TERAWULF INC. · Finance Services

WULF

Elevated riskAI: Cloud and data centersNext report: Due any day

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The short version

A company still losing money with shrinking sales, with elevated risk. Institutions are adding.

Going well

Sales up 20% last year

Watch out for

Share count growing 53.2% a year (dilution)
Losing money, losses are large next to sales
High debt: 22.06x equity

Money moves

No insider buying or selling in the last 30 days
Institutions added 25% to their holdings in the quarter ending June 2026 (298 bought, 209 sold)
Held by Ray Dalio (Bridgewater)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$11.98+5.8% that day

Company value: $6.0B; Share price times all shares
Price vs sales: 36.2x; No profit over the last year, so this compares value with sales instead
Cash vs value: 44%; A big cushion: cash is a large part of what the company is worth
Debt vs value: 52%; Debt as a share of company value

From WULF's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Jun '26

$44.8M-6.0% vs a year earlier

Sep '23Tap a barJun '26

Last 12 months: $165.2M, up 15% from the 12 months before. Over 5 years, sales grew about 66% a year.

What the price assumes

Your guesses, our math

Move the sliders to your own view of WULF. Starting points are the company's recent numbers (it isn't profitable yet, so the margin starts at a 10% guess).

Sales growth+15% a yearRecently: +15% a yearProfit margin10%Not reportedP/E at the end15xMany steady companies trade at 12x to 25xShare count change+10% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$332M

Profit in 5 years$33M

Price these guesses point to$0.62-95% vs $11.98 todayAbout -45% a year, before dividends

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

0/5Weak

MissDebt under half of equityNot relying on borrowed money.22.06x equity
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-392.6%
MissProfitable every yearSteady profits, not one good year.1 of 10 years
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$1.2B
MissShare count not growingNot diluting owners. Falling means buybacks.+259.4% in 3 years

Revenue: $168.5M; +20.3% vs prior year
5-year growth: +65.8%/yr; revenue, per year
Total debt: $3.1B; 22.06x equity
Free cash flow: -$1.2B; -702.5% of revenue

From annual reports filed with the SEC. Gross margin doesn't apply to banks and insurers, so it isn't scored. Not in this company's SEC data, so not scored: return on equity 15%+. A checklist is a starting point for research, not a verdict.