Gross margins have experienced a sharp contraction from 66.1% in 2025Q3 to 9.3% in 2026Q1, reflecting significant post-halving profitability headwinds.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'10 | Dec'09 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'00 |
|---|
| Sales/Revenue | 168.06M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 79.11M | 85.79M | 77.44M | 41.91M | 3.95M | -52K | 3.91M | 5.4M | 6.25M | 5.73M | 6.24M | 6.14M | 6.7M | 6.94M | 6.94M | 6.8M | 6.07M | 6.94M | 6.71M | 6.22M | 6.13M | 10.37M |
| Gross Margin % | 47.07% | 50.93% | 55.3% | 60.54% | 26.28% | - | 29.07% | 30.63% | 34.34% | 33.23% | 35.5% | 34.99% | 36.25% | 39.66% | 40.11% | 41.19% | 40.12% | 43.84% | 45.05% | 44.54% | 44.77% | 100% |
| Gross Profit Growth % | - | 10.78% | 84.77% | 961.11% | 7696.15% | -101.33% | -27.65% | -13.7% | 9.13% | -8.12% | 1.5% | -8.33% | -3.38% | -0.1% | 2.07% | 12.16% | -12.55% | 3.43% | 7.79% | 1.58% | -40.91% | - |
| Operating Expenses | 325.59M | 256.1M | 153.66M | 71.33M | 47.7M | 43.35M | 5.33M | 6.26M | 6.03M | 6.2M | 6.26M | 5.88M | 665K | 649.33K | 629.78K | 5.27M | 5.2M | 5.51M | 5.23M | 5.02M | 5.11M | 4.58M |
| OpEx % of Revenue | - | 152.03% | 109.72% | 103.04% | 317.27% | - | 39.65% | 35.54% | 33.1% | 35.93% | 35.62% | 33.47% | 3.6% | 3.71% | 3.64% | 31.91% | 34.37% | 34.82% | 35.15% | 35.97% | 37.34% | 44.14% |
| Selling, General & Admin | 236.58M | 147.76M | 70.58M | 41.91M | 36.05M | 43.35M | 4.65M | 5.48M | 5.35M | 5.51M | 5.61M | 5.26M | 5.12M | 5.37M | 5.28M | 4.57M | 4.54M | 4.74M | 4.49M | 4.38M | 4.53M | 3.89M |
| SG&A % of Revenue | - | 87.71% | 50.39% | 60.53% | 239.81% | - | 34.65% | 31.12% | 29.38% | 31.93% | 31.94% | 29.97% | 27.72% | 30.69% | 30.51% | 27.69% | 30.05% | 29.92% | 30.16% | 31.37% | 33.13% | 37.53% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -246.47M | -170.31M | -76.22M | -29.42M | -43.74M | -43.4M | -1.42M | -863.68K | 225.82K | -464.61K | -22K | 266.82K | 913.47K | 920.13K | 1.03M | 1.53M | 869.65K | 1.43M | 1.47M | 1.2M | 1.02M | 302.88K |
| Operating Margin % | -146.66% | -101.1% | -54.42% | -42.5% | -290.99% | - | -10.58% | -4.9% | 1.24% | -2.69% | -0.13% | 1.52% | 4.94% | 5.26% | 5.97% | 9.29% | 5.75% | 9.02% | 9.9% | 8.57% | 7.44% | 2.92% |
| Operating Income Growth % | - | -123.46% | -159.05% | 32.74% | -0.8% | -2954.07% | -64.53% | -482.46% | 148.6% | -2011.86% | -108.25% | -70.79% | -0.72% | -10.92% | -32.68% | 76.42% | -39.04% | -3.23% | 23.09% | 17.73% | 235.9% | - |
| EBITDA | -139.33M | -77.26M | -15.04M | -70K | -36.77M | -43.35M | -722.97K | -191.81K | 1.02M | 410.53K | 772.54K | 951.39K | 1.57M | 1.54M | 1.58M | 1.99M | 1.35M | 1.76M | 1.74M | 1.49M | 1.39M | 302.88K |
| EBITDA Margin % | -82.9% | -45.86% | -10.74% | -0.1% | -244.63% | - | -5.38% | -1.09% | 5.61% | 2.38% | 4.4% | 5.42% | 8.52% | 8.82% | 9.11% | 12.03% | 8.92% | 11.1% | 11.7% | 10.68% | 10.18% | 2.92% |
| EBITDA Growth % | -95.06% | -413.84% | -21378.57% | 99.81% | 15.16% | -5895.72% | -276.91% | -118.78% | 148.74% | -46.86% | -18.8% | -39.59% | 2.11% | -2.19% | -20.67% | 47.29% | -23.21% | 0.89% | 16.73% | 7.09% | 360.03% | - |
| D&A (Non-Cash Add-back) | 107.14M | 93.05M | 61.18M | 29.35M | 6.97M | 52K | 698.05K | 671.87K | 795.32K | 875.14K | 794.54K | 684.57K | 661.38K | 622.11K | 543.86K | 453.43K | 479.82K | 330.65K | 267.54K | 294.46K | 375.99K | 0 |
| EBIT | -655.38M | -576.96M | -78.59M | -29.19M | -45.8M | -43.4M | -562.76K | -895.5K | 276.05K | -441.07K | -10.84K | 225.01K | 918.77K | 927.17K | 1.04M | 1.55M | -11.36K | 1.64M | 1.59M | 1.26M | 1.03M | 0 |
