# TERAWULF INC. (WULF) · Edgar & Edgarette company card

> Terawulf (WULF) grew revenue 20.3% in FY2025 to $168 million, operating margin -111% against a -6.4% median for finance services, equity 2.1% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1083301 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/WULF) · [JSON](https://www.pops4.com/boards/company/WULF.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $168M |
| Revenue growth, 1 year | 20.3% |
| Revenue growth per year | 65.8% |
| Operating margin | -110.5% (prior year -54.4%) |
| Net margin | -392.6% |
| Operating cash flow | −$123M |
| Capital spending | $1.1B |
| Free cash flow | −$1.2B |
| Cash | $3.3B |
| Long-term debt | $3.1B |
| Total assets | $6.6B |
| Total equity | $140M |
| Equity ÷ assets | 2.1% |
| Return on equity | -470.9% |
| Dividend per share | $0 |
| Dividend years rising | 0 |

## Readings, computed from those figures

- Piotroski F: 1 of 9 (weak)
- Health Harbor boat: Old boat · three warning signs · operating cash flow was negative; operating loss: a margin of -110.5% in FY2025; revenue is hard to predict: its 80% range is ±32%
- Cash Compass: Fast, cash not yet · growing fast, but little cash arriving so far

## Edgarette's reading

Exposure: revenue $168.5M (FY2025), total debt $3.1B. Experience: revenue up 20.3% on the year, up 65.8% a year over 5 years; operating margin -110.5%, down from -54.4%. Soundness: equity 2.1% of assets, return on equity -470.9%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $204.1M and $398.2M next year (method v4.1: its own 2-year record of growth weighed at 25% against $100M–1B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $172.3M to $474.8M. A statistical range, not company guidance. Against peers (36 filers, $50M+ revenue, finance services): operating margin -110.5% against a -6.4% median; growth 20.3% against 16.8%.

Range logged 2026-09-27, receipt 9ed26b9655973388, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

No warning filings in the window.

## Recent filings

- 10-Q · filed 2026-11-06 · [filing](https://www.sec.gov/Archives/edgar/data/1083301/000162828026071671/0001628280-26-071671-index.htm)
- 8-K · filed 2026-11-06 · 2.02 Results of Operations and Financial Condition; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1083301/000162828026071306/0001628280-26-071306-index.htm)
- 8-K · filed 2026-11-04 · 1.01 Entry into a Material Definitive Agreement; 7.01 Regulation FD Disclosure; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1083301/000162828026069810/0001628280-26-069810-index.htm)
- 8-K · filed 2026-10-23 · 1.01 Entry into a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation · [filing](https://www.sec.gov/Archives/edgar/data/1083301/000162828026067100/0001628280-26-067100-index.htm)
- 8-K · filed 2026-10-05 · 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1083301/000162828026064757/0001628280-26-064757-index.htm)
- 10-Q · filed 2026-08-05 · [filing](https://www.sec.gov/Archives/edgar/data/1083301/000108330126000166/0001083301-26-000166-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001083301.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1083301

## Cite

POPS4, Edgar & Edgarette: TERAWULF INC. (WULF) company card, from the company's own SEC filings, accessed 2026-11-12, https://www.pops4.com/boards/company/WULF. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.