TeraWulf Inc. (WULF) Balance Sheet
WULF balance sheet, 2025
December 31, 2025 · U.S. dollars$6.56B assets = $6.42B liabilities + $140.4M equity
Both columns are drawn to the same scale: what WULF owns equals what it owes plus shareholders’ equity. Hover a block for its value.
WULF financial health
Descriptive bands, not a rating. Fiscal 2025.
WULF balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $18.3M2016 | $6.56B2025 | +92.2%/yr | |
| Total liabilities | $4.8M2016 | $6.42B2025 | +122.3%/yr | |
| Shareholders’ equity | $13.5M2016 | $140.4M2025 | +29.8%/yr | |
| Cash & short-term investments | $4.3M2016 | $3.27B2025 | +109.0%/yr | |
| Total debt | $3.2M2016 | $5.20B2025 | +127.3%/yr | |
| Net cash (debt) | $1.1M2016 | −$1.93B2025 | −$1.9B | |
| Working capital | $7.7M2016 | $1.74B2025 | +$1.7B | |
| Book value per share | $1.062022 | $0.352025 | −30.8%/yr | |
| Current ratio | 6.892016 | 2.002025 | −4.88 | |
| Debt / equity | 0.242016 | 36.992025 | +36.76 | |
| Shares outstanding | 110.6M2022 | 397.6M2025 | +53.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WULF assets
WULF liabilities and equity
WULF debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
WULF balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $3.27B | $274.1M | $54.4M | $1.3M | $46.5M | $6.3M | $3.2M | $4.3M | $3.8M | $4.3M |
| Cash & equivalents | $3.27B | $274.1M | $54.4M | $1.3M | $46.5M | $6.3M | $963,649 | $1.6M | $929,700 | $1.0M |
| Short-term investments | — | $476,000 | $1.8M | $183,000 | — | — | $2.2M | $2.7M | $2.9M | $3.2M |
| Receivables | $4.6M | $4.3M | $1.0M | $0 | $647,000 | −$4.1M | $2.4M | $2.2M | $2.2M | $2.4M |
| Inventory | $0 | $0 | $1 | $0 | $0 | $1.6M | $2.2M | $2.0M | $2.1M | $2.0M |
| Other current assets | $207.3M | $3.1M | $7.1M | $12.9M | $20.9M | $2.5M | $906,916 | $375,363 | $168,242 | $361,905 |
| Total current assets | $3.48B | $281.4M | $62.6M | $14.1M | $68.1M | $6.3M | $8.7M | $9.0M | $8.3M | $9.0M |
| Property, plant & equipment (net) | $1.73B | $505.1M | $216.2M | $203.5M | $92.5M | $21.9M | $7.9M | $8.1M | $8.3M | $8.9M |
| Goodwill & intangible assets | $55.5M | $0 | $0 | $0 | $0 | $243,583 | $271,369 | $376,406 | $351,186 | $0 |
| Long-term investments | $446.0M | $0 | $98.6M | $98.7M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $847.4M | $1.0M | $679,000 | $1.3M | $104.4M | $1.5M | $0 | $0 | $1 | $338,127 |
| Total assets | $6.56B | $787.5M | $378.1M | $317.7M | $264.9M | $30.0M | $16.9M | $17.4M | $16.9M | $18.3M |
| Liabilities | ||||||||||
| Accounts payable | $65.1M | $24.4M | $15.2M | $21.9M | $11.8M | $38,000 | $761,641 | $647,528 | $321,860 | $730,386 |
| Short-term debt | $538.1M | $27,000 | $123.5M | $55.4M | $88,000 | $88,000 | $133,287 | $129,282 | $130,898 | $127,303 |
| Deferred revenue | — | −$54,000 | — | — | — | −$1.9M | — | — | $1 | — |
| Total current liabilities | $1.74B | $51.8M | $154.7M | $126.0M | $45.9M | $1.7M | $1.9M | $1.3M | $875,781 | $1.3M |
| Long-term debt | $4.64B | $487.5M | $56,000 | $73.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $24.6M | $3.7M | $947,000 | $989,000 | — | $0 | — | — | — | — |
| Other long-term liabilities | $46.9M | $3.7M | $899,000 | $947,000 | $95.9M | $94.6M | $2.7M | $3.0M | $3.1M | $3.5M |
| Total liabilities | $6.42B | $543.1M | $155.6M | $199.9M | $141.7M | $1.7M | $4.6M | $4.3M | $4.0M | $4.8M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $444,000 | $404,000 | $277,000 | $145,000 | $100,000 | $50,000 | $197,635 | $198,355 | $198,355 | $201,875 |
| Retained earnings (deficit) | −$993.7M | −$332.3M | −$259.9M | −$186.5M | −$95.7M | −$1.7M | $9.3M | $10.2M | $10.1M | $10.5M |
