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TeraWulf Inc.

WULF·NASDAQ·USD

12.66+0.68 (+5.68%)
Regular-session close·Definitions
Price history2021-12-14 — 2026-10-23Valid trading days: 1,220 · Through 2026-10-23 · All expected trading dates since listing are present · History update delayed
Operating history2024-09-30 — 2026-06-308 historical metrics · 8 workpaper periods
Coverage limitations

Daily history updates are delayed. Available history through 2026-10-23 remains visible; a current quote does not establish that daily history has been updated.

Requests to the historical-data source are rate limited, delaying daily-price updates. Existing verified periods are retained; trading days not yet retrieved are not fabricated.

The first price observation reaches the verified listing date. This does not mean that security continuity, every trading day and adjusted prices have all been verified throughout the history.

The first price reaches the verified listing date 2021-12-14. Trading-date coverage and price verification are shown separately below.

Trading dates checked for 2021-12-14 — 2026-10-23: all 1,220 expected dates are present. Complete dates do not establish independent verification of every price.

Security basis: The current security identity and recorded historical continuity have been checked. Listing-date coverage is shown separately. Historical closes use the provider's split adjustments and exclude dividend distributions. Full-history adjustment factors have not been independently recalculated. Price changes do not represent total returns including dividends.

Original verification records

verified-listing-start-covered

History update reason: source-rate-limited-until 2026-10-28T04:39:08.620Z

TeraWulf after IKONICS combination; predecessor imaging business excluded.

View sources and versions ↗
Financial drivers from public filings · single quarter

Compare growth, earnings, cash flow and capital investment for aligned reporting periods to examine company-wide financial drivers. Calculation inputs and original filings remain available.

Coverage and applicability

2024-09-30 — 2026-06-30 · Valid observations: 60. Digital-asset and compute operations are identified separately and are not treated as banking. Company-wide financials do not replace segment analysis of mining, cloud services, token holdings and customer funds.

  • Days sales outstanding (average balance): Applicable definitions of trade receivables, inventory and purchase costs have not been established for this business. A manufacturing cash-conversion cycle is therefore not applied.
  • Days inventory outstanding (average balance): Applicable definitions of trade receivables, inventory and purchase costs have not been established for this business. A manufacturing cash-conversion cycle is therefore not applied.
  • Days payable outstanding (average balance): Applicable definitions of trade receivables, inventory and purchase costs have not been established for this business. A manufacturing cash-conversion cycle is therefore not applied.
  • Cash conversion cycle (average balances): Applicable definitions of trade receivables, inventory and purchase costs have not been established for this business. A manufacturing cash-conversion cycle is therefore not applied.
  • Cash purchases of productive assets / revenue: The selected capital-expenditure measure does not represent the broader concept of productive-asset purchases.

Price and operations

Research history
Reproducible calculations from public filings, without inferring segment-level results.

Period end is the end of the operating period. Source-publication mode uses the publication date of the document selected, without asserting that it was the first disclosure. Expand the notes below the chart for definitions and sources.

Add metrics 4
Available metrics: 8

Financials and cash flow

Last value in range
WULF Share priceTrading day
USD101520253011.32
Gross marginQuarterly observations
%02040608020
Operating marginQuarterly observations
%-500-400-300-200-314
Net marginQuarterly observations
%-3k-2k-1k0-2.1k
(CFO − cash purchases of PP&E) / revenueQuarterly observations
%-2.25k-2k-1.75k-1.5k25.10.2326.01.0126.04.0126.07.0126.10.23-2.217k

Time rangeWULF Share price

2025-10-23 — 2026-10-23
Methodology and controls

Each panel has its own value axis; dates and the cursor are synchronized. Operating data appear only on their observed dates; other dates are left blank. US daily prices are checked against the verified 1997–2027 trading calendar. A missing expected trading day breaks the line; weekends and recorded exchange holidays do not. Operating data are positioned at the actual period end, which is not necessarily the date of public disclosure. Drag within the chart to zoom and move the range window below to pan. Quarterly values are not filled across other trading days.

Underlying data Operating metrics: 4
Observations in this chart, including unverified periods or dates · original values and source versions retained
Selected operating metrics; records with values and current chart gaps appear first. Unverified dates are excluded from charts.
Reporting period endGross margin% · Calculated from disclosuresOperating margin% · Calculated from disclosuresNet margin% · Calculated from disclosures(CFO − cash purchases of PP&E) / revenue% · Calculated from disclosures
2026-06-302026-06-3019.95%
Basis · Calculated from disclosures

Source version date: 2026-08-05

View calculation inputs · 4 items
Currency
USD
grossProfit
8,929,000
Revenue
44,767,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:GrossProfit
Original unit
USD
Period start
2026-04-01
Period end
2026-06-30
value
8,929,000
Filing date
2026-08-05
form
10-Q
accn
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Input sign
1
sourceIds
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wulf-sec-0001083301-26-000166
1
role
denominator
Original XBRL field
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Original unit
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Period start
2026-04-01
Period end
2026-06-30
value
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Filing date
2026-08-05
form
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accn
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Input sign
1
sourceIds
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wulf-sec-0001083301-26-000166
WULF · 10-Q · Filing version 2026-08-05
-313.74%
Basis · Calculated from disclosures

Source version date: 2026-08-05

View calculation inputs · 4 items
Currency
USD
operatingIncome
-140,450,000
Revenue
44,767,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:OperatingIncomeLoss
Original unit
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Period start
2026-04-01
Period end
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value
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Filing date
2026-08-05
form
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accn
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Input sign
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wulf-sec-0001083301-26-000166
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Original XBRL field
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Original unit
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Period start
2026-04-01
Period end
2026-06-30
value
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Filing date
2026-08-05
form
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accn
0001083301-26-000166
Input sign
1
sourceIds
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wulf-sec-0001083301-26-000166
WULF · 10-Q · Filing version 2026-08-05
-2,099.58%
Basis · Calculated from disclosures

Source version date: 2026-08-05

View calculation inputs · 4 items
Currency
USD
Net income
-939,917,000
Revenue
44,767,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:NetIncomeLoss
Original unit
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Period start
2026-04-01
Period end
2026-06-30
value
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Filing date
2026-08-05
form
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accn
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Input sign
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sourceIds
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wulf-sec-0001083301-26-000166
1
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denominator
Original XBRL field
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Original unit
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Period start
2026-04-01
Period end
2026-06-30
value
44,767,000
Filing date
2026-08-05
form
10-Q
accn
0001083301-26-000166
Input sign
1
sourceIds
0
wulf-sec-0001083301-26-000166
WULF · 10-Q · Filing version 2026-08-05
-2,216.52%
Basis · Calculated from disclosures

