Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TERAWULF INC. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2015
FY2016
FY2017
FY2018
FY2019
FY2020
FY2022
FY2023
FY2024
FY2025
Revenue
17.6
17.6
17.2
18.2
17.6
13.4
15
69.2
140
168
Cost of revenue
11.4
11.3
11.5
12
12.2
9.53
11.1
27.3
62.6
82.7
Gross profit
6.14
6.24
5.73
6.25
5.4
3.91
3.95
37
69.8
66
Research and development
0.66
0.65
0.69
0.68
0.87
0.67
Selling, general and administrative
5.26
5.61
5.51
5.35
5.48
5.02
22.8
Operating expenses
47.7
71.3
Operating income
0.22
-0.02
-0.46
0.23
-0.96
-1.79
-43.7
-29.4
-76.2
-186
Interest expense
0.06
0.08
0.09
0.09
0.09
24.7
34.8
19.8
80.2
Interest income
0
0.01
0.02
0.05
0.06
1.22
Pre-tax income
0.23
-0.07
-0.52
0.19
-0.99
-0.65
-86.2
-73.4
-72.4
-661
Income tax
0.09
-0
-0.3
0.05
-0.17
-0.21
-0.26
0
0
0.08
Net income
0.14
-0.07
-0.23
0.14
-0.81
-0.44
-90.8
-73.4
-72.4
-661
EBITDA
0.88
0.74
0.37
0.98
-0.32
-1.12
-37.1
-1.07
-16.4
-97.6
EPS, basic
0.07
-0.03
-0.11
0.07
-0.41
-0.22
-0.82
-0.35
-0.21
-1.66
EPS, diluted
0.07
-0.03
-0.11
0.07
-0.41
-0.22
-0.82
-0.35
-0.21
-1.66
Shares, basic (weighted)
2.02
2.02
2.01
1.98
1.98
1.98
111
210
351
398
Shares, diluted (weighted)
2.02
2.02
2.01
1.98
1.98
1.98
111
210
351
398
Dividend per share
0.00
0.00
0.00
0.00
Balance sheet
FY2015
FY2016
FY2017
FY2018
FY2019
FY2020
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
2.25
1.05
0.93
1.62
0.96
3.69
1.28
54.4
274
3,266
Short-term investments
0
3.25
2.9
2.7
2.21
0
Receivables
2.17
2.34
2.19
2.22
2.43
2.12
0.48
1.21
Inventory
2.12
1.99
2.09
2.05
2.18
1.64
Other current assets
0.09
0.36
0.17
0.38
0.91
0.13
0.54
0.81
0.12
14.2
Total current assets
6.72
9.05
8.27
8.96
8.69
7.8
14.1
62.6
281
3,478
Property, plant and equipment
7.96
8.91
8.3
8.08
7.92
7.39
192
205
412
1,508
Lease right-of-use assets
11.9
10.9
85.9
104
Goodwill
0
55.5
Intangible assets
0.34
0.34
0.35
0.38
0.27
0.24
Other non-current assets
1.34
0.68
1.03
8.09
Total assets
15
18.3
16.9
17.4
16.9
15.4
318
378
788
6,558
Accounts payable
0.42
0.73
0.32
0.65
0.76
0.46
21.9
15.2
24.4
65.1
Accrued liabilities
0.35
0.39
0.36
0.37
0.38
0.28
Deferred revenue
0
Short-term debt
0.13
0.13
0.13
0.13
2.69
51.9
123
0
46.3
Total current liabilities
1.14
1.31
0.88
1.3
1.93
3.6
126
155
51.8
1,736
Long-term debt
3.08
2.95
2.82
2.69
73
0.06
0
3,052
Lease liabilities
0.95
0.9
3.43
22.3
Other non-current liabilities
0
0.9
Total liabilities
1.52
4.84
3.97
4.31
4.62
3.6
200
156
543
6,418
Total debt
3.2
3.08
3.06
2.92
2.69
125
124
0
3,099
Paid-in capital
2.7
2.73
2.71
2.72
2.72
2.74
295
473
685
1,285
Retained earnings
10.6
10.5
10.1
10.2
9.34
8.9
-186
-260
-332
-994
Treasury stock
0
-118
-152
Shareholders' equity
13.5
13.5
13
13.1
12.3
11.8
118
222
244
140
Minority interests
0
Total equity
13.5
13.5
13
13.1
12.3
11.8
118
222
244
140
Total liabilities and equity
15
18.3
16.9
17.4
16.9
15.4
318
378
788
6,558
Shares outstanding
2.02
2.02
1.98
1.98
1.98
1.98
145
277
386
420
Cash flow statement
FY2015
FY2016
FY2017
FY2018
FY2019
FY2020
FY2022
FY2023
FY2024
FY2025
Net income
0.14
-0.07
-0.23
0.14
-0.81
-0.44
-90.8
-73.4
-72.4
-661
Depreciation and amortization
0.66
0.76
0.84
0.76
0.64
0.66
6.67
28.4
59.8
88.6
Stock-based compensation
0.02
0.03
0.02
0.01
0.01
0.02
1.57
5.86
30.9
50.9
Deferred income tax
0.02
0.06
-0.3
0.04
-0.18
-0.26
0
0
0.08
Change in receivables
-0.07
-0.17
0.15
-0.02
-0.22
0.32
0
0
-0.91
Change in inventory
