vs
Side-by-side financial comparison of FENNEC PHARMACEUTICALS INC. (FENC) and TERAWULF INC. (WULF). Click either name above to swap in a different company.
TERAWULF INC. is the larger business by last-quarter revenue ($26.1M vs $13.8M, roughly 1.9× FENNEC PHARMACEUTICALS INC.). FENNEC PHARMACEUTICALS INC. runs the higher net margin — -34.7% vs -484.2%, a 449.5% gap on every dollar of revenue. On growth, FENNEC PHARMACEUTICALS INC. posted the faster year-over-year revenue change (73.8% vs -25.3%). Over the past eight quarters, TERAWULF INC.'s revenue compounded faster (-21.5% CAGR vs -26.3%).
Fennec Pharmaceuticals Inc. is a biopharmaceutical firm focused on developing and commercializing therapies to reduce treatment-related side effects in pediatric cancer patients. Its lead product targets chemotherapy-induced ototoxicity, with core North American markets serving oncology providers and vulnerable pediatric patient groups.
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.
FENC vs WULF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $13.8M | $26.1M |
| Net Profit | $-4.8M | $-126.6M |
| Gross Margin | — | 27.7% |
| Operating Margin | -18.5% | -330.2% |
| Net Margin | -34.7% | -484.2% |
| Revenue YoY | 73.8% | -25.3% |
| Net Profit YoY | -141.1% | -333.5% |
| EPS (diluted) | $-0.17 | $-0.32 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $13.8M | $26.1M | ||
| Q3 25 | $12.5M | $50.6M | ||
| Q2 25 | $9.7M | $47.6M | ||
| Q1 25 | $8.8M | $34.4M | ||
| Q4 24 | $7.9M | $35.0M | ||
| Q3 24 | $7.0M | $27.1M | ||
| Q2 24 | $7.3M | $35.6M | ||
| Q1 24 | $25.4M | $42.4M |
| Q4 25 | $-4.8M | $-126.6M | ||
| Q3 25 | $-638.0K | $-455.1M | ||
| Q2 25 | $-3.2M | $-18.4M | ||
| Q1 25 | $-1.2M | $-61.4M | ||
| Q4 24 | $-2.0M | $-29.2M | ||
| Q3 24 | $-5.7M | $-22.7M | ||
| Q2 24 | $-5.6M | $-10.9M | ||
| Q1 24 | $12.8M | $-9.6M |
| Q4 25 | — | 27.7% | ||
| Q3 25 | — | 57.2% | ||
| Q2 25 | — | 53.6% | ||
| Q1 25 | — | 28.6% | ||
| Q4 24 | — | 26.6% | ||
| Q3 24 | — | 40.0% | ||
| Q2 24 | — | 60.9% | ||
| Q1 24 | — | 66.0% |
| Q4 25 | -18.5% | -330.2% | ||
| Q3 25 | -1.5% | -48.8% | ||
| Q2 25 | -28.3% | -32.7% | ||
| Q1 25 | -9.2% | -173.3% | ||
| Q4 24 | -11.8% | -147.0% | ||
| Q3 24 | -74.6% | -58.1% | ||
| Q2 24 | -69.4% | -19.0% | ||
| Q1 24 | 54.2% | -5.5% |
| Q4 25 | -34.7% | -484.2% | ||
| Q3 25 | -5.1% | -899.7% | ||
| Q2 25 | -32.7% | -38.6% | ||
| Q1 25 | -13.3% | -178.5% | ||
| Q4 24 | -25.0% | -83.5% | ||
| Q3 24 | -82.2% | -84.0% | ||
| Q2 24 | -76.5% | -30.6% | ||
| Q1 24 | 50.6% | -22.7% |
| Q4 25 | $-0.17 | $-0.32 | ||
| Q3 25 | $-0.02 | $-1.13 | ||
| Q2 25 | $-0.11 | $-0.05 | ||
| Q1 25 | $-0.04 | $-0.16 | ||
| Q4 24 | $-0.02 | $-0.09 | ||
| Q3 24 | $-0.21 | $-0.06 | ||