Source version date: 2026-08-05

View calculation inputs · 5 items
Currency
USD
Operating cash flow
-136,709,000
Cash capital expenditure
855,560,000
Revenue
44,767,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:NetCashProvidedByUsedInOperatingActivities
Original unit
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Period start
2026-01-01
Period end
2026-06-30
value
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Filing date
2026-08-05
form
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accn
0001083301-26-000166
Input sign
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sourceIds
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wulf-sec-0001083301-26-000166
1
role
numerator
Original XBRL field
us-gaap:NetCashProvidedByUsedInOperatingActivities
Original unit
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Period start
2026-01-01
Period end
2026-03-31
value
-17,591,000
Filing date
2026-05-08
form
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accn
0001083301-26-000092
Input sign
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sourceIds
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wulf-sec-0001083301-26-000092
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role
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Original XBRL field
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Original unit
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Period start
2026-01-01
Period end
2026-06-30
value
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Filing date
2026-08-05
form
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accn
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3
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Original XBRL field
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Original unit
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Period start
2026-01-01
Period end
2026-03-31
value
522,954,000
Filing date
2026-05-08
form
10-Q
accn
0001083301-26-000092
Input sign
1
sourceIds
0
wulf-sec-0001083301-26-000092
4
role
denominator
Original XBRL field
us-gaap:Revenues
Original unit
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Period start
2026-04-01
Period end
2026-06-30
value
44,767,000
Filing date
2026-08-05
form
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accn
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Input sign
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WULF · 10-Q · Filing version 2026-08-05WULF · 10-Q · Filing version 2026-05-08
2026-03-312026-03-3160.12%
Basis · Calculated from disclosures

Source version date: 2026-05-08

View calculation inputs · 4 items
Currency
USD
grossProfit
20,449,000
Revenue
34,012,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:GrossProfit
Original unit
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Period start
2026-01-01
Period end
2026-03-31
value
20,449,000
Filing date
2026-05-08
form
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accn
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Input sign
1
sourceIds
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wulf-sec-0001083301-26-000092
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denominator
Original XBRL field
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Original unit
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Period start
2026-01-01
Period end
2026-03-31
value
34,012,000
Filing date
2026-05-08
form
10-Q
accn
0001083301-26-000092
Input sign
1
sourceIds
0
wulf-sec-0001083301-26-000092
WULF · 10-Q · Filing version 2026-05-08
-476.72%
Basis · Calculated from disclosures

Source version date: 2026-05-08

View calculation inputs · 4 items
Currency
USD
operatingIncome
-162,142,000
Revenue
34,012,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:OperatingIncomeLoss
Original unit
USD
Period start
2026-01-01
Period end
2026-03-31
value
-162,142,000
Filing date
2026-05-08
form
10-Q
accn
0001083301-26-000092
Input sign
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sourceIds
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wulf-sec-0001083301-26-000092
1
role
denominator
Original XBRL field
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Original unit
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Period start
2026-01-01
Period end
2026-03-31
value
34,012,000
Filing date
2026-05-08
form
10-Q
accn
0001083301-26-000092
Input sign
1
sourceIds
0
wulf-sec-0001083301-26-000092
WULF · 10-Q · Filing version 2026-05-08
-1,257.30%
Basis · Calculated from disclosures

Source version date: 2026-05-08

View calculation inputs · 4 items
Currency
USD
Net income
-427,634,000
Revenue
34,012,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:NetIncomeLoss
Original unit
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Period start
2026-01-01
Period end
2026-03-31
value
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Filing date
2026-05-08
form
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accn
0001083301-26-000092
Input sign
1
sourceIds
0
wulf-sec-0001083301-26-000092
1
role
denominator
Original XBRL field
us-gaap:Revenues
Original unit
USD
Period start
2026-01-01
Period end
2026-03-31
value
34,012,000
Filing date
2026-05-08
form
10-Q
accn
0001083301-26-000092
Input sign
1
sourceIds
0
wulf-sec-0001083301-26-000092
WULF · 10-Q · Filing version 2026-05-08
-1,589.28%
Basis · Calculated from disclosures

Source version date: 2026-05-08

View calculation inputs · 5 items
Currency
USD
Operating cash flow
-17,591,000
Cash capital expenditure
522,954,000
Revenue
34,012,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:NetCashProvidedByUsedInOperatingActivities
Original unit
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Period start
2026-01-01
Period end
2026-03-31
value
-17,591,000
Filing date
2026-05-08
form
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accn
0001083301-26-000092
Input sign
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sourceIds
0
wulf-sec-0001083301-26-000092
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role
numerator
Original XBRL field
us-gaap:PaymentsToAcquirePropertyPlantAndEquipment
Original unit
USD
Period start
2026-01-01
Period end
2026-03-31
value
522,954,000
Filing date
2026-05-08
form
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accn
0001083301-26-000092
Input sign
-1
sourceIds
0
wulf-sec-0001083301-26-000092
2
role
denominator
Original XBRL field
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Original unit
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Period start
2026-01-01
Period end
2026-03-31
value
34,012,000
Filing date
2026-05-08
form
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accn
0001083301-26-000092
Input sign
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sourceIds
0
wulf-sec-0001083301-26-000092
WULF · 10-Q · Filing version 2026-05-08
2025-12-312025-12-3122.62%
Basis · Calculated from disclosures

Source version date: 2026-02-27

View calculation inputs · 4 items
Currency
USD
grossProfit
8,105,000
Revenue
35,836,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:GrossProfit
Original unit
USD
Period start
2025-01-01
Period end
2025-12-31
value
66,045,000
Filing date
2026-02-27
form
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accn
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Input sign
1
sourceIds
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wulf-sec-0001083301-26-000031
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role
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Original XBRL field
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Original unit
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Period start
2025-01-01
Period end
2025-09-30
value
57,940,000
Filing date
2025-11-10
form
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accn
0001083301-25-000099
Input sign
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sourceIds
0
wulf-sec-0001083301-25-000099
2
role
denominator
Original XBRL field
us-gaap:Revenues
Original unit
USD
Period start
2025-01-01
Period end
2025-12-31
value
168,455,000
Filing date
2026-02-27
form
10-K
accn
0001083301-26-000031
Input sign
1
sourceIds
0
wulf-sec-0001083301-26-000031
3
role
denominator
Original XBRL field
us-gaap:Revenues
Original unit
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Period start
2025-01-01
Period end
2025-09-30
value
132,619,000
Filing date
2025-11-10
form
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accn
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Input sign
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sourceIds
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wulf-sec-0001083301-25-000099
WULF · 10-K · Filing version 2026-02-27WULF · 10-Q · Filing version 2025-11-10
-240.88%
Basis · Calculated from disclosures

