TERAWULF INC.WULFEarnings & Financial Report
Nasdaq
TeraWulf Inc. is an American bitcoin mining company. Founded in 2021 and publicly listed on Nasdaq under the ticker WULF, it operates mining facilities in New York and Pennsylvania.
WULF Q3 2025 Key Financial Metrics
Revenue
$50.6M
Gross Profit
$29.0M
Operating Profit
$-24.7M
Net Profit
$-455.1M
Gross Margin
57.2%
Operating Margin
-48.8%
Net Margin
-899.7%
YoY Growth
86.9%
EPS
$-1.13
Financial Flow
TERAWULF INC. Q3 2025 Financial Summary
TERAWULF INC. reported revenue of $50.6M for Q3 2025, with a net profit of $-455.1M (-899.7% margin). Cost of goods sold was $21.6M, operating expenses totaled $53.6M.
Key Financial Metrics
| Total Revenue | $50.6M |
|---|---|
| Net Profit | $-455.1M |
| Gross Margin | 57.2% |
| Operating Margin | -48.8% |
| Report Period | Q3 2025 |
TERAWULF INC. Annual Revenue by Year
TERAWULF INC. annual revenue history includes year-by-year totals (for example, 2024 revenue was $140.1M).
| Year | Annual Revenue |
|---|---|
| 2024 | $140.1M |
| 2023 | $69.2M |
| 2022 | $15.0M |
Income Statement
| Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $23.3M | $42.4M | $35.6M | $27.1M | $35.0M | $34.4M | $47.6M | $50.6M |
| YoY Growth | 143.4% | 267.9% | 130.2% | 42.8% | 50.2% | -18.9% | 33.9% | 86.9% |
Balance Sheet
| Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $378.1M | $395.4M | $479.6M | $405.9M | $787.5M | $841.2M | $869.4M | $2.45B |
| Liabilities | $155.6M | $123.0M | $93.3M | $33.3M | $543.1M | $670.8M | $695.1M | $2.21B |
| Equity | $222.5M | $272.3M | $386.2M | $372.6M | $244.4M | $170.4M | $174.3M | $247.3M |
Cash Flow
| Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $10.9M | $22.8M | $16.4M | $-20.9M | $-42.7M | $56.5M | $-54.8M | $-36.7M |