| Q2 24 | $-0.20 | $-0.03 | ||
| Q1 24 | $0.41 | $-0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $36.8M | $3.3B |
| Total DebtLower is stronger | — | $3.1B |
| Stockholders' EquityBook value | $35.5M | $140.4M |
| Total Assets | $70.6M | $6.6B |
| Debt / EquityLower = less leverage | — | 22.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $36.8M | $3.3B | ||
| Q3 25 | $21.9M | $711.3M | ||
| Q2 25 | $18.7M | $90.0M | ||
| Q1 25 | $22.7M | $218.2M | ||
| Q4 24 | $26.6M | $274.1M | ||
| Q3 24 | $40.3M | $23.9M | ||
| Q2 24 | $43.1M | $104.1M | ||
| Q1 24 | $51.2M | $45.8M |
| Q4 25 | — | $3.1B | ||
| Q3 25 | $19.4M | — | ||
| Q2 25 | $19.4M | — | ||
| Q1 25 | $19.4M | — | ||
| Q4 24 | $19.3M | $0 | ||
| Q3 24 | $32.1M | $0 | ||
| Q2 24 | $31.8M | $72.3M | ||
| Q1 24 | $31.3M | $99.4M |
| Q4 25 | $35.5M | $140.4M | ||
| Q3 25 | $-4.5M | $247.3M | ||
| Q2 25 | $-7.5M | $174.3M | ||
| Q1 25 | $-5.9M | $170.4M | ||
| Q4 24 | $-5.9M | $244.4M | ||
| Q3 24 | $-5.2M | $372.6M | ||
| Q2 24 | $-1.4M | $386.2M | ||
| Q1 24 | $3.0M | $272.3M |
| Q4 25 | $70.6M | $6.6B | ||
| Q3 25 | $49.3M | $2.5B | ||
| Q2 25 | $44.9M | $869.4M | ||
| Q1 25 | $46.4M | $841.2M | ||
| Q4 24 | $44.9M | $787.5M | ||
| Q3 24 | $58.9M | $405.9M | ||
| Q2 24 | $63.2M | $479.6M | ||
| Q1 24 | $69.2M | $395.4M |
| Q4 25 | — | 22.06× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.19× | ||
| Q1 24 | 10.40× | 0.37× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-6.0M | $-123.2M |
| Free Cash FlowOCF − Capex | — | $-1.2B |
| FCF MarginFCF / Revenue | — | -4527.0% |
| Capex IntensityCapex / Revenue | — | 4055.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.7B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.0M | $-123.2M | ||
| Q3 25 | $1.5M | $-36.7M | ||
| Q2 25 | $-3.7M | $-54.8M | ||
| Q1 25 | $-4.3M | $56.5M | ||
| Q4 24 | $-1.5M | $-24.4M | ||
| Q3 24 | $-2.2M | $-20.9M | ||
| Q2 24 | $-8.4M | $16.4M | ||
| Q1 24 | $39.0M | $22.8M |
| Q4 25 | — | $-1.2B | ||
| Q3 25 | — | $-268.3M | ||
| Q2 25 | — | $-174.8M | ||
| Q1 25 | — | $-37.2M | ||
| Q4 24 | — | $-292.4M | ||
| Q3 24 | — | $-41.7M | ||
| Q2 24 | — | $-30.2M | ||
| Q1 24 | — | $-24.1M |
| Q4 25 | — | -4527.0% | ||
| Q3 25 | — | -530.4% | ||
| Q2 25 | — | -366.8% | ||
| Q1 25 | — | -108.1% | ||
| Q4 24 | — | -835.7% | ||
| Q3 24 | — | -153.9% | ||
| Q2 24 | — | -84.9% | ||
| Q1 24 | — | -56.9% |
| Q4 25 | — | 4055.8% | ||
| Q3 25 | — | 457.8% | ||
| Q2 25 | — | 251.8% | ||
| Q1 25 | — | 272.3% | ||
| Q4 24 | — | 765.9% | ||
| Q3 24 | — | 76.6% | ||
| Q2 24 | — | 131.0% | ||
| Q1 24 | — | 110.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 3.04× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