Source version date: 2026-02-27

View calculation inputs · 4 items
Currency
USD
operatingIncome
-86,323,000
Revenue
35,836,000
Input source document
0
role
numerator
Original XBRL field
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Original unit
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Period start
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Period end
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value
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Filing date
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form
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Input sign
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Original XBRL field
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Original unit
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Period start
2025-01-01
Period end
2025-09-30
value
-99,890,000
Filing date
2025-11-10
form
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0001083301-25-000099
Input sign
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sourceIds
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wulf-sec-0001083301-25-000099
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role
denominator
Original XBRL field
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Original unit
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Period start
2025-01-01
Period end
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value
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Filing date
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form
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0001083301-26-000031
Input sign
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wulf-sec-0001083301-26-000031
3
role
denominator
Original XBRL field
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Original unit
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Period start
2025-01-01
Period end
2025-09-30
value
132,619,000
Filing date
2025-11-10
form
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accn
0001083301-25-000099
Input sign
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sourceIds
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wulf-sec-0001083301-25-000099
WULF · 10-K · Filing version 2026-02-27WULF · 10-Q · Filing version 2025-11-10
-353.21%
Basis · Calculated from disclosures

Source version date: 2026-02-27

View calculation inputs · 4 items
Currency
USD
Net income
-126,578,000
Revenue
35,836,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:NetIncomeLoss
Original unit
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Period start
2025-01-01
Period end
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value
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Filing date
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form
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Input sign
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Original XBRL field
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Original unit
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Period start
2025-01-01
Period end
2025-09-30
value
-534,838,000
Filing date
2025-11-10
form
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accn
0001083301-25-000099
Input sign
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sourceIds
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wulf-sec-0001083301-25-000099
2
role
denominator
Original XBRL field
us-gaap:Revenues
Original unit
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Period start
2025-01-01
Period end
2025-12-31
value
168,455,000
Filing date
2026-02-27
form
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accn
0001083301-26-000031
Input sign
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wulf-sec-0001083301-26-000031
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role
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Original XBRL field
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Original unit
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Period start
2025-01-01
Period end
2025-09-30
value
132,619,000
Filing date
2025-11-10
form
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accn
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Input sign
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wulf-sec-0001083301-25-000099
WULF · 10-K · Filing version 2026-02-27WULF · 10-Q · Filing version 2025-11-10
-1,962.16%
Basis · Calculated from disclosures

Source version date: 2026-02-27

View calculation inputs · 5 items
Currency
USD
Operating cash flow
-88,171,000
Cash capital expenditure
614,990,000
Revenue
35,836,000
Input source document
0
role
numerator
Original XBRL field
us-gaap:NetCashProvidedByUsedInOperatingActivities
Original unit
USD
Period start
2025-01-01
Period end
2025-12-31
value
-123,180,000
Filing date
2026-02-27
form
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accn
0001083301-26-000031
Input sign
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Original XBRL field
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Original unit
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Period start
2025-01-01
Period end
2025-09-30
value
-35,009,000
Filing date
2025-11-10
form
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Input sign
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Original XBRL field
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Original unit
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Period start
2025-01-01
Period end
2025-12-31
value
1,060,189,000
Filing date
2026-02-27
form
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accn
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Input sign
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role
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Original XBRL field
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Original unit
USD
Period start
2025-01-01
Period end
2025-09-30
value
445,199,000
Filing date
2025-11-10
form
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accn
0001083301-25-000099
Input sign
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sourceIds
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wulf-sec-0001083301-25-000099
4
role
denominator
Original XBRL field
us-gaap:Revenues
Original unit
USD
Period start
2025-01-01
Period end
2025-12-31
value
168,455,000
Filing date
2026-02-27
form
10-K
accn
0001083301-26-000031
Input sign
1
sourceIds
0
wulf-sec-0001083301-26-000031
5
role
denominator
Original XBRL field
us-gaap:Revenues
Original unit
USD
Period start
2025-01-01
Period end
2025-09-30
value
132,619,000
Filing date
2025-11-10
form
10-Q
accn
0001083301-25-000099
Input sign
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sourceIds
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wulf-sec-0001083301-25-000099
WULF · 10-K · Filing version 2026-02-27WULF · 10-Q · Filing version 2025-11-10
Calculations and sources 4 items
Gross margin% · Calculated from disclosures
Calculation basis

Gross profit / revenue × 100

Reading guide

Company-wide reported gross margin is not the margin of any individual product, segment or order. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Data classification

Calculated from disclosures · %

Operating margin% · Calculated from disclosures
Calculation basis

Operating income / revenue × 100

Reading guide

Uses reported operating income, not adjusted earnings. Differences in expense classification can still limit comparisons across companies. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Data classification

Calculated from disclosures · %

Net margin% · Calculated from disclosures
Calculation basis

Selected net-income concept / revenue × 100

Reading guide

May reflect differences in non-controlling interests, taxes and one-time gains or losses. The specific net-income concept is retained for each observation. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Data classification

Calculated from disclosures · %

(CFO − cash purchases of PP&E) / revenue% · Calculated from disclosures
Calculation basis

(Operating cash flow − cash purchases of PP&E) / revenue × 100

Reading guide

A free-cash-flow proxy deducting only identified PP&E purchases. It does not deduct acquisitions, capital prepayments, intangible assets or lease principal, and does not establish cash distributable to common shareholders. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Data classification

Calculated from disclosures · %

Business and research scope

How the business turns into revenue and cash, and what the available evidence can establish.

Company filings ↗

TERAWULF INC.. The quote provider classifies its industry as Finance: Consumer Services. Structured segment, customer-mix and contract information is not yet available. Company information and original financial documents are provided below; business revenue is not inferred from supply-chain classification.

Company profile and filings
Legal name
TERAWULF INC.
Exchange / quote currency
NASDAQ / USD
Reporting currency
USD
Source industry classification
Finance: Consumer Services
Financial period end / Source version used
2026-06-30 / 2026-08-05
Value-chain roles (not revenue shares)
Data-center real estate and compute hosting
Check SEC filings index ↗

Related companies in the value chain

Shared value-chain roles do not establish direct peer status or valuation comparability.
MARKET DATA

