AI Takeaway
WULF reported FY2025 revenue growth of 20.3% to $168.5M, but suffered a dramatic net loss of $661.4M (vs. $72.4M prior year) driven by a massive balance sheet expansion—total assets surged 732.8% to $6.56B—alongside sharply negative operating and net margins, reflecting heavy investment and financing activity.
Revenue
$168.46M
++20.28% YoY
EPS (Basic)
$-1.66
-690.48% YoY
Gross Margin
39.2%
-10.63% YoY
Operating Income
$-186.21M
-144.32% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Revenue grew 20.3% year-over-year from $140.1M to $168.5M, suggesting increased mining or data center output, though the pace of cost growth (32.0% YoY in cost of revenue) outstripped revenue gains, compressing gross profit by 5.4% to $66.0M.
Source: Source: 10-K Income Statement (XBRL Financial Data)
Gross margin declined significantly from 49.8% to 39.2% (a 10.6 percentage point drop), indicating that cost of revenue is rising faster than revenue—likely reflecting higher energy costs, depreciation on new mining hardware, or hosting expenses tied to capacity expansion.
Source: Source: 10-K Key Ratios (XBRL Financial Data)
Operating income deteriorated to -$186.2M from -$76.2M, a 144.3% worsening, implying substantial increases in operating expenses (SG&A, depreciation, impairments) beyond cost of revenue, driving the operating margin to -110.5% from -54.4%.
Source: Source: 10-K Income Statement (XBRL Financial Data)
2 more insights available
Upgrade to unlockLong-term debt surged from zero to $3.10B in a single fiscal year, pushing the debt-to-equity ratio to an alarming 45.7x. This level of leverage creates significant interest expense obligations and refinancing risk, particularly if operating cash flows remain deeply negative (-$123.2M in FY2025).
Source: Source: 10-K Balance Sheet (XBRL Financial Data)
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $-0.29 versus the $-0.14 analyst consensus — a -108.3% miss for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $168.46M | $140.05M | +20.28% |
Cost of Revenue | $82.66M | $62.61M | +32.03% |
Gross Profit | $66.05M | $69.79M | -5.37% |
Operating Income | $-186.21M | $-76.22M | -144.32% |
Net Income | $-661.42M | $-72.42M | -813.33% |
EPS (Basic) | $-1.66 | $-0.21 | -690.48% |
EPS (Diluted) | $-1.66 | $-0.21 | -690.48% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $6.56B | $787.51M | +732.77% |
Current Assets | $3.48B | $281.43M | +1135.92% |
Total Liabilities | $6.42B | $543.07M | +1081.76% |
Current Liabilities | $1.74B | $51.84M | +3248.15% |
Stockholders' Equity | $140.44M | $244.44M | -42.55% |
Cash & Equivalents | $3.27B | $274.06M | +1091.83% |
Long-Term Debt | $3.1B | $0 | — |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $-123.18M | $-24.42M | -404.38% |
Investing Cash Flow | $-1.37B | $-91.16M | -1401.71% |
Financing Cash Flow | $4.94B | $335.21M | +1373.97% |
Share Buybacks | $33.29M | $118.22M | -71.84% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Gross Margin | 39.2% | 49.8% | -10.63% |
Operating Margin | -110.5% | -54.4% | -56.12% |
Net Margin | -392.6% | — | — |
ROE | -470.9% | — | — |
ROA | -10.1% | — | — |
Current Ratio | $2.004 | — | — |
Debt to Equity | $45.696 | — | — |
WULF reported a net loss of $661.4M in FY2025, compared to a net loss of $72.4M in the prior year—an 813.3% deterioration. Basic EPS fell to -$1.66 from -$0.21, reflecting a dramatic increase in losses per share driven by operating losses and likely significant non-cash charges tied to the company's massive balance sheet expansion.
WULF's total assets surged 732.8% to $6.56B in FY2025, with cash alone rising 1,091.8% to $3.27B, funded by $4.94B in financing cash flows. Simultaneously, long-term debt went from zero to $3.10B, suggesting a major capital raise—likely through equity issuance and debt financing—to fund a large acquisition or significant infrastructure build-out.
No, WULF is not profitable in FY2025. The company reported a gross profit of $66.0M but an operating loss of -$186.2M and a net loss of -$661.4M, with an operating margin of -110.5% and a net margin of -392.6%. Operating cash flow was also deeply negative at -$123.2M.
The most significant risks include WULF's extreme leverage (debt-to-equity of 45.7x with $3.10B in new long-term debt), sustained operating cash burn (-$123.2M in FY2025), and gross margin erosion (down from 49.8% to 39.2%). If the company cannot grow revenue faster than costs and generate positive operating cash flow, it will remain dependent on external financing to survive.
WULF's revenue grew 20.3% to $168.5M in FY2025, but gross margin fell from 49.8% to 39.2% because cost of revenue grew faster at 32.0%. This margin compression, combined with higher operating expenses, drove the operating margin to -110.5% from -54.4% in the prior year.