WULFTERAWULF INC.

Finance Services

Revenue: $152M; 8.2% YoY
Operating margin: -122.9%; 126% YoY
EBITDA: −$98M; 495% YoY
Market cap: $5.9B
Employees: 141; $1M revenue each
Net debt / EBITDA: —; $485M net debt
AI in 10-K: 2.9; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$39M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
34% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-29% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentYes
66% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$1M · 76th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.9 per 10K words · 69th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$36M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	—	$15M	$69M	$140M	$152M	8.2%
Operating income	—	−$44M	−$29M	−$76M	−$186M	144%
Net income	−$96M	−$91M	−$73M	−$72M	−$661M	813%
Operating cash flow	—	−$34M	$4M	−$24M	−$123M	404%
Capex	—	$61M	$75M	$268M	$1.1B	296%
Stock-based comp	—	$2M	$6M	$31M	$51M	65%
Buybacks	—	$0	$0	$118M	$33M	72%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 29, 2025	Bayshore Capital LLC	SCHEDULE 13D/A	9.8%	Passive
Aug 18, 2025	Prager Paul B.	SCHEDULE 13D/A	—	Passive
Dec 31, 2024	Stammtisch Investments LLC	SCHEDULE 13D/A	0.5%	Passive
Oct 10, 2024	Stammtisch Investments LLC	SC 13D/A	7.3%	Passive
Aug 13, 2024	Khan Nazar M.	SC 13D/A	7.3%	Passive
May 15, 2024	Bayshore Capital LLC	SC 13D/A	5.9%	Passive
Oct 25, 2023	Khan Nazar M.	SC 13D	9.1%	Passive
Oct 24, 2023	Stammtisch Investments LLC	SC 13D/A	8.8%	Passive
Aug 30, 2023	Prager Paul B.	SC 13D/A	9.3%	Passive
Aug 1, 2023	Prager Paul B.	SC 13D/A	9.7%	Passive

Insider trading

Open-market buys, 12 mo: $440K · 13
Open-market sells, 12 mo: $36M · 17
Net: −$36M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$39M	$60M	115	—
FY2024	—	—	57	—
FY2023	—	—	24	—
FY2022	—	—	7	—
FY2021	—	—	151	—