TeraWulf Inc. (WULF)

Nasdaq: WULF · Finance Services · Easton, MD · filing with the SEC since 1999

Full chart Alerts Compare

Grade3.6

◀ Past 3.0● Present 4.4▶ Future 3.6

2 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of TeraWulf Inc.

Nine metrics read from its own filings, by tense

Headline grade

3.6/10

◀ Past3.040% of the headline

● Present4.435% of the headline

▶ Future3.625% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

3.0/1040% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

0.9/10

Has it survived what it has been through?

4 warning events since 2017; the latest 2024-08-21.

weight 45% of this tense · 9th percentile among 130 sector filers · read for itself

From the record

TeraWulf Inc.'s filings since 2017 show 4 warning events of 4 kinds: a notice about its exchange listing (8-K item 3.01, the latest 2023-03-17); a warning not to rely on past financial statements (8-K item 4.02, the latest 2023-11-22); an auditor change (8-K item 4.01, the latest 2024-08-21); a late-report notice (Form NT 10-K or NT 10-Q, the latest 2023-05-03) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

7.0/10

What has it actually done, year after year?

+116% a year over 4 filed years; profitable in 0 of 4.

weight 22% of this tense · 70th percentile among 104 sector filers · read for its customers

From the record

TeraWulf Inc.'s 4 filed years say what it did: revenue went from $15 million in fiscal 2022 to $152 million in fiscal 2025, up 116% a year; it rose in 3 of 3 years; it never fell from a peak; net income was positive in 0 of 4 of those years (its annual reports).

What it rests on

revenue growth over the filed span116.0%top 8% of its family
the share of years revenue rosetop 13% of its family
the share of filed years with a profitbottom 13% of its family
the deepest fall from a revenue peak0.0%top 13% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

3.2/10

How has it treated the people who own it?

SI estimate 3.2/10, confidence 35 of 100 (one part).

weight 33% of this tense · 32nd percentile among 115 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 32% of 115 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 115 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: TeraWulf Inc.'s shareholder treatment is put at 3.2 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 32% of 115 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

4.4/1035% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

2.6/10

Is it financially healthy right now?

ROE -471%: lost 471¢ per shareholder dollar. Leverage 98%: owes 98¢ per asset dollar.

weight 45% of this tense · 26th percentile among 117 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, TeraWulf Inc. lost about 471 cents for every dollar of shareholders' money, and gross profitability: its products earned about 1 cents per dollar of everything the company owns. Leverage: it owed about 98 cents per dollar of assets, and net share issuance: its share count grew 13.2% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 9% of its family
return on equitybottom 2% of its family
gross profit against assetsbottom 31% of its family
the share count against the year beforetop 40% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

5.6/10

How strong is its position in its industry?

top 44% of 114 in its family; net margin -436.4%.

weight 33% of this tense · 56th percentile among 114 sector filers · read for its customers

From the record

TeraWulf Inc.'s standing among 114 graded names in its industry family: revenue of $152 million in fiscal 2025 ranks in the top 43% by size; a net margin of -436.4% ranks in the bottom 21%; revenue growth of 116% a year over the last 3 filed years ranks in the top 10% (its annual reports).

What it rests on

revenue against the family$152Mtop 43% of its family
net margin-436.4%bottom 21% of its family
three-year revenue growth116.0%top 10% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

6.4/10

What are the people in charge doing?

SI estimate 6.4/10, confidence 35 of 100 (one part).

weight 22% of this tense · 64th percentile among 92 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, officer and director changes on Form 8-K over three years, against the people in charge, which ranks in the top 36% of 92 in its family; the record of its people begins on 2021-12-13 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 4.9 years and cannot see past it; a floor under five years is not read as years in charge.
What the record cannot read: The record of its people begins on 2021-12-13 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 4.9 years and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned: one part: officer and director changes on Form 8-K, against the people in charge, the one part on file, ranked among 92 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: TeraWulf Inc.'s leadership is put at 6.4 of 10 with a confidence of 35 of 100, because read from one part only, officer and director changes on Form 8-K over three years, against the people in charge, which ranks in the top 36% of 92 in its family; the record of its people begins on 2021-12-13 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 4.9 years and cannot see past it; a floor under five years is not read as years in charge. A filing that carries the missing parts replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

3.6/1025% of the headline grade · 3 of 3 filed

Room to expand

as filed

3.2/10

How much room does it have to grow?

bottom 32% of 108 in its family for room to expand.

weight 33% of this tense · 32nd percentile among 108 sector filers · read for itself

From the record

TeraWulf Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $3.3 billion against debt of $3.1 billion leaves 3.3% of its assets as net cash, bottom 41% of its family; cash from operations less capital spending is -780.8% of revenue (bottom 9%); a gross margin of 43.6% (bottom 46%) (its annual report).

What it rests on

cash less debt against assets3.3%bottom 41% of its family
cash from operations less capital spending against revenue-780.8%bottom 9% of its family
gross margin43.6%bottom 46% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

6.0/10

What could actually drive growth from here?

top 40% of 100 in its family for growth drivers.

weight 33% of this tense · 60th percentile among 100 sector filers · read for its customers

From the record

TeraWulf Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 116% a year over the last three filed years against 116% over all 4, speeding up (top 42% of its family); the newest year grew 8.2% (bottom 45%); research spending grew -0.8% a year (top 49%); capital spending grew 158.8% a year (top 14%) (its annual reports). TeraWulf Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

three-year growth against the whole span+0.0 points a yeartop 42% of its family
the newest year's revenue growth8.2%bottom 45% of its family
three-year growth of research spending-0.8%top 49% of its family
three-year growth of capital spending158.8%top 14% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

1.5/10

Did its newest year beat what its own record pointed to?

bottom 15% of 78 in its family for expectations against reality.

weight 33% of this tense · 15th percentile among 78 sector filers · read for its shareholders

From the record

TeraWulf Inc.'s newest year against its own record: revenue of $152 million in fiscal 2025 came in 64.5% below the $427 million its prior three years' pace pointed to (bottom 11% of its family); net income of $661 million against a prior three-year average of $79 million (bottom 12%); a net margin of a loss larger than its revenue against losses larger than its revenue before (bottom 22%) (its annual reports).

What it rests on

revenue against the prior three years' pace-64.5%bottom 11% of its family
net income against the prior three years' averagefive times below its prior average or morebottom 12% of its family
net margin against its prior averagedown more than 100 pointsbottom 22% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton WULF · research, not advice