# Terawulf Inc.: overview

WULF · Nasdaq · CIK 1083301 · [Financials](/sectors/financials.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/wulf.md) · [Financials](/companies/wulf/financials.md) · [Filings](/companies/wulf/filings.md) · [Insiders](/companies/wulf/insiders.md)

Latest reported revenue: [$44.8m](/filings/0001083301-26-000166.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 5, 2026 (XBRL us-gaap:Revenues, accession 0001083301-26-000166).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [27.1](/filings/0001083301-25-000099.md) | [35.0 d](/filings/0001083301-26-000031.md) | [34.4](/filings/0001083301-26-000092.md) | [47.6](/filings/0001083301-26-000166.md) | [50.6](/filings/0001083301-25-000099.md) | [35.8 d](/filings/0001083301-26-000031.md) | [34.0](/filings/0001083301-26-000092.md) | [44.8](/filings/0001083301-26-000166.md) |
| Gross margin | % | [40.0%](/filings/0001083301-25-000099.md) | [36.1% d](/filings/0001083301-26-000031.md) | [20.2%](/filings/0001083301-26-000092.md) | [46.2%](/filings/0001083301-26-000166.md) | [57.2%](/filings/0001083301-25-000099.md) | [22.6% d](/filings/0001083301-26-000031.md) | [60.1%](/filings/0001083301-26-000092.md) | [19.9%](/filings/0001083301-26-000166.md) |
| Operating margin | % | [(58.1%)](/filings/0001083301-25-000099.md) | [(147.0%) d](/filings/0001083301-26-000031.md) | [(173.3%)](/filings/0001083301-26-000092.md) | [(32.7%)](/filings/0001083301-26-000166.md) | [(48.8%)](/filings/0001083301-25-000099.md) | [(240.9%) d](/filings/0001083301-26-000031.md) | [(476.7%)](/filings/0001083301-26-000092.md) | [(313.7%)](/filings/0001083301-26-000166.md) |
| Net margin | % | [(84.0%)](/filings/0001083301-25-000099.md) | [(83.5%) d](/filings/0001083301-26-000031.md) | [(178.5%)](/filings/0001083301-26-000092.md) | [(38.6%)](/filings/0001083301-26-000166.md) | [(899.7%)](/filings/0001083301-25-000099.md) | [(353.2%) d](/filings/0001083301-26-000031.md) | [(1257.3%)](/filings/0001083301-26-000092.md) | [(2099.6%)](/filings/0001083301-26-000166.md) |
| Diluted EPS | $ per share | [(0.06)](/filings/0001083301-25-000099.md) | not reported | [(0.16)](/filings/0001083301-26-000092.md) | [(0.05)](/filings/0001083301-26-000166.md) | [(1.13)](/filings/0001083301-25-000099.md) | not reported | [(1.01)](/filings/0001083301-26-000092.md) | [(1.94)](/filings/0001083301-26-000166.md) |
| Free cash flow | $m | [(41.7) d](/filings/0001083301-25-000099.md) | [(196) d](/filings/0001083301-26-000031.md) | [(37.2)](/filings/0001083301-26-000092.md) | [(175) d](/filings/0001083301-26-000166.md) | [(268) d](/filings/0001083301-25-000099.md) | [(703) d](/filings/0001083301-26-000031.md) | [(541)](/filings/0001083301-26-000092.md) | [(992) d](/filings/0001083301-26-000166.md) |