| Accumulated other comprehensive income | $0 | — | −$9.3M | — | — | $0 | — | — | — | — |
| Total shareholders' equity | $140.4M | $244.4M | $222.5M | $117.8M | $123.2M | $28.3M | $12.3M | $13.1M | $13.0M | $13.5M |
| Key figures | ||||||||||
| Total debt | $5.20B | $491.2M | $124.5M | $129.3M | $95.7M | $95.7M | $2.8M | $3.0M | $3.1M | $3.2M |
| Net cash (debt) | −$1.93B | −$217.2M | −$70.0M | −$128.0M | −$49.3M | −$89.4M | $347,005 | $1.4M | $747,283 | $1.1M |
| Working capital | $1.74B | $229.6M | −$92.1M | −$111.9M | $22.2M | $4.6M | $6.8M | $7.7M | $7.4M | $7.7M |
| Tangible book value | $85.0M | $244.4M | $222.5M | $117.8M | $123.2M | $28.0M | $12.0M | $12.7M | $12.6M | $13.5M |
| Book value per share | $0.35 | $0.70 | $1.06 | $1.06 | — | — | — | — | — | — |
| Shares outstanding | 397.6M | 351.3M | 210.0M | 110.6M | — | — | — | — | — | — |
| Current ratio | 2.00 | 5.43 | 0.40 | 0.11 | 1.48 | 3.63 | 4.49 | 6.87 | 9.44 | 6.89 |
| Quick ratio | 1.88 | 5.37 | 0.36 | 0.01 | 1.03 | 1.26 | 2.90 | 5.01 | 6.87 | 5.10 |
| Debt / equity | 36.99 | 2.01 | 0.56 | 1.10 | 0.78 | 3.39 | 0.23 | 0.23 | 0.24 | 0.24 |
| Equity / assets | 2.1% | 31.0% | 58.8% | 37.1% | 46.5% | 94.2% | 72.6% | 75.3% | 76.6% | 73.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $2.62B | $2.83B | $3.27B | $711.8M | $90.0M | $218.2M | $274.1M | $23.9M | $104.1M | $47.8M | $54.4M | $6.6M |
| Cash & equivalents | $2.62B | $2.83B | $3.27B | $711.3M | $90.0M | $218.2M | $274.1M | $23.9M | $104.1M | $45.8M | $54.4M | $6.6M |
| Short-term investments | — | — | $270,000 | $492,000 | — | $1.4M | $476,000 | — | $946,000 | $2.0M | $1.8M | $614,000 |
| Receivables | $13.2M | $5.6M | $4.6M | $11.9M | $5.7M | $5.1M | $4.3M | $4.4M | $2.6M | $1.7M | $1.0M | $2.7M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $2.4M |
| Other current assets | $174.1M | $35.5M | $207.3M | $5.4M | $3.4M | $6.8M | $3.1M | $4.1M | $4.3M | $4.8M | $7.1M | $1.3M |
| Total current assets | $2.81B | $2.87B | $3.48B | $729.1M | $99.1M | $230.0M | $281.4M | $32.4M | $111.0M | $54.4M | $62.6M | $13.0M |
| Property, plant & equipment (net) | $3.82B | $2.80B | $1.73B | $1.09B | $704.6M | $602.4M | $505.1M | $293.3M | $282.5M | $248.6M | $216.2M | $192.5M |
| Goodwill & intangible assets | $55.5M | $55.5M | $55.5M | $55.5M | $55.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $424.1M | $434.8M | $446.0M | $0 | $0 | $0 | $0 | $79.5M | $85.6M | $91.9M | $98.6M | $105.6M |
| Other non-current assets | $942.6M | $847.5M | $847.4M | $582.9M | $10.2M | $8.7M | $1.0M | $710,000 | $547,000 | $586,000 | $679,000 | $768,000 |
| Total assets | $8.05B | $7.01B | $6.56B | $2.45B | $869.4M | $841.2M | $787.5M | $405.9M | $479.6M | $395.4M | $378.1M | $311.8M |
| Liabilities | ||||||||||||
| Accounts payable | $197.8M | $227.6M | $65.1M | $62.3M | $38.8M | $54.9M | $24.4M | $19.8M | $8.4M | $14.3M | $15.2M | $19.4M |
| Short-term debt | $1.19B | $636.6M | $540.1M | $2.0M | $618,000 | $28,000 | $27,000 | $53,000 | $72.4M | $99.4M | $123.5M | $76.6M |
| Deferred revenue | — | $56.7M | $58.2M | — | $687,000 | — | −$27,000 | — | — | $1 | — | $11.2M |
| Total current liabilities | $3.76B | $2.38B | $1.74B | $705.9M | $151.3M | $120.9M | $51.8M | $32.4M | $92.4M | $122.1M | $154.7M | $108.5M |
| Long-term debt | $4.02B | $4.66B | $4.64B | $1.06B | $488.7M | $488.1M | $487.5M | $0 | $38,000 | $47,000 | $56,000 | $48.5M |
| Lease obligations | $23.6M | $24.1M | $24.6M | $25.1M | $12.2M | $3.7M | $3.7M | $912,000 | $924,000 | $935,000 | $947,000 | $958,000 |
| Other long-term liabilities | $116.6M | $44.1M | $46.9M | $440.8M | $55.1M | $61.8M | $3.7M | $859,000 | $873,000 | $886,000 | $899,000 | $912,000 |
