WULF TERAWULF INC.

Overview and Growth

In fiscal 2025, TERAWULF INC. recorded $168.46M of revenue, net loss of $661.42M, and an operating cash outflow of $123.18M. At $168.46M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $140.05M in fiscal 2024, revenue recorded a 20.3% year-over-year increase. Diluted earnings per share were -$1.66, translating the period’s attributable earnings into the amount reported for each diluted share. Total assets stood at $6.56B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Asset turnover was 0.03x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

After reported cost of revenue, the company retained $66.05M as gross profit before recognizing operating expenses and other items. Gross margin was 39.2%, so that share of each revenue unit remained after the cost of revenue reported for the period. The company recorded an operating loss of $186.21M after the reported operating expense base. Relative to revenue, the operating deficit measured 110.5%, showing the shortfall after operating costs. The company ended the period with a net loss of $661.42M, extending the operating result through all remaining items. The net loss equaled 392.6% of revenue, showing the bottom-line deficit relative to the company’s sales base. Before income taxes, the company recorded a loss of $661.34M, bridging the operating result to the final net loss. The pretax loss equaled 392.6% of revenue, measuring the pre-tax deficit against sales. The reported income-tax provision was $76.00K, the amount recognized between pretax income and the final net-income result. Relative to period-end equity, the net loss represented 470.9%. The loss-to-assets relationship was 10.1%, placing the bottom-line deficit against the company’s resource base. Compared with a $72.42M net loss in fiscal 2024, the current loss increased to $661.42M.

Liquidity and Capital Structure

The company held $6.56B of assets against $6.42B of liabilities and $140.44M of equity, revealing how the asset base was financed. At period end, current assets of $3.48B compared with current liabilities of $1.74B, defining the company’s short-term resource position. At 2.0x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Cash and equivalents totaled $3.27B, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 188.2% of current liabilities, showing how much near-term coverage came from cash alone. The company carried $3.10B of total debt at period end, which frames its leverage and debt-service burden. Against book equity, debt measured 22.06x, placing the company’s financial leverage in clear balance-sheet terms. Relative to total assets, debt measured 47.2%, showing how much of the asset base was matched by borrowing. The liabilities-to-assets relationship was 97.9%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 49.8% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 732.8% from $787.51M in fiscal 2024, leaving current total assets higher year over year. Reported equity changed 42.5% from $244.44M in fiscal 2024, placing the current capital base lower year over year.

Cash Flow and Earnings Quality

Operating activities used $123.18M of cash, resulting in an operating cash outflow for the year. The company spent $1.06B on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. Negative free cash flow was $1.18B, leaving a cash deficit after capital spending and reducing financial flexibility. Relative to revenue, the post-investment cash deficit represented 702.5%. Relative to total assets, the post-investment cash deficit measured 18.0%.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.