- Revenue. XBRL Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2020 (2020-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [13.4](/filings/0001437749-21-004835.md) | [15.0](/filings/0001083301-25-000018.md) | [69.2](/filings/0001083301-26-000031.md) | [140](/filings/0001083301-26-000031.md) | [168](/filings/0001083301-26-000031.md) |
| Gross margin | % | [29.1%](/filings/0001437749-21-004835.md) | [26.3%](/filings/0001083301-24-000072.md) | [53.5%](/filings/0001083301-26-000031.md) | [49.8%](/filings/0001083301-26-000031.md) | [39.2%](/filings/0001083301-26-000031.md) |
| Operating margin | % | [(13.3%)](/filings/0001437749-21-004835.md) | [(291.0%)](/filings/0001083301-25-000018.md) | [(42.5%)](/filings/0001083301-26-000031.md) | [(54.4%)](/filings/0001083301-26-000031.md) | [(110.5%)](/filings/0001083301-26-000031.md) |
| Net margin | % | [(3.3%)](/filings/0001437749-21-004835.md) | [(603.9%)](/filings/0001083301-25-000018.md) | [(106.1%)](/filings/0001083301-26-000031.md) | [(51.7%)](/filings/0001083301-26-000031.md) | [(392.6%)](/filings/0001083301-26-000031.md) |
| Diluted EPS | $ per share | [(0.22)](/filings/0001437749-21-004835.md) | [(0.82)](/filings/0001083301-25-000018.md) | [(0.35)](/filings/0001083301-26-000031.md) | [(0.21)](/filings/0001083301-26-000031.md) | [(1.66)](/filings/0001083301-26-000031.md) |
| Free cash flow | $m | [(0.5)](/filings/0001437749-21-004835.md) | [(95.2)](/filings/0001083301-25-000018.md) | [(70.9)](/filings/0001083301-26-000031.md) | [(292)](/filings/0001083301-26-000031.md) | [(1,183)](/filings/0001083301-26-000031.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax; Revenue: us-gaap:Revenues.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax; Revenue: us-gaap:Revenues.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax; Revenue: us-gaap:Revenues.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; Revenue: us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax; Revenue: us-gaap:Revenues.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/wulf/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [LONE PINE CAPITAL LLC](/funds/1061165.md) | 2026-06-30 | $596.4m | 24,144,625 |  | Added +4,223,195 |
| [SUSQUEHANNA INTERNATIONAL GROUP, LLP](/funds/1446194.md) | 2026-06-30 | $584.3m | 23,656,100 | Call | Added +7,286,500 |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $577.8m | 23,392,928 |  | Reduced −4,749,097 |
| [CITADEL ADVISORS LLC](/funds/1423053.md) | 2026-06-30 | $576.1m | 23,322,700 | Call | Added +10,307,100 |
| [VANGUARD PORTFOLIO MANAGEMENT LLC](/funds/2100121.md) | 2026-06-30 | $550.7m | 22,295,667 |  | Reduced −166,755 |
| [JANE STREET GROUP, LLC](/funds/1595888.md) | 2026-06-30 | $546.6m | 22,130,600 | Call | Added +2,128,600 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $442.1m | 17,896,846 |  | Added +2,269,589 |
| [NOMURA HOLDINGS INC](/funds/1163653.md) | 2026-06-30 | $367.7m | 14,885,800 | Call | Added +5,760,800 |
| [FMR LLC](/funds/315066.md) | 2026-06-30 | $356.8m | 14,444,267 |  | Added +9,654,559 |
| [JANE STREET GROUP, LLC](/funds/1595888.md) | 2026-06-30 | $312.8m | 12,665,200 | Put | Added +1,365,800 |

## Recent filings

[All 1,020 filings](/companies/wulf/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-23 | 17:13 ET | [8-K](/filings/0001628280-26-067100.md) | 1.01 Entry into a material agreement; 2.03 New direct financial obligation | 0001628280-26-067100 |
| 2026-10-05 | 12:21 ET | [8-K](/filings/0001628280-26-064757.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001628280-26-064757 |
| 2026-08-05 | 20:31 ET | [10-Q](/filings/0001083301-26-000166.md) | Quarterly report, period 2026-06-30 | 0001083301-26-000166 |
| 2026-08-05 | 11:00 ET | [8-K](/filings/0001083301-26-000162.md) | 2.02 Results of operations; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001083301-26-000162 |
| 2026-07-06 | 12:08 ET | [8-K](/filings/0001104659-26-080583.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001104659-26-080583 |
| 2026-06-10 | 21:26 ET | [8-K](/filings/0001083301-26-000115.md) | 5.07 Shareholder vote results | 0001083301-26-000115 |
| 2026-05-26 | 12:06 ET | [8-K](/filings/0001083301-26-000109.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001083301-26-000109 |
| 2026-05-08 | 20:04 ET | [10-Q](/filings/0001083301-26-000092.md) | Quarterly report, period 2026-03-31 | 0001083301-26-000092 |
| 2026-05-08 | 11:04 ET | [8-K](/filings/0001083301-26-000083.md) | 2.02 Results of operations; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001083301-26-000083 |
| 2026-04-28 | 20:30 ET | [DEF 14A](/filings/0001083301-26-000077.md) | Proxy statement, period 2025-12-31 | 0001083301-26-000077 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001083301-26-000031.md), filed Feb 27, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/269989ab-9723-4a8a-a2b9-017a3db69bf8)

## About the filer

- CIK: 1083301
- Tickers: WULF
- Exchange: Nasdaq
- SIC code: 6199 Finance Services
- State of incorporation: DE
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:32 ET. No prices; not investment advice.