Quote details

Candlesticks, volume and cross-company prices

12.66 +5.68%
2026-07-23 — 2026-10-23Price change over the selected period -43.54%
Provider split-adjusted prices excluding dividends, USD. Recorded trading days are equally spaced from 2026-07-23 to 2026-10-23 (66 trading days). Volume is shown separately in shares.USD10.012.515.017.520.022.511.32Volume · shares2026-07-23 Volume 30,157,200 shares2026-07-24 Volume 22,638,700 shares2026-07-27 Volume 21,726,800 shares2026-07-28 Volume 41,587,100 shares2026-07-29 Volume 46,572,200 shares2026-07-30 Volume 44,101,200 shares2026-07-31 Volume 30,696,500 shares2026-08-03 Volume 40,473,400 shares2026-08-04 Volume 26,288,900 shares2026-08-05 Volume 28,472,700 shares2026-08-06 Volume 24,527,500 shares2026-08-07 Volume 40,854,100 shares2026-08-10 Volume 40,864,400 shares2026-08-11 Volume 23,721,600 shares2026-08-12 Volume 35,361,800 shares2026-08-13 Volume 25,656,000 shares2026-08-14 Volume 31,091,000 shares2026-08-17 Volume 23,971,600 shares2026-08-18 Volume 48,454,300 shares2026-08-19 Volume 34,263,300 shares2026-08-20 Volume 32,408,300 shares2026-08-21 Volume 47,300,600 shares2026-08-24 Volume 26,800,500 shares2026-08-25 Volume 30,251,500 shares2026-08-26 Volume 19,948,800 shares2026-08-27 Volume 27,229,100 shares2026-08-28 Volume 29,430,700 shares2026-08-31 Volume 21,893,600 shares2026-09-01 Volume 26,286,800 shares2026-09-02 Volume 22,199,900 shares2026-09-03 Volume 37,184,700 shares2026-09-04 Volume 20,478,800 shares2026-09-08 Volume 36,710,400 shares2026-09-09 Volume 22,608,800 shares2026-09-10 Volume 24,472,200 shares2026-09-11 Volume 28,517,300 shares2026-09-14 Volume 35,061,500 shares2026-09-15 Volume 32,005,300 shares2026-09-16 Volume 32,203,000 shares2026-09-17 Volume 35,420,000 shares2026-09-18 Volume 32,732,800 shares2026-09-21 Volume 24,853,800 shares2026-09-22 Volume 22,720,200 shares2026-09-23 Volume 32,099,800 shares2026-09-24 Volume 25,993,600 shares2026-09-25 Volume 25,037,600 shares2026-09-28 Volume 19,671,100 shares2026-09-29 Volume 21,395,200 shares2026-09-30 Volume 23,748,500 shares2026-10-01 Volume 29,952,200 shares2026-10-02 Volume 27,924,000 shares2026-10-05 Volume 36,729,000 shares2026-10-06 Volume 26,156,800 shares2026-10-07 Volume 27,589,300 shares2026-10-08 Volume 45,881,600 shares2026-10-09 Volume 14,952,900 shares2026-10-12 Volume 16,775,300 shares2026-10-13 Volume 33,936,800 shares2026-10-14 Volume 58,012,000 shares2026-10-15 Volume 108,095,300 shares2026-10-16 Volume 55,789,600 shares2026-10-19 Volume 47,455,400 shares2026-10-20 Volume 38,164,100 shares2026-10-21 Volume 43,866,000 shares2026-10-22 Volume 50,168,400 shares2026-10-23 Volume 36,282,000 shares108.1M007-2308-1409-0910-0110-23
Daily · Provider split-adjusted prices, excluding dividends · USD · Valid closes: 1220 / trading dates: 1220Market data source
MARKET & FUNDAMENTALS

Quote and valuation methodology

Data timestamps

Trading overview

Previous close
11.98
Session open
12.38
Session range
11.95 – 12.85
Session volume
38.44 M
20 Average daily volume
38.13 M
Historical range
0.54 – 35.00

Valuation and cash

Market cap · USD
6.52 B
Price / sales · TTM
39.49
Free cash flow yield
-38.39%

Financial denominator

Revenue · TTM
165.19 M USD
Period end
2026-06-30
Source version
2026-08-05

Quote 2026-10-27Market cap retrieved 2026-10-28Financial period end 2026-06-30

Mining and computing operations are not banking businesses. Revenue multiples do not measure the net value of digital-asset holdings, and CFO minus PP&E does not establish cash distributable to common shareholders.

Research and further reading

Explore the evidence and reasoning behind these operating questions in public articles and full reports.

Research hub ↗

Financial comparison

Select two specific periods to compare changes in scale, earnings and cash.

Quarter · As of 2026-06-30Source version used 2026-08-05 · Original currency USD
USD · Quarter
Current period 2026-04-01 — 2026-06-30Comparison period 2026-01-01 — 2026-03-31
Financial comparison of two defined periods; expand values for source records
Line itemCurrent periodComparison periodAmount changeGrowth
RevenueRecognized revenue; growth is calculated only when the comparison-period base is positive
44.77 M

Raw value 44,767,000.00 USD

2026-04-01 — 2026-06-30 · USD · Reported data

34.01 M

Raw value 34,012,000.00 USD

2026-01-01 — 2026-03-31 · USD · Reported data

+10.76 M+31.62%
Gross profitGross margin 19.95% · Change -40.18 percentage points
8.93 M

Raw value 8,929,000.00 USD

2026-04-01 — 2026-06-30 · USD · Reported data

20.45 M

Raw value 20,449,000.00 USD

2026-01-01 — 2026-03-31 · USD · Reported data

-11.52 M-56.34%
Operating incomeOperating margin -313.74% · Change +162.98 percentage points
-140.45 M

Raw value -140,450,000.00 USD

2026-04-01 — 2026-06-30 · USD · Reported data

-162.14 M

Raw value -162,142,000.00 USD

2026-01-01 — 2026-03-31 · USD · Reported data

+21.69 M—
Net incomeNet margin -2,099.58% · Change -842.27 percentage points
-939.92 M

Raw value -939,917,000.00 USD

2026-04-01 — 2026-06-30 · USD · Reported data

-427.63 M

Raw value -427,634,000.00 USD

2026-01-01 — 2026-03-31 · USD · Reported data

-512.28 M—
Operating cash flowOperating cash flow / revenue -305.38% · Change -253.66 percentage points
-136.71 MDerived by subtraction

Raw value -136,709,000.00 USD

2026-04-01 — 2026-06-30 · USD · Reconstructed from cumulative disclosures

Quarter reconstructed: current cumulative value − previous cumulative value

  • Add: 2026-01-01 — 2026-06-30 · -154.30 M USD · Source version 2026-08-05
  • Subtract: 2026-01-01 — 2026-03-31 · -17.59 M USD · Source version 2026-05-08
-17.59 M

Raw value -17,591,000.00 USD

2026-01-01 — 2026-03-31 · USD · Reported data

-119.12 M—
Capital expenditureCapital expenditure / revenue 1,911.14% · Change +373.58 percentage points
855.56 MDerived by subtraction

Raw value 855,560,000.00 USD

2026-04-01 — 2026-06-30 · USD · Reconstructed from cumulative disclosures

Quarter reconstructed: current cumulative value − previous cumulative value

  • Add: 2026-01-01 — 2026-06-30 · 1.38 B USD · Source version 2026-08-05
  • Subtract: 2026-01-01 — 2026-03-31 · 522.95 M USD · Source version 2026-05-08
522.95 M

Raw value 522,954,000.00 USD

2026-01-01 — 2026-03-31 · USD · Reported data

+332.61 M+63.60%

The change is the current value minus the comparison value; it is not automatically classified as year-over-year or quarter-over-quarter. Select a value to inspect reporting dates, filing versions and reconstruction inputs.

Historical trends and full financials
Comparable-period financial trends
Last value in range
USD million-1k-750-500-250025024.09.3025.01.0125.04.0125.07.0125.10.0126.01.0126.04.0126.06.3045-140-940

Time rangeRevenue

2024-09-30 — 2026-06-30
Methodology and controls

Series with the same unit and frequency share a value axis. Each column compares observations with matching period boundaries and units. Records that fail those checks remain blank. Drag within the chart to zoom and move the range window below to pan. Quarterly values are not filled across other trading days.