| Net Interest Income | -109.77M | -80.25M | -19.79M | -34.81M | -24.68M | -2.25M | -2.46M | -90.06K | 0 | 0 | 0 | 0 | 0 | 7.04K | 12.05K | 19.68K | 8.18K | 153.97K | 115.45K | 58.42K | 13.97K | 0 |
| Interest Income | 33.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.04K | 12.05K | 19.68K | 8.18K | 153.97K | 115.45K | 58.42K | 13.97K | 61.12K |
| Interest Expense | 143.27M | 80.25M | 19.79M | 34.81M | 24.68M | 2.25M | 2.46M | 90.06K | -90.58K | -83.08K | -58.22K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -1.03B | -661.34M | -98.38M | -73.29M | -86.19M | -47.19M | -649.32K | -985.56K | 185.47K | -524.15K | -69.06K | 225.01K | 918.77K | 927.17K | 1.04M | 1.55M | -11.36K | 1.64M | 1.59M | 1.26M | 1.03M | 364.01K |
| Pretax Margin % | -611.44% | -392.59% | -70.25% | -105.87% | -573.34% | - | -4.83% | -5.59% | 1.02% | -3.04% | -0.39% | 1.28% | 4.97% | 5.3% | 6.04% | 9.41% | -0.08% | 10.34% | 10.68% | 8.99% | 7.54% | 3.51% |
| Income Tax | 104K | 76K | -25.96M | 0 | -256K | -615K | -210K | -172K | 46K | -298K | -4K | 90K | 270K | 245K | 351K | 440K | 296K | 466K | 466K | 348K | 273K | 109K |
| Effective Tax Rate % | -0.01% | -0.01% | 26.39% | 0% | 0.3% | 1.3% | 32.34% | 17.45% | 24.8% | 56.85% | 5.79% | 40% | 29.39% | 26.42% | 33.59% | 28.32% | -2605.63% | 28.49% | 29.31% | 27.7% | 26.47% | 29.94% |
| Net Income | -1.03B | -661.42M | -72.42M | -73.42M | -90.79M | -95.68M | -439.32K | -813.56K | 139.47K | -226.15K | -65.06K | 135.01K | 648.77K | 682.17K | 693.93K | 1.11M | -307.36K | 1.17M | 1.12M | 908.17K | 758.35K | 255.01K |
| Net Margin % | -611.46% | -392.64% | -51.71% | -106.06% | -603.94% | - | -3.27% | -4.62% | 0.77% | -1.31% | -0.37% | 0.77% | 3.51% | 3.9% | 4.01% | 6.74% | -2.03% | 7.39% | 7.55% | 6.5% | 5.54% | 2.46% |
| Net Income Growth % | -727.25% | -813.33% | 1.37% | 19.13% | 5.11% | -21679.8% | 46% | -683.34% | 161.67% | -247.6% | -148.19% | -79.19% | -4.9% | -1.69% | -37.7% | 462.42% | -126.28% | 4.09% | 23.74% | 19.76% | 197.38% | - |
| Net Income (Continuing) | -1.03B | -661.42M | -72.42M | -73.29M | -85.93M | -46.58M | -439.32K | -813.56K | 139.47K | -226.15K | -65.06K | 135.01K | 648.77K | 682.17K | 693.93K | 1.11M | -307.36K | 1.17M | 1.12M | 908.17K | 758.35K | 255.01K |
| Discontinued Operations | 0 | 0 | 0 | -129K | -4.86M | -49.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.43 | -1.66 | -0.21 | -0.35 | -0.83 | -1.12 | -0.22 | -0.41 | 0.07 | -0.11 | -0.03 | 0.07 | 0.32 | 0.34 | 0.35 | 0.56 | -0.16 | 0.57 | 0.55 | 0.46 | 0.38 | 0.20 |
| EPS Growth % | -670.35% | -690.48% | 40% | 57.83% | 25.89% | -409.09% | 46.34% | -683.21% | 163.91% | -241.61% | -148.13% | -79.09% | -5.88% | -2.86% | -37.5% | 450% | -128.07% | 3.64% | 19.57% | 21.05% | 90% | - |
| EPS (Basic) | - | -1.66 | -0.21 | -0.35 | -0.83 | -1.12 | -0.22 | -0.41 | 0.07 | -0.11 | -0.03 | 0.07 | 0.32 | 0.34 | 0.35 | 0.56 | -0.16 | 0.58 | 0.56 | 0.47 | 0.40 | 0.20 |
| Diluted Shares Outstanding | 423M | 397.61M | 351.32M | 209.96M | 110.64M | 85.2M | 1.98M | 1.98M | 1.98M | 2.01M | 2.02M | 2.02M | 2.02M | 2.01M | 1.99M | 1.97M | 1.97M | 2.06M | 2.03M | 1.99M | 1.98M | 1.3M |
| Basic Shares Outstanding | 423M | 397.61M | 351.32M | 209.96M | 110.64M | 85.2M | 1.98M | 1.98M | 1.98M | 2.01M | 2.02M | 2.02M | 2.02M | 2.01M | 1.99M | 1.97M | 1.97M | 2.03M | 2M | 1.94M | 1.91M | 1.3M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operational leverage and dilution
As reported in recent financial statements, TeraWulf's quarterly revenue has fluctuated significantly, peaking at $50.6M in 2025Q3 before contracting to $34.0M by 2026Q1, reflecting the inherent sensitivity of mining operations to global network difficulty and the cyclical nature of Bitcoin block rewards.
