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TeraWulf WULF Change in fair value of warrants and derivatives

Discontinued — last reported Q4 '25

Change in fair value of warrants and derivatives at other companies

Revolution Medicines, Inc. logo
Revolution Medicines, Inc.RVMD
-$12.63M
CoreWeave, Inc.
 logo
CoreWeave, Inc. CRWV
$0-100%
Joby Aviation logo
Joby AviationJOBY
$106.01M+49.3%
NexPoint Real Estate Finance logo
NexPoint Real Estate FinanceNREF
-$4.48M-130%
Globalstar logo
GlobalstarGSAT
$0
GameStop logo
GameStopGME
$42.2M

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:ChangeInFairValueOfWarrantAndDerivativeLiabilities.

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 change in fair value of warrants and derivatives?
TeraWulf (WULF) reported change in fair value of warrants and derivatives of -$5.15M in Q4 2025.
What does change in fair value of warrants and derivatives mean?
Non-cash gains or losses resulting from changes in the market value of warrants and derivatives.
How do you interpret change in fair value of warrants and derivatives?
An increase in expense (loss) often correlates with a rising stock price, while a decrease in expense (gain) may occur when the stock price falls.
How does change in fair value of warrants and derivatives compare across companies?
Common in high-growth or pre-profit companies that use equity-linked financing; varies significantly based on stock price performance.