What is TeraWulf's cost of capped call?

TeraWulf (WULF) reported cost of capped call of $25.15M in Q4 2025.

How has TeraWulf's cost of capped call changed year-over-year?

TeraWulf's cost of capped call decreased by 58.1% year-over-year, from $60M to $25.15M.

What does cost of capped call mean?

Cash outflows related to the purchase of capped call options, typically used as a hedging strategy in conjunction with convertible debt offerings. These instruments are designed to mitigate the potential dilution impact of future share conversions.

TeraWulf WULF Cost of capped call

Discontinued — last reported Q4 '25

Cost of capped call at other companies

GlaukosGKOS

$73.75K—

CoreWeave, Inc. CRWV

$85M—

Applied DigitalAPLD

$0-100%

Datadog, Inc.DDOG

$0-100%

ZscalerZS

$197K—

Rivian Automotive, Inc.RIVN

$0—

Other financials

Income statement

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Revenue$34.0M-1.1%

Gross profit$31.7M+221%

Operating income-$162.1M-172%

Net income-$427.6M-596%

EPS (diluted)-$1.01-531%

Balance sheet

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Cash & equivalents$3.1B+1,318%

Total debt$3.7B+959%

Total equity-$78.8M-146%

Total assets$7.0B+733%

Cash flow

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Operating cash flow-$17.6M-131%

CapEx$523.0M+458%

Free cash flow-$540.5M-1,353%

Valuation

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Market cap$14.36B+484%

Enterprise value$14.94B+470%

P/S85.5×+66.8×

Profitability

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Gross margin64%+19.1pp

Operating margin-171.8%+398pp

Net margin-611.5%-747pp

FCF margin-1,003.6%-1,433pp

Returns & leverage

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Return on equity-343.7%-382pp

Debt / equity25.4×+25.4×

Current ratio1.2×-0.7×

Where this comes from

Reported directly by TeraWulf in its filing.

Tagged under the XBRL concept wulf:PurchaseOfCappedCalls.

The official record: TeraWulf’s 10-K, filed February 27, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is TeraWulf's cost of capped call?: TeraWulf (WULF) reported cost of capped call of $25.15M in Q4 2025.
How has TeraWulf's cost of capped call changed year-over-year?: TeraWulf's cost of capped call decreased by 58.1% year-over-year, from $60M to $25.15M.
What does cost of capped call mean?: Cash outflows related to the purchase of capped call options, typically used as a hedging strategy in conjunction with convertible debt offerings. These instruments are designed to mitigate the potential dilution impact of future share conversions.