holder | Of class | Filed |
|---|---|---|
| Paul B. Prager13D, may seek influence with 8 related filers | 10.7% | August 18, 2025 |
| Google LLC13G, passive with 2 related filers | 7.6% | September 25, 2026 |
| OR13D, may seek influence with 2 related filers | 7.27% | August 13, 2024 |
| Citadel Securities GP LLC13G, passive with 6 related filers | 5.9% | May 27, 2026 |
| Lone Pine Capital LLC13G, passive with 5 related filers | 5.1% | April 15, 2026 |
Largest institutional holders
Positions that investment managers reported on Form 13F for the quarter ended June 30, 2026, largest first, with the change on the quarter ended March 31, 2026. Managers file 13F up to 45 days after a quarter ends. 501 managers reported a position.
| Holder | Shares | Change on quarter |
|---|---|---|
| Lone Pine Capital LLC | 24,144,625 | +4,223,195 |
| BlackRock, Inc. | 23,392,928 | -4,749,097 |
| Vanguard Portfolio Management LLC | 22,295,667 | -166,755 |
| Vanguard Capital Management LLC | 17,896,846 | +2,269,589 |
| Fmr LLC | 14,444,267 | +9,654,559 |
| Value Aligned Research Advisors, LLC | 12,263,135 | +4,414,903 |
| Morgan Stanley | 11,894,191 | +5,964,209 |
| Two Sigma Investments, LP | 11,495,860 | +3,658,763 |
| Geode Capital Management, LLC | 7,916,252 | -607,724 |
| Scoggin Management LP | 7,825,000 | +325,000 |
| Invesco Ltd. | 7,107,793 | +3,083,669 |
| Citadel Advisors LLC | 7,095,725 | +4,271,091 |
| State Street Corp | 6,923,671 | -689,989 |
| Voloridge Investment Management, LLC | 6,882,819 | +1,023,402 |
| Driehaus Capital Management LLC | 6,163,879 | +100,879 |
| Squarepoint Ops LLC | 6,034,956 | +2,505,901 |
| Bank of America Corp | 5,670,334 | -107,124 |
| Nomura Holdings Inc | 5,518,091 | +2,400,939 |
| Point72 Asset Management, L.P. | 5,173,625 | +2,040,503 |
| Norges Bank | 4,859,227 | new |
Insiders
11 insiders reported holding 12,718,425 shares in total, about $159.4M at the last price.
| Holder | Shares |
|---|---|
| Prager Paul B.Chief Executive Officer, Director | 5,569,0313,807,552 held indirectly |
| Langlais Kerri M.Chief Strategy Officer, Director | 4,380,381 |
| Khan Nazar M.Chief Technology Officer, Director | 667,167 |
| Fleury PatrickChief Financial Officer | 500,000 |
| Pincus Steven T.Director | 399,391 |
| Bucella Michael C.Director | 352,479 |
| Prager Lisa A.Director | 313,200 |
| Carter Walter E.Director | 231,202 |
| Motz Catherine J.Director | 153,218 |
| Fabiano AmandaDirector | 96,792 |
Questions about WULF
What does Terawulf Inc. do?
Terawulf Inc. is a company in the Finance sector, listed on NASDAQ as WULF. Its shares trade on NASDAQ under the ticker WULF.
What is Terawulf Inc.'s net worth?
Terawulf Inc. has a market value (market cap) of $6.3B at the latest share price, and shareholders' equity of $870.7M on its balance sheet at September 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
Is Terawulf Inc. profitable?
No. Over the twelve months to September 30, 2026 it reported a net loss of $784.2M on revenue of $190.8M.
How much revenue does Terawulf Inc. make?
Over the twelve months to September 30, 2026 Terawulf Inc. reported revenue of $190.8M. That is 13.9% more than a year earlier.
When did Terawulf Inc. last report?
Its most recent periodic report is the quarterly report (10-Q) filed on November 6, 2026. It covers the period to September 30, 2026.
When is Terawulf Inc.'s next earnings report?
Terawulf Inc.'s next report is expected around February 25, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
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Where the numbers come from
Financial figures are the values Terawulf Inc. tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.
Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.