Scroll to see all periods; select a value to open its source →

Quarterly financials, USD. Records without verified periods or units are excluded from comparison columns.
Reporting period end · USD2024-09-302024-12-312025-03-312025-06-302025-09-302025-12-312026-03-312026-06-30
Revenue
27.06 M

Raw value 27,059,000.00 USD

2024-07-01 — 2024-09-30 · USD · Reported data

34.99 MDerived by subtraction

Raw value 34,985,000.00 USD

2024-10-01 — 2024-12-31 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2024-01-01 — 2024-12-31 · 140.05 M USD · Source version 2026-02-27
  • Subtract: 2024-01-01 — 2024-09-30 · 105.07 M USD · Source version 2025-11-10
34.41 M

Raw value 34,405,000.00 USD

2025-01-01 — 2025-03-31 · USD · Reported data

47.64 M

Raw value 47,636,000.00 USD

2025-04-01 — 2025-06-30 · USD · Reported data

50.58 M

Raw value 50,578,000.00 USD

2025-07-01 — 2025-09-30 · USD · Reported data

35.84 MDerived by subtraction

Raw value 35,836,000.00 USD

2025-10-01 — 2025-12-31 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2025-01-01 — 2025-12-31 · 168.46 M USD · Source version 2026-02-27
  • Subtract: 2025-01-01 — 2025-09-30 · 132.62 M USD · Source version 2025-11-10
34.01 M

Raw value 34,012,000.00 USD

2026-01-01 — 2026-03-31 · USD · Reported data

44.77 M

Raw value 44,767,000.00 USD

2026-04-01 — 2026-06-30 · USD · Reported data

Gross profit
10.81 M

Raw value 10,814,000.00 USD

2024-07-01 — 2024-09-30 · USD · Reported data

12.64 MDerived by subtraction

Raw value 12,644,000.00 USD

2024-10-01 — 2024-12-31 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2024-01-01 — 2024-12-31 · 69.79 M USD · Source version 2026-02-27
  • Subtract: 2024-01-01 — 2024-09-30 · 57.15 M USD · Source version 2025-11-10
6.96 M

Raw value 6,960,000.00 USD

2025-01-01 — 2025-03-31 · USD · Reported data

22.03 M

Raw value 22,028,000.00 USD

2025-04-01 — 2025-06-30 · USD · Reported data

28.95 M

Raw value 28,952,000.00 USD

2025-07-01 — 2025-09-30 · USD · Reported data

8.11 MDerived by subtraction

Raw value 8,105,000.00 USD

2025-10-01 — 2025-12-31 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2025-01-01 — 2025-12-31 · 66.05 M USD · Source version 2026-02-27
  • Subtract: 2025-01-01 — 2025-09-30 · 57.94 M USD · Source version 2025-11-10
20.45 M

Raw value 20,449,000.00 USD

2026-01-01 — 2026-03-31 · USD · Reported data

8.93 M

Raw value 8,929,000.00 USD

2026-04-01 — 2026-06-30 · USD · Reported data

Operating income
-15.71 M

Raw value -15,711,000.00 USD

2024-07-01 — 2024-09-30 · USD · Reported data

-51.42 MDerived by subtraction

Raw value -51,424,000.00 USD

2024-10-01 — 2024-12-31 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2024-01-01 — 2024-12-31 · -76.22 M USD · Source version 2026-02-27
  • Subtract: 2024-01-01 — 2024-09-30 · -24.79 M USD · Source version 2025-11-10
-59.63 M

Raw value -59,628,000.00 USD

2025-01-01 — 2025-03-31 · USD · Reported data

-15.59 M

Raw value -15,590,000.00 USD

2025-04-01 — 2025-06-30 · USD · Reported data

-24.67 M

Raw value -24,672,000.00 USD

2025-07-01 — 2025-09-30 · USD · Reported data

-86.32 MDerived by subtraction

Raw value -86,323,000.00 USD

2025-10-01 — 2025-12-31 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2025-01-01 — 2025-12-31 · -186.21 M USD · Source version 2026-02-27
  • Subtract: 2025-01-01 — 2025-09-30 · -99.89 M USD · Source version 2025-11-10
-162.14 M

Raw value -162,142,000.00 USD

2026-01-01 — 2026-03-31 · USD · Reported data

-140.45 M

Raw value -140,450,000.00 USD

2026-04-01 — 2026-06-30 · USD · Reported data

Net income
-22.73 M

Raw value -22,733,000.00 USD

2024-07-01 — 2024-09-30 · USD · Reported data

-29.20 MDerived by subtraction

Raw value -29,196,000.00 USD

2024-10-01 — 2024-12-31 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2024-01-01 — 2024-12-31 · -72.42 M USD · Source version 2026-02-27
  • Subtract: 2024-01-01 — 2024-09-30 · -43.22 M USD · Source version 2025-11-10
-61.42 M

Raw value -61,418,000.00 USD

2025-01-01 — 2025-03-31 · USD · Reported data

-18.37 M

Raw value -18,370,000.00 USD

2025-04-01 — 2025-06-30 · USD · Reported data

-455.05 M

Raw value -455,050,000.00 USD

2025-07-01 — 2025-09-30 · USD · Reported data

-126.58 MDerived by subtraction

Raw value -126,578,000.00 USD

2025-10-01 — 2025-12-31 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2025-01-01 — 2025-12-31 · -661.42 M USD · Source version 2026-02-27
  • Subtract: 2025-01-01 — 2025-09-30 · -534.84 M USD · Source version 2025-11-10
-427.63 M

Raw value -427,634,000.00 USD

2026-01-01 — 2026-03-31 · USD · Reported data

-939.92 M

Raw value -939,917,000.00 USD

2026-04-01 — 2026-06-30 · USD · Reported data

Operating cash flow
-20.93 MDerived by subtraction

Raw value -20,925,000.00 USD

2024-07-01 — 2024-09-30 · USD · Reconstructed from cumulative disclosures

Quarter reconstructed: current cumulative value − previous cumulative value

  • Add: 2024-01-01 — 2024-09-30 · 18.30 M USD · Source version 2025-11-10
  • Subtract: 2024-01-01 — 2024-06-30 · 39.23 M USD · Source version 2025-08-08
-42.72 MDerived by subtraction

Raw value -42,724,000.00 USD

2024-10-01 — 2024-12-31 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2024-01-01 — 2024-12-31 · -24.42 M USD · Source version 2026-02-27
  • Subtract: 2024-01-01 — 2024-09-30 · 18.30 M USD · Source version 2025-11-10
56.49 M

