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Voyager Technologies, Inc.（VOYG）与TERAWULF INC.（WULF）财务数据对比。点击上方公司名可切换其他公司
Voyager Technologies, Inc.的季度营收约是TERAWULF INC.的1.5倍（$39.6M vs $26.1M），Voyager Technologies, Inc.净利率更高（-41.1% vs -484.2%，领先443.1%），Voyager Technologies, Inc.自由现金流更多（$-53.8M vs $-1.2B）
TeraWulf Inc.是美国比特币挖矿企业，2021年成立，于纳斯达克挂牌上市，股票交易代码为WULF，目前在纽约州、宾夕法尼亚州两地运营加密货币矿场，核心业务围绕比特币挖矿展开。
VOYG vs WULF — 直观对比
营收规模更大
VOYG
是对方的1.5倍
$26.1M
净利率更高
VOYG
高出443.1%
-484.2%
自由现金流更多
VOYG
多$1.1B
$-1.2B
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $39.6M | $26.1M |
| 净利润 | $-16.3M | $-126.6M |
| 毛利率 | 15.4% | 27.7% |
| 营业利润率 | -60.7% | -330.2% |
| 净利率 | -41.1% | -484.2% |
| 营收同比 | — | -25.3% |
| 净利润同比 | — | -333.5% |
| 每股收益（稀释后） | $-0.28 | $-0.32 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收VOYGWULF
| Q4 25 | — | $26.1M | ||
| Q3 25 | $39.6M | $50.6M | ||
| Q2 25 | $45.7M | $47.6M | ||
| Q1 25 | — | $34.4M | ||
| Q4 24 | — | $35.0M | ||
| Q3 24 | — | $27.1M | ||
| Q2 24 | — | $35.6M | ||
| Q1 24 | — | $42.4M |
净利润VOYGWULF
| Q4 25 | — | $-126.6M | ||
| Q3 25 | $-16.3M | $-455.1M | ||
| Q2 25 | $-31.4M | $-18.4M | ||
| Q1 25 | — | $-61.4M | ||
| Q4 24 | — | $-29.2M | ||
| Q3 24 | — | $-22.7M | ||
| Q2 24 | — | $-10.9M | ||
| Q1 24 | — | $-9.6M |
毛利率VOYGWULF
| Q4 25 | — | 27.7% | ||
| Q3 25 | 15.4% | 57.2% | ||
| Q2 25 | 18.0% | 53.6% | ||
| Q1 25 | — | 28.6% | ||
| Q4 24 | — | 26.6% | ||
| Q3 24 | — | 40.0% | ||
| Q2 24 | — | 60.9% | ||
| Q1 24 | — | 66.0% |
营业利润率VOYGWULF
| Q4 25 | — | -330.2% | ||
| Q3 25 | -60.7% | -48.8% | ||
| Q2 25 | -52.8% | -32.7% | ||
| Q1 25 | — | -173.3% | ||
| Q4 24 | — | -147.0% | ||
| Q3 24 | — | -58.1% | ||
| Q2 24 | — | -19.0% | ||
| Q1 24 | — | -5.5% |
净利率VOYGWULF
| Q4 25 | — | -484.2% | ||
| Q3 25 | -41.1% | -899.7% | ||
| Q2 25 | -68.7% | -38.6% | ||
| Q1 25 | — | -178.5% | ||
| Q4 24 | — | -83.5% | ||
| Q3 24 | — | -84.0% | ||
| Q2 24 | — | -30.6% | ||
| Q1 24 | — | -22.7% |
每股收益（稀释后）VOYGWULF
| Q4 25 | — | $-0.32 | ||
| Q3 25 | $-0.28 | $-1.13 | ||
| Q2 25 | $-1.23 | $-0.05 | ||
| Q1 25 | — | $-0.16 | ||
| Q4 24 | — | $-0.09 | ||
| Q3 24 | — | $-0.06 | ||
| Q2 24 | — | $-0.03 | ||
| Q1 24 | — | $-0.03 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $413.3M | $3.3B |
| 总债务越低越好 | — | $3.1B |
| 股东权益账面价值 | $590.9M | $140.4M |
| 总资产 | $727.8M | $6.6B |