0.51
0.13
-0.1
0.04
-0.13
0.54
Cash from operations
1.47
0.92
0.2
1.22
-0.48
-0.4
-34.1
4.26
-24.4
-123
Capital expenditures
-2.87
-2.06
-0.23
-0.54
-0.48
-0.15
-61.1
-75.2
-268
-1,060
Acquisitions
0
0
-21.7
Purchases of investments
-0.65
-4.38
-3.88
-5.62
-5.64
Cash from investing
-1.15
-5.32
0.11
-0.39
0.01
2.06
-94
-78
-91.2
-1,369
Debt issued
3.42
1.21
22.5
0
487
Debt repaid
-0.08
-0.14
-0.14
-0.14
-0.14
Stock issued
0
0
47.3
136
189
0
Share buybacks
-0.3
-0.05
0
0
-118
-33.3
Cash from financing
3.2
-0.44
-0.14
-0.19
1.07
90
120
335
4,941
Net change in cash
-1.2
-0.12
0.69
-0.66
2.73
-38.1
46.1
220
3,449
Free cash flow
-1.4
-1.15
-0.03
0.68
-0.96
-0.55
-95.2
-70.9
-292
-1,183
Interest paid
0.04
0.07
0.08
0.08
0.08
14
19.6
6.96
14
Income taxes paid
0.01
0.1
0.06
0.01
0.01
0.01
0
0
0
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $15.74 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
40.2%
Gross profit / revenue.
Operating margin
-250.4%
Operating income / revenue.
EBITDA margin
-187.4%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-1,164.0%
Pre-tax income / revenue.
Net margin
-1,180.0%
Net income / revenue.
FCF margin
-1,516.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-169.0%
Cash from operations / revenue.
Return on equity (ROE)
-1,323.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-24.2%
Net income / average total assets.
Stock-based pay / revenue
118.8%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1,347.0%
Capital expenditures / revenue.
D&A / revenue
62.9%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
20.3%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
123.8%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
-5.4%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
155.7%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
-42.5%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
6.0%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
732.8%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
174.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
13.2%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
53.2%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.75x
Current assets / current liabilities.
Quick ratio
0.70x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.70x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.34
Revenue / diluted weighted shares.
FCF per share
-$5.16
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.57
Cash from operations / diluted weighted shares.
Book value per share
$0.30
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
47.5x
Market cap / revenue.
P/B
53.3x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
85.5x
Market cap / tangible book value, when positive.
EV/Sales
31.7x
Enterprise value / revenue.
FCF yield
-31.9%
Free cash flow / market cap.
Earnings yield
-24.8%
Net income / market cap (the inverse of P/E).
Shareholder yield
0.0%
(Dividends paid + share buybacks) / market cap.
What was TERAWULF INC.'s revenue in fiscal 2025?
TERAWULF INC. reported revenue of $168.5M for fiscal 2025, 20.3% higher than the year before.
Was TERAWULF INC. profitable in fiscal 2025?
No. It reported a net loss of $661.4M.
How much free cash flow did TERAWULF INC. generate in fiscal 2025?
Cash from operations of $123.2M minus capital expenditures of $1.06B left free cash flow of -$1.18B.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.