Raw value 56,487,000.00 USD

2025-01-01 — 2025-03-31 · USD · Reported data

-54.81 MDerived by subtraction

Raw value -54,810,000.00 USD

2025-04-01 — 2025-06-30 · USD · Reconstructed from cumulative disclosures

Quarter reconstructed: current cumulative value − previous cumulative value

  • Add: 2025-01-01 — 2025-06-30 · 1.68 M USD · Source version 2026-08-05
  • Subtract: 2025-01-01 — 2025-03-31 · 56.49 M USD · Source version 2026-05-08
-36.69 MDerived by subtraction

Raw value -36,686,000.00 USD

2025-07-01 — 2025-09-30 · USD · Reconstructed from cumulative disclosures

Quarter reconstructed: current cumulative value − previous cumulative value

  • Add: 2025-01-01 — 2025-09-30 · -35.01 M USD · Source version 2025-11-10
  • Subtract: 2025-01-01 — 2025-06-30 · 1.68 M USD · Source version 2026-08-05
-88.17 MDerived by subtraction

Raw value -88,171,000.00 USD

2025-10-01 — 2025-12-31 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2025-01-01 — 2025-12-31 · -123.18 M USD · Source version 2026-02-27
  • Subtract: 2025-01-01 — 2025-09-30 · -35.01 M USD · Source version 2025-11-10
-17.59 M

Raw value -17,591,000.00 USD

2026-01-01 — 2026-03-31 · USD · Reported data

-136.71 MDerived by subtraction

Raw value -136,709,000.00 USD

2026-04-01 — 2026-06-30 · USD · Reconstructed from cumulative disclosures

Quarter reconstructed: current cumulative value − previous cumulative value

  • Add: 2026-01-01 — 2026-06-30 · -154.30 M USD · Source version 2026-08-05
  • Subtract: 2026-01-01 — 2026-03-31 · -17.59 M USD · Source version 2026-05-08
Capital expenditure
20.73 MDerived by subtraction

Raw value 20,728,000.00 USD

2024-07-01 — 2024-09-30 · USD · Reconstructed from cumulative disclosures

Quarter reconstructed: current cumulative value − previous cumulative value

  • Add: 2024-01-01 — 2024-09-30 · 114.31 M USD · Source version 2025-11-10
  • Subtract: 2024-01-01 — 2024-06-30 · 93.58 M USD · Source version 2025-08-08
153.63 MDerived by subtraction

Raw value 153,633,000.00 USD

2024-10-01 — 2024-12-31 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2024-01-01 — 2024-12-31 · 267.94 M USD · Source version 2026-02-27
  • Subtract: 2024-01-01 — 2024-09-30 · 114.31 M USD · Source version 2025-11-10
93.69 M

Raw value 93,687,000.00 USD

2025-01-01 — 2025-03-31 · USD · Reported data

119.94 MDerived by subtraction

Raw value 119,942,000.00 USD

2025-04-01 — 2025-06-30 · USD · Reconstructed from cumulative disclosures

Quarter reconstructed: current cumulative value − previous cumulative value

  • Add: 2025-01-01 — 2025-06-30 · 213.63 M USD · Source version 2026-08-05
  • Subtract: 2025-01-01 — 2025-03-31 · 93.69 M USD · Source version 2026-05-08
231.57 MDerived by subtraction

Raw value 231,570,000.00 USD

2025-07-01 — 2025-09-30 · USD · Reconstructed from cumulative disclosures

Quarter reconstructed: current cumulative value − previous cumulative value

  • Add: 2025-01-01 — 2025-09-30 · 445.20 M USD · Source version 2025-11-10
  • Subtract: 2025-01-01 — 2025-06-30 · 213.63 M USD · Source version 2026-08-05
614.99 MDerived by subtraction

Raw value 614,990,000.00 USD

2025-10-01 — 2025-12-31 · USD · Reconstructed from cumulative disclosures

Fourth quarter reconstructed: full year − first nine months

  • Add: 2025-01-01 — 2025-12-31 · 1.06 B USD · Source version 2026-02-27
  • Subtract: 2025-01-01 — 2025-09-30 · 445.20 M USD · Source version 2025-11-10
522.95 M

Raw value 522,954,000.00 USD

2026-01-01 — 2026-03-31 · USD · Reported data

855.56 MDerived by subtraction

Raw value 855,560,000.00 USD

2026-04-01 — 2026-06-30 · USD · Reconstructed from cumulative disclosures

Quarter reconstructed: current cumulative value − previous cumulative value

  • Add: 2026-01-01 — 2026-06-30 · 1.38 B USD · Source version 2026-08-05
  • Subtract: 2026-01-01 — 2026-03-31 · 522.95 M USD · Source version 2026-05-08
Comparison rules and gaps

Comparison columns require aligned period boundaries, currency and duration. Blank values are not zero; directly reported quarters and cumulative reconstructions are distinguished. A non-positive comparison base is shown as an amount change without a percentage growth rate.

View filing source

Events and disclosure records

Completed events, conditional arrangements and the document versions used are listed separately.

Check original source ↗
Disclosed events

Kentucky Power · Power procurement

The 2026-10-05 amended Muskie electric service agreement increased contracted capacity from 500MW to 1GW. Initial 500MW ramp is targeted for 2028, the next 500MW for 2029, subject to Kentucky PSC approval and utility construction. A potential 2GW remains under evaluation. [1]

Disclosed events

Industrial Equity Partners (IEP) · Capital and financing

Membership Interest Purchase Agreement to acquire the Muskie Data Campus from Industrial Equity Partners (IEP) · approximately 285 acres of owned and controlled land in Eastern Kentucky capable of supporting more than 1 GW of data center capacity · 500 MW initial delivery expected in 2H 2028 and a second 500MW subsequently brought forward to 2029 in the October 5 update, subject to approval and construction · effective May 22, 2026 · purchase price not disclosed [5]

Disclosed events

Morgan Stanley · Capital and financing

$500 million delayed-draw senior secured bridge credit agreement dated March 13, 2026 · borrower Raylan Data LLC, a direct subsidiary of Raylan Finance LLC (Holdings), with Justified DataPower LLC as Real Estate Guarantor · Morgan Stanley Senior Funding, Inc. as administrative agent and collateral agent · 364-day facility · proceeds to finance construction and development of the Hawesville, Kentucky data center [6]

Disclosed events

Bitmain · Equipment and engineering

Sole miner supplier · FY2025 10-K: substantially all of the Company's miners were manufactured by Bitmain · Q2 2026 10-Q concentration note: during 2026 and 2025 the Company contracted with one supplier for the provision of bitcoin miners · amount not disclosed [4]

Included financial source versions
  1. 10-Q Original financial filings ↗

    This page cites periods ending through 2026-06-30. The same document includes multiple comparison periods.

  2. 10-Q Original financial filings ↗

    This page cites periods ending through 2026-03-31. The same document includes multiple comparison periods.

  3. 10-K Original financial filings ↗

    This page cites periods ending through 2025-12-31. The same document includes multiple comparison periods.