| Total liabilities | $7.90B | $7.09B | $6.42B | $2.21B | $695.1M | $670.8M | $543.1M | $33.3M | $93.3M | $123.0M | $155.6M | $157.9M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $523,000 | $450,000 | $444,000 | $439,000 | $415,000 | $408,000 | $404,000 | $383,000 | $374,000 | $303,000 | $277,000 | $232,000 |
| Retained earnings (deficit) | −$2.36B | −$1.42B | −$993.7M | −$867.1M | −$412.1M | −$393.7M | −$332.3M | −$303.1M | −$280.3M | −$269.5M | −$259.9M | −$249.4M |
| Accumulated other comprehensive income | — | — | $0 | — | — | — | — | — | $374,000 | $0 | −$277,000 | −$9.3M |
| Minority interest | $244,000 | $1.2M | — | — | — | — | — | — | — | — | — | — |
| Total shareholders' equity | $147.3M | −$78.8M | $140.4M | $247.3M | $174.3M | $170.4M | $244.4M | $372.6M | $386.2M | $272.3M | $222.5M | $153.9M |
| Key figures | ||||||||||||
| Total debt | $5.24B | $5.31B | $5.20B | $1.09B | $500.9M | $491.8M | $491.2M | $912,000 | $73.3M | $100.3M | $124.5M | $125.9M |
| Net cash (debt) | −$2.62B | −$2.49B | −$1.93B | −$373.5M | −$410.9M | −$273.7M | −$217.2M | $23.0M | $30.8M | −$52.5M | −$70.0M | −$119.3M |
| Working capital | −$957.4M | $482.6M | $1.74B | $23.3M | −$52.2M | $109.1M | $229.6M | $0 | $18.5M | −$67.8M | −$92.1M | −$95.5M |
| Tangible book value | $91.8M | −$134.2M | $85.0M | $191.9M | $118.9M | $170.4M | $244.4M | $372.6M | $386.2M | $272.3M | $222.5M | $153.9M |
| Book value per share | $0.30 | −$0.19 | $0.35 | $0.62 | $0.45 | $0.44 | $0.63 | $0.98 | $1.13 | $0.94 | $0.80 | $0.69 |
| Shares outstanding | 485.7M | 423.0M | 397.6M | 401.6M | 386.9M | 383.1M | 385.7M | 382.1M | 340.7M | 290.6M | 276.7M | 221.7M |
| Current ratio | 0.75 | 1.20 | 2.00 | 1.03 | 0.66 | 1.90 | 5.43 | 1.00 | 1.20 | 0.45 | 0.40 | 0.12 |
| Quick ratio | 0.70 | 1.19 | 1.88 | 1.03 | 0.63 | 1.85 | 5.37 | 0.87 | 1.15 | 0.41 | 0.36 | 0.09 |
| Debt / equity | 35.56 | — | 36.99 | 4.39 | 2.87 | 2.89 | 2.01 | 0.00 | 0.19 | 0.37 | 0.56 | 0.82 |
| Equity / assets | 1.8% | −1.1% | 2.1% | 10.1% | 20.1% | 20.3% | 31.0% | 91.8% | 80.5% | 68.9% | 58.8% | 49.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
WULF financial position
At the end of fiscal 2025 (December 31, 2025), TeraWulf had total assets of $6.6 billion (up 732.8% from a year earlier), total liabilities of $6.4 billion and shareholders' equity of $140.4 million. It held $3.3 billion in cash and short-term investments against $5.2 billion of debt, net debt of $1.9 billion. Its current ratio was 2.00. In the latest quarter (ended June 30, 2026) total assets were $8.0 billion and equity $147.3 million.
Related: WULF income statement, WULF cash flow statement, WULF key metrics. See the WULF stock overview for the latest quote and news.
WULF balance sheet FAQ
What are TeraWulf's total assets?
TeraWulf reported total assets of $6.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $787.5 million a year earlier.
How much debt does TeraWulf have?
TeraWulf had $5.2 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 36.99.
How much cash does TeraWulf have?
TeraWulf held $3.3 billion in cash and short-term investments at the end of fiscal 2025; with $5.2 billion of debt that is net debt of $1.9 billion.
What is TeraWulf's book value?
TeraWulf's shareholders' equity (book value) was $140.4 million at the end of fiscal 2025, or $0.35 per share.
What is TeraWulf's current ratio?
TeraWulf had current assets of $3.5 billion and current liabilities of $1.7 billion, a current ratio of 2.00 (it can cover its short-term obligations).
How much goodwill does TeraWulf have?
TeraWulf carried $55.5 million of goodwill and intangible assets, 0.8% of total assets, at the end of fiscal 2025.