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Capital markets · Financial Services · Fiscal year ends Dec 31
Terawulf reported revenue of $168M in the fiscal year ended Dec 2025, up 20.3% from the year before. Operating income was −$186M, an operating margin of −110.5%, and net income was −$661M. Operating cash flow of −$123M less capital expenditure of $1.1B left free cash flow of −$1.2B. It held more cash than debt (net cash $168M).
Ranks among the 33 capital markets companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 13.4 | 15.0 | 69.2 | 140 | 168 |
| Cost of revenue | 9.5 | 11.1 | 27.3 | 62.6 | 82.7 |
| Gross profit | 3.9 | 4.0 | 37.0 | 69.8 | 66.0 |
| Research & development | 0.7 | – | – | – | – |
| Selling, general & admin | 5.0 | 22.8 | – | – | – |
| Operating income | −1.8 | −43.7 | −29.4 | −76.2 | −186 |
| Interest expense | 0.1 | 24.7 | 34.8 | 19.8 | 80.2 |
| Pre-tax income | −0.6 | −86.2 | −73.4 | −72.4 | −661 |
| Income tax | −0.2 | −0.3 | 0.0 | 0.0 | 0.1 |
| Net income | −0.4 | −90.8 | −73.4 | −72.4 | −661 |
| Diluted EPS | −0.22 | −0.82 | −0.35 | −0.21 | −1.66 |
| Diluted shares | 2.0 | 111 | 210 | 351 | 398 |
| Fiscal year | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 3.7 | 1.3 | 54.4 | 274 | 3,266 |
| Receivables | 2.1 | 0.0 | 1.0 | 0.5 | 1.2 |
| Inventory | 1.6 | – | – | – | – |
| Current assets | 7.8 | 14.1 | 62.6 | 281 | 3,478 |
| Net PP&E | 7.4 | 192 | 205 | 412 | 1,508 |
| Goodwill | – | – | – | 0.0 | 55.5 |
| Total assets | 15.4 | 318 | 378 | 788 | 6,558 |
| Payables | 0.5 | 21.9 | 15.2 | 24.4 | 65.1 |
| Deferred revenue | – | – | – | 0.0 | – |
| Current liabilities | 3.6 | 126 | 155 | 51.8 | 1,736 |
| Short-term debt | 2.7 | 51.9 | 123 | 0.0 | 46.3 |
| Long-term debt | – | 73.0 | 0.1 | 0.0 | 3,052 |
| Total liabilities | 3.6 | 200 | 156 | 543 | 6,418 |
| Shareholders' equity | 11.8 | 118 | 222 | 244 | 140 |
| Fiscal year | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −0.4 | −34.1 | 4.3 | −24.4 | −123 |
| Capital expenditure | 0.1 | 61.1 | 75.2 | 268 | 1,060 |
| Free cash flow | −0.5 | −95.2 | −70.9 | −292 | −1,183 |
| Depreciation & amortisation | 0.7 | 6.7 | 28.4 | 59.8 | 88.6 |
| Stock-based compensation | 0.0 | 1.6 | 5.9 | 30.9 | 50.9 |
| Acquisitions | – | – | 0.0 | 0.0 | 21.7 |
| Share buybacks | – | 0.0 | 0.0 | 118 | 33.3 |
| Dividend per share | – | 0.00 | 0.00 | 0.00 | 0.00 |
| Fiscal year | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.9% | 360.5% | 102.3% | 20.3% |
| Gross margin | 29.1% | 26.3% | 53.5% | 49.8% | 39.2% |
| Operating margin | −13.3% | −291.0% | −42.5% | −54.4% | −110.5% |
| Net margin | −3.3% | −603.9% | −106.1% | −51.7% | −392.6% |
| Return on equityBlank when equity is negative | −3.7% | −77.1% | −33.0% | −29.6% | −470.9% |
| ROCEEBIT ÷ (assets − current liabilities) | −15.1% | −22.8% | −13.2% | −10.4% | −3.9% |
| Free cash flow margin | −4.1% | −633.2% | −102.4% | −208.8% | −702.5% |
| Cash conversion (CFO ÷ net income) | 0.91x | 0.38x | −0.06x | 0.34x | 0.19x |
| Receivable days | 58 | 0 | 5 | 1 | 3 |
| Inventory days | 63 | – | – | – | – |
| Payable days | 18 | 720 | 203 | 142 | 288 |
| Interest cover | −20.6x | −1.77x | −0.85x | −3.85x | −2.32x |
| Debt ÷ equity | – | 1.06x | 0.56x | 0.00x | 22.1x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 124 | 69.1 | −274 | −168 |
| Current ratio | 2.17x | 0.11x | 0.40x | 5.43x | 2.00x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.