  4. 10-Q Original financial filings ↗

    This page cites periods ending through 2025-09-30. The same document includes multiple comparison periods.

  5. 10-Q Original financial filings ↗

    This page cites periods ending through 2024-06-30.

  6. 10-Q Original financial filings ↗

    This page cites periods ending through 2024-03-31.

Showing the latest 6 recorded source versions. Find the remaining 52 in Source values in the full financial table.

Industry relationships and operating mechanisms

Trace supply and demand through contract performance, operating metrics and cash attribution.

Direct relationships: 6 · Excluded by current filters: 10

Upstream supply

3 companies
2026-10-051 record
2022-021 record
2026-02-271 record

WULF

TeraWulf Inc.

Operating metrics: 8 ↗

Downstream demand

1 companies
2024-121 record

Capital sources

1 companies
2026-03-131 record

Capital deployed

1 companies
2026-05-221 record

Goods and services are arranged from supplier to customer; capital is shown separately. Select a relationship to inspect its evidence and operating mechanism. Second-degree paths do not establish guarantees or certain revenue.

Upstream supply · Equipment / construction

BitmainWULF

Signed / existingA · Original filing

What this relationship establishes

Sole supplier of mining machines

Relationship type
Equipment / construction

Recorded as signed or existing; performance progress requires separate verification

Amount basis
Amount classification not yet structured

No attributable amount is available for this record. This does not mean the amount is zero.

A period-by-period schedule of payments and revenue recognition has not been established. The recorded amount is not converted into current-period revenue, cash paid or stock-price impact.

Attribution
Applies to this relationship; the original document determines the specific legal entities and attribution.
Concentration
A relationship amount and company denominator with matching periods and definitions are not provided

Relationship counts, capacity and total contract value are not measures of revenue or procurement concentration.

Complete record and source location

Sole miner supplier · FY2025 10-K: substantially all of the Company's miners were manufactured by Bitmain · Q2 2026 10-Q concentration note: during 2026 and 2025 the Company contracted with one supplier for the provision of bitcoin miners · amount not disclosed

A · Original filing

TeraWulf FY2025 Form 10-K and Q2 2026 Form 10-Q concentrations note

Procurement constraints and delivery

The excerpts below come from this record. Verify signed status separately from actual completion.

  • This record does not specify performance milestones, payment arrangements or termination provisions.
Limitations in the original record
  • Amount not disclosed
Inputs still needed to quantify the impact
  • The actual schedule for staged deliveries and acceptance
  • Payment milestones and cost attribution
  • Utilization, depreciation and maintenance spending for new capacity

The amount associated with a relationship cannot substitute for the company's revenue, earnings or stock-price impact. Applies to this relationship; the original document determines the specific legal entities and attribution.

How to test the operating mechanism

Analytical framework, not a realized impact

  1. Delivery terms

    Bitmain supplies equipment or engineering services to WULF; distinguish contract status from actual delivery status.

  2. Execution

    Verify each stage: prepayment, production or construction, arrival, acceptance and commissioning.

  3. Financial outcomes

    Assess capital expenditure and cash tied up in prepayments, commissioning timing, depreciation and subsequent operating cash flows.

  4. Testing price implications

    Separate construction-period cash flows from steady-state cash flows; nominal capacity cannot be treated directly as profit.

Cross-check relationship events against subsequent disclosures of company revenue, costs, working capital and cash flows; movements in the same direction alone do not establish causation.

Operating data to test the relationship

WULF · Company-specific metric definitions and classifications

Metrics test operating processes; an overall change cannot be attributed to a single relationship. Expand the definitions to check calculation methods and their applicable boundaries.

Profit and costs

Can revenue growth translate into earnings attributable to shareholders?

Preserve the distinctions relating to depreciation, stock-based compensation, adjustments and segments. The company's margin cannot be applied as this contract's margin.
Operating metricLatest valueDefinition and boundaries
Gross margin ↗2026-06-30 · Research calculation19.95%
Definition and boundaries

Gross profit / revenue × 100

Company-wide reported gross margin is not the margin of any individual product, segment or order. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Operating margin ↗2026-06-30 · Research calculation-313.74%
Definition and boundaries

Operating income / revenue × 100

Uses reported operating income, not adjusted earnings. Differences in expense classification can still limit comparisons across companies. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Net margin ↗2026-06-30 · Research calculation-2,099.58%
Definition and boundaries

Selected net-income concept / revenue × 100

May reflect differences in non-controlling interests, taxes and one-time gains or losses. The specific net-income concept is retained for each observation. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Operating cash flow / revenue ↗2026-06-30 · Research calculation-305.38%
Definition and boundaries

Operating cash flow / revenue × 100

Shows operating cash inflows and outflows, including working capital and taxes. It is neither a contract collection rate nor cash available for shareholder distribution. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

(CFO − cash purchases of PP&E) / revenue ↗2026-06-30 · Research calculation-2,216.52%
Definition and boundaries

(Operating cash flow − cash purchases of PP&E) / revenue × 100

A free-cash-flow proxy deducting only identified PP&E purchases. It does not deduct acquisitions, capital prepayments, intangible assets or lease principal, and does not establish cash distributable to common shareholders. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Investment and funding needs

How much cash is required for construction and procurement before delivery?

Compare prepayments, cash capital expenditure and commissioning plans. Current-period revenue is not a substitute for a full investment-recovery calculation.
Operating metricLatest valueDefinition and boundaries
Cash purchases of PP&E / revenue ↗2026-06-30 · Research calculation1,911.14%
Definition and boundaries

Cash purchases of PP&E / revenue × 100

Identified cash purchases of PP&E, excluding non-cash additions. Maintenance and expansion investment are not separated. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Show remaining company metrics (2)
Other operating observations

What verifiable information does this metric provide about this relationship?

Use the metric's definition and original inputs. Quantitative attribution to this relationship has not been established.
Operating metricLatest valueDefinition and boundaries
Revenue growth YoY ↗2026-06-30 · Research calculation-6.02%
Definition and boundaries

(Current-period revenue / comparable prior-year revenue − 1) × 100

Requires the same concept and currency for equal-length periods one year apart, with positive prior-year revenue. A 53-week versus 52-week year may still differ by one week; no daily adjustment is made. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

(Net income − operating cash flow) / revenue ↗2026-06-30 · Research calculation-1,794.2%
Definition and boundaries

(Net income − operating cash flow) / revenue × 100

The amount difference divided by revenue. This is not the Sloan accrual ratio or an earnings-manipulation score. A positive value only indicates that earnings exceed operating cash flow for the same period. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.

Related companies in the value chain 14 companies · Data-center real estate and compute hosting

Related browsing is based on overlapping segments in the current graph. It does not establish direct peers, valuation comparability, or a supply, customer or investment relationship.

Search all operating metrics and calculation methods

Operating metric search

Test relationship hypotheses against actual operating series, with their definitions, periods and calculation methods.

