TERAWULF INC.
WULFNasdaqFinancials · Finance Services · DE · SEC filings ↗ · Compare ⊕
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SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $151.6M | $140.1M | $69.2M | $15.0M | — | $13.4M |
| Operating income | −$186.2M | −$76.2M | −$29.4M | −$43.7M | −$43.4M | −$1.8M |
| Net income | −$661.4M | −$72.4M | −$73.4M | −$90.8M | −$95.7M | −$439,320 |
| Total assets | $6.56B | $787.5M | $378.1M | $317.7M | $264.9M | $15.4M |
| Total liabilities | $6.42B | $543.1M | $155.6M | $199.9M | $141.7M | $3.6M |
| Equity | $140.4M | $244.4M | $222.5M | $117.8M | $0 | $11.8M |
| EPS (diluted) | $-1.66 | $-0.21 | $-0.35 | $-0.82 | $-1.13 | $-0.22 |
| Shares out. | 383.1M | 302.2M | 186.3M | 100.7M | 2.0M | 2.0M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- −122.9%
- Net margin
- −436.4%
- Return on equity
- −470.9%
- Return on assets
- −10.1%
- Return on capital (ROCE)
- −3.9%
- Liabilities / assets
- 97.9%
- Debt / equity
- 45.70×
- Book value / share
- $0.37
- Revenue growth (YoY)
- 8.2%
- Net income growth (YoY)
- —
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Altman Z″ (distress)
- 1.08distress
- Accruals / assets
- −8.2%clean
- Piotroski F-Score
- 1/9weak
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast.
Signs
● 2 severe● 4 warning● 2 good- Altman Z″ in the distress zone
- Filed a late-filing notice (Form NT) — missed an SEC deadline
- Operating losses (negative operating margin)
- Reported a net loss
- High leverage (liabilities > 70% of assets)
- Negative operating cash flow
- Revenue is growing year-over-year
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Risk flags
late SEC filings- NT 10-Kmissed a reporting deadline ↗May 3, 2023
A Form NT means the company notified the SEC it would file a periodic report late — often an accounting, audit or liquidity warning sign. Also search SEC enforcement actions for this company.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Citadel Securities Gp LlcPassive (13G)May 27, 2026
- Jane Street Group, LlcPassive (13G)May 4, 2026
- Vanguard Portfolio Management LlcPassive (13G)Apr 29, 2026
- Lone Pine Capital LlcPassive (13G)Apr 15, 2026
- Vanguard Group IncPassive (13G)Mar 27, 2026
- Bank Of Nova ScotiaPassive (13G)Jan 27, 2026
- Bayshore Capital LlcActivist (13D)Aug 29, 2025
- Prager Paul B.Activist (13D)Aug 18, 2025
- Revolve Capital LlcPassive (13G)Jun 9, 2025
- Stammtisch Investments LlcActivist (13D)Dec 31, 2024
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Insider transactions
SEC Form 4 · most recent| Insider | Date | Type | Shares | Price |
|---|---|---|---|---|
| Khan Nazar M.Officer — Chief Technology Officer | May 18, 2026 | Option exercise | 817,634 | — |
Headline trade per Form 4 (officers, directors, 10%+ owners). Buy/sell read from the filing's structured data — blank where a field isn't cleanly tagged.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 110.3M | 3.8 | +4.7% |
| Apr 30, 2026 | 105.3M | 3.3 | +3.1% |
| Apr 15, 2026 | 102.1M | 3.0 | +3.8% |
| Mar 31, 2026 | 98.4M | 3.3 | +1.8% |
| Mar 13, 2026 | 96.6M | 3.5 | +3.2% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Other material eventMay 26, 2026
- Results of operations · Regulation FD disclosureMay 8, 2026
- Entered a material agreement · Other material eventApr 16, 2026
- Regulation FD disclosureApr 15, 2026
- Results of operations · Regulation FD disclosure · Other material eventApr 14, 2026
- Entered a material agreement · New financial obligation · Regulation FD disclosureMar 16, 2026
- Results of operations · Regulation FD disclosureFeb 26, 2026
- Other material eventFeb 2, 2026
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.