| 负债/权益比越低杠杆越低 | — | 22.06× |
8季度趋势，按日历期对齐
现金及短期投资VOYGWULF
| Q4 25 | — | $3.3B | ||
| Q3 25 | $413.3M | $711.3M | ||
| Q2 25 | $468.9M | $90.0M | ||
| Q1 25 | — | $218.2M | ||
| Q4 24 | — | $274.1M | ||
| Q3 24 | — | $23.9M | ||
| Q2 24 | — | $104.1M | ||
| Q1 24 | — | $45.8M |
总债务VOYGWULF
| Q4 25 | — | $3.1B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $72.3M | ||
| Q1 24 | — | $99.4M |
股东权益VOYGWULF
| Q4 25 | — | $140.4M | ||
| Q3 25 | $590.9M | $247.3M | ||
| Q2 25 | $554.7M | $174.3M | ||
| Q1 25 | — | $170.4M | ||
| Q4 24 | — | $244.4M | ||
| Q3 24 | — | $372.6M | ||
| Q2 24 | — | $386.2M | ||
| Q1 24 | — | $272.3M |
总资产VOYGWULF
| Q4 25 | — | $6.6B | ||
| Q3 25 | $727.8M | $2.5B | ||
| Q2 25 | $685.3M | $869.4M | ||
| Q1 25 | — | $841.2M | ||
| Q4 24 | — | $787.5M | ||
| Q3 24 | — | $405.9M | ||
| Q2 24 | — | $479.6M | ||
| Q1 24 | — | $395.4M |
负债/权益比VOYGWULF
| Q4 25 | — | 22.06× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.19× | ||
| Q1 24 | — | 0.37× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-15.1M | $-123.2M |
| 自由现金流经营现金流 - 资本支出 | $-53.8M | $-1.2B |
| 自由现金流率自由现金流/营收 | -135.8% | -4527.0% |
| 资本支出强度资本支出/营收 | 97.8% | 4055.8% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $-1.7B |
8季度趋势，按日历期对齐
经营现金流VOYGWULF
| Q4 25 | — | $-123.2M | ||
| Q3 25 | $-15.1M | $-36.7M | ||
| Q2 25 | $-30.9M | $-54.8M | ||
| Q1 25 | — | $56.5M | ||
| Q4 24 | — | $-24.4M | ||
| Q3 24 | — | $-20.9M | ||
| Q2 24 | — | $16.4M | ||
| Q1 24 | — | $22.8M |
自由现金流VOYGWULF
| Q4 25 | — | $-1.2B | ||
| Q3 25 | $-53.8M | $-268.3M | ||
| Q2 25 | $-88.8M | $-174.8M | ||
| Q1 25 | — | $-37.2M | ||
| Q4 24 | — | $-292.4M | ||
| Q3 24 | — | $-41.7M | ||
| Q2 24 | — | $-30.2M | ||
| Q1 24 | — | $-24.1M |
自由现金流率VOYGWULF
| Q4 25 | — | -4527.0% | ||
| Q3 25 | -135.8% | -530.4% | ||
| Q2 25 | -194.4% | -366.8% | ||
| Q1 25 | — | -108.1% | ||
| Q4 24 | — | -835.7% | ||
| Q3 24 | — | -153.9% | ||
| Q2 24 | — | -84.9% | ||
| Q1 24 | — | -56.9% |
资本支出强度VOYGWULF
| Q4 25 | — | 4055.8% | ||
| Q3 25 | 97.8% | 457.8% | ||
| Q2 25 | 126.7% | 251.8% | ||
| Q1 25 | — | 272.3% | ||
| Q4 24 | — | 765.9% | ||
| Q3 24 | — | 76.6% | ||
| Q2 24 | — | 131.0% | ||
| Q1 24 | — | 110.7% |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
VOYG
| US Government | $26.9M | 68% |
| Space Solutions | $11.7M | 30% |
| Other | $1.0M | 3% |
WULF
暂无分部数据
