Hut 8 vs TeraWulf
Hut 8 reported revenue of $235 million in fiscal 2025, 1.4 times TeraWulf's $168 million in fiscal 2025. Hut 8's revenue grew 44.8% in its latest year, and TeraWulf's grew 20.3%. Hut 8 had an operating margin of -136.9%, against -110.5% at TeraWulf.
Side by side
| Hut 8 | TeraWulf | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $235M | $168M |
| Revenue growth | 44.8% | 20.3% |
| Revenue growth a year, last 5 years | — | — |
| Gross margin | 54.2% | 39.2% |
| Operating margin | −136.9% | −110.5% |
| Net margin | −96.2% | −392.6% |
| Free cash flow | — | −$1.2B |
| Free cash flow margin | — | −702.5% |
| Return on capital | — | — |
| Net debt to EBITDA | — | — |
| Dividends and buybacks | $0M | $33M |
| Change in diluted share count | 4.2% | 13.2% |
| Last close | $52.65 | $11.37 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | sold $15.2 million | bought $440,531, sold $36.1 million |
| Piotroski F-score | — | 1 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Hut 8TeraWulf
Operating margin
Percent of revenue
Hut 8TeraWulf
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Hut 8TeraWulf