Historical research methodology
8 / 8 items
Operating metricLatest valuePeriod / classificationDefinition and interpretation boundariesAnalysis
Revenue growth YoY-6.02%2026-06-30Research calculation(Current-period revenue / comparable prior-year revenue − 1) × 100Requires the same concept and currency for equal-length periods one year apart, with positive prior-year revenue. A 53-week versus 52-week year may still differ by one week; no daily adjustment is made. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.View full series ↗
Gross margin19.95%2026-06-30Research calculationGross profit / revenue × 100Company-wide reported gross margin is not the margin of any individual product, segment or order. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.View full series ↗
Operating margin-313.74%2026-06-30Research calculationOperating income / revenue × 100Uses reported operating income, not adjusted earnings. Differences in expense classification can still limit comparisons across companies. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.View full series ↗
Net margin-2,099.58%2026-06-30Research calculationSelected net-income concept / revenue × 100May reflect differences in non-controlling interests, taxes and one-time gains or losses. The specific net-income concept is retained for each observation. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.View full series ↗
Operating cash flow / revenue-305.38%2026-06-30Research calculationOperating cash flow / revenue × 100Shows operating cash inflows and outflows, including working capital and taxes. It is neither a contract collection rate nor cash available for shareholder distribution. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.View full series ↗
(CFO − cash purchases of PP&E) / revenue-2,216.52%2026-06-30Research calculation(Operating cash flow − cash purchases of PP&E) / revenue × 100A free-cash-flow proxy deducting only identified PP&E purchases. It does not deduct acquisitions, capital prepayments, intangible assets or lease principal, and does not establish cash distributable to common shareholders. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.View full series ↗
Cash purchases of PP&E / revenue1,911.14%2026-06-30Research calculationCash purchases of PP&E / revenue × 100Identified cash purchases of PP&E, excluding non-cash additions. Maintenance and expansion investment are not separated. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.View full series ↗
(Net income − operating cash flow) / revenue-1,794.2%2026-06-30Research calculation(Net income − operating cash flow) / revenue × 100The amount difference divided by revenue. This is not the Sloan accrual ratio or an earnings-manipulation score. A positive value only indicates that earnings exceed operating cash flow for the same period. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.View full series ↗
Source grades, dates and quantitative definitions

A = original SEC or exchange filings; B = company announcements, IR materials, official websites or established media; C = industry-structure inferences or third-party accounts without an independent primary source

Key relationships were reviewed using public information available through 2026-10-23. Historical relationships have not all been individually reverified. Their original dates are retained; delisted entities remain in the relationship archive but are excluded from market-cap weights. Review coverage through 2026-10-23.

Signed status does not mean that the full amount has been paid or that capacity has been delivered. Assess contract value, period revenue, investment, loans, prepayments and guarantee caps separately; do not sum them as a single exposure. Distinguish total power capacity from critical IT load. Company-level metrics cannot be attributed directly to an individual relationship.

Source facts and operating implications are distinguished, with forecasts and conditional scenarios identified as such. Missing relationships mean that this graph has no record of them. Data version 60aad2cdea0eff4f82e9dafe344d1e57aa2b950269b621d7e5bddfef10520644.

EVIDENCE & SOURCES

Data and calculation basis

Sources and filing versions
Quotes and valuation

2026-10-27, 16:00 ET · Regular-session close. History through 2026-10-23 uses provider split-adjusted prices, excluding dividends. Full-history adjustment factors have not been independently recalculated. MA20 is the arithmetic mean of 20 recorded trading-day closes and does not bridge missing prices or known corporate actions. Price comparisons exclude dividend reinvestment and do not represent total returns. Market cap retrieved on 2026-10-28. Prices refresh daily. Source timestamps and website update times are shown separately.

The current security identity and recorded historical continuity have been checked. Listing-date coverage is shown separately.

Original verification notes

verified-listing-start-covered

TeraWulf after IKONICS combination; predecessor imaging business excluded.

Financial statements

Reporting period 2026-06-30; filed 2026-08-05. Financials use the company's reporting periods and currency; unavailable values appear as —. Expand the section below each chart to inspect metric definitions, inputs and original sources.

Business evidence

Based on value-chain records; original operating disclosures are still needed.

Citations: 6 · Documents: 5 · Duplicate documents are grouped; individual source locations are retained

1Reviewed 2026-10-23 · primary document https://investors.terawulf.com/news-events/press-releases/detail/146/terawulf-expands-contracted-power-capacity-at-its-muskie-data-campus-to-1-gw [B]Value-chain archive · 2 citations
References 1

Reviewed 2026-10-23 · primary document https://investors.terawulf.com/news-events/press-releases/detail/146/terawulf-expands-contracted-power-capacity-at-its-muskie-data-campus-to-1-gw [B] · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

References 5

Reviewed 2026-10-23 · primary document https://investors.terawulf.com/news-events/press-releases/detail/146/terawulf-expands-contracted-power-capacity-at-its-muskie-data-campus-to-1-gw [B] · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source
2TeraWulf FY2025 Form 10-K (business and lease descriptions) and Q2 2026 Form 10-Q (HPC lease revenue generated from two customers)Value-chain archive

TeraWulf FY2025 Form 10-K (business and lease descriptions) and Q2 2026 Form 10-Q (HPC lease revenue generated from two customers) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source
3TeraWulf FY2025 Form 10-K, Lake Mariner campus power descriptionValue-chain archive

TeraWulf FY2025 Form 10-K, Lake Mariner campus power description · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source
4TeraWulf FY2025 Form 10-K and Q2 2026 Form 10-Q concentrations noteValue-chain archive

TeraWulf FY2025 Form 10-K and Q2 2026 Form 10-Q concentrations note · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source
6TeraWulf Form 8-K filed March 16, 2026, Items 1.01 and 2.03Value-chain archive

TeraWulf Form 8-K filed March 16, 2026, Items 1.01 and 2.03 · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source
Missing evidence
  • Primary-source coverage of the company’s standalone business analysis and falsification criteria is incomplete.
  • Company-specific operating KPIs are not yet available; financial ratios do not substitute for evidence about products, orders or capacity.
Unresolved business questions
Which products, customers and revenue categories can be independently verified from primary materials?
Existing relationship records do not represent the entire business; company-level primary evidence for segments, products, customer concentration and key operations remains incomplete.
Relationships
Company announcements, framework intentions and signed agreements are distinguished. Contract amounts do not represent payments already made. Records without sources are flagged separately.
Version
60aad2cdea0eff4f82e9dafe344d1e57aa2b950269b621d7e5bddfef10520644

ResearchSource document

Sources: 5
01WULF · 10-Q · Filing version 2025-11-10

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
02WULF · 10-Q · Filing version 2025-08-08

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
03WULF · 10-K · Filing version 2026-02-27

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
04WULF · 10-Q · Filing version 2026-05-08

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure
05WULF · 10-Q · Filing version 2026-08-05

The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.

View original disclosure