The revenue trajectory appears highly susceptible to external network factors rather than internal production scaling. Investors should monitor whether the company can maintain consistent hash rate growth to offset the downward pressure on rewards, as the current top-line performance suggests limited durability in the absence of favorable market pricing.
Based on the provided income statement data, TeraWulf's gross margin experienced a sharp contraction from a peak of 66.1% in 2025Q3 to 9.3% in 2026Q1, indicating that the post-halving environment has significantly eroded the company's ability to maintain profitable unit economics at current power costs.
This margin degradation suggests that the company's cost-to-mine has risen faster than its ability to optimize power procurement or fleet efficiency. The volatility in these margins warrants further investigation into whether the current infrastructure can remain competitive if Bitcoin prices fail to provide a sustained upward offset.
According to the company's income statement, operating expenses have frequently eclipsed gross profits, with SG&A reaching $139.0M in 2026Q1, which highlights a structural inability to scale operating income in proportion to the revenue generated from digital asset mining activities.
The persistent negative operating margins suggest that the company's corporate overhead and infrastructure maintenance costs are currently too high to support a profitable mining model. This indicates that the business model may require a fundamental shift toward higher-margin services, such as HPC hosting, to achieve operational sustainability.
Financial filings reveal that TeraWulf's net income is consistently burdened by substantial non-operating items and stock-based compensation, as evidenced by the $427.6M net loss in 2026Q1, which significantly obscures the underlying cash-generating capability of the core mining operations.
The discrepancy between gross profit and net income suggests that heavy depreciation of mining hardware and potential equity-based dilution are masking the true operational performance. Investors should be cautious of these accounting distortions, as they may hide the long-term impact of capital-intensive growth strategies on shareholder value.
Based on the reported figures, the company's reliance on aggressive infrastructure expansion has resulted in persistent net losses, raising concerns that the current growth trajectory may be unsustainable without continued external financing or significant dilution of existing shareholders to cover ongoing operational cash burn.
Short-term observers may focus on the company's inability to achieve positive net income despite its vertical integration strategy. The risk remains that the capital required to maintain a competitive hash rate will continue to outpace the cash flow generated, potentially leading to a cycle of perpetual balance sheet strain.
Quick answers to the most common questions about buying WULF stock.
TeraWulf Inc. (WULF) reported a net loss of $661.4M for the fiscal year ending 2025.
TeraWulf Inc. (WULF) reported an operating income of $-170.3M, resulting in an operating profit margin of -101.1%. This margin reflects the operational efficiency of the business before interest and taxes.
TeraWulf Inc. (WULF) generated $85.8M in gross profit for the year, representing a gross profit margin of 50.9%. This demonstrates the company's core pricing power and production efficiency.