WULF TeraWulf Inc. - Common Stock
$14.93
Price · Aug 19, 2026
Fundamentals as of Aug 5, 2026
52W Range
$9–$30
30% of range
Analyst Rating
BUY
25 analysts
Price Target
$37
+145% upside
P/E (TTM)
-9.6
ROE
-420.2%
Net Profit Margin
-392.6%
WULF Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$14.93
Market Cap
$6.71B
P/E (TTM)
-9.6
EPS (TTM)
$-1.66
Revenue (TTM)
$168M
Div Yield
—
ROE
-420.2%
Debt/Equity
22.1
52W Range
$9 – $30
WULF Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$168M
2017-12-31
→
2025-12-31
EPS
$-1.66
2017-12-31
→
2025-12-31
Free Cash Flow
$-1.18B
2017-12-31
→
2025-12-31
Margins
-392.6%
2017-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
WULF
Peer Median
P/E (TTM)
-9.6
31.0
P/S (TTM)
39.8
8.9
P/B
47.8
9.0
EV / EBITDA
-35.1
—
Price / FCF
-5.7
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
WULF
Peer Median
Gross Margin
39.2%
79.7%
Operating Margin
-110.5%
—
Net Profit Margin
-392.6%
14.8%
ROA
-18.0%
-3.7%
ROE
-420.2%
-6.5%
ROIC
-5.8%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
WULF
Peer Median
Debt / Equity
22.1
34.8
Current Ratio
2.0
1.3
Quick Ratio
1.9
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
WULF
Peer Median
Revenue YoY
20.3%
—
Revenue CAGR 3Y
123.8%
—
Revenue CAGR 5Y
65.8%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
WULF
Peer Median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| Dec. 14, 2021 | $5.0000 |
| Dec. 18, 2012 | $1.0000 |
WULF Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
25 analysts
- Strong Buy 8 32.0%
- Buy 16 64.0%
- Hold 1 4.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
18 analysts · 2026-08-17
Median
$34.00
← Below all targets
$14.93
Low
$25.00
High
$62.50
Median target
$34.00
+127.8%
Mean target
$36.64
+145.5%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.45%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-1.92 | $-0.23 | -1.7% |
| March 31, 2026 | $-0.92 | $-0.18 | -0.74% |
| Dec. 31, 2025 | $-0.29 | $-0.14 | -0.15% |
| Sept. 30, 2025 | $-0.08 | $-0.06 | -0.02% |
| June 30, 2025 | $-0.05 | $-0.07 | 0.02% |
| March 31, 2025 | $-0.16 | $-0.07 | -0.09% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| WULF | $4.83B | -6.9 | 20.3% | -392.6% | -420.2% | 39.2% |
| BSY | $11.54B | 44.9 | 11.0% | 18.5% | 24.9% | 81.5% |
| HUT | $5.06B | -21.5 | 44.8% | -96.2% | -18.9% | — |
| PCOR | $11.04B | -108.6 | 14.8% | -7.6% | -8.1% | 79.5% |
| TTAN | — | -46.1 | 24.5% | -16.6% | -10.6% | 70.1% |
| IDCC | $8.18B | 27.0 | -4.0% | 48.8% | 37.2% | — |
| YOU | — | — | 16.9% | 12.1% | 58.1% | — |
| DBX | $6.75B | 14.9 | -1.1% | 20.2% | -32.8% | 80.1% |
| APPF | — | 60.0 | 19.7% | 14.8% | 28.2% | — |
| PLTR | $425.03B | 282.1 | 56.2% | 36.3% | 26.2% | 82.4% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $168M | $140M | $69M | $15M | · | $13M | $18M | $18M | $17M | $18M | $18M | $18M | |
| Cost of Revenue | $83M | $63M | $27M | $11M | · | $10M | $12M | $12M | $12M | $11M | $11M | $12M | |
| Gross Profit | $66M | $70M | $37M | $4M | · | $4M | $5M | $6M | $6M | $6M | $6M | $7M | |
| R&D Expense | · | · | · | · | · | $671.5K | $870.3K | $677.2K | $688.7K | $647.1K | $660.4K | $665.0K | |
| SG&A Expense | · | · | · | $23M | $24M | $5M | $5M | $5M | $6M | $6M | $5M | $5M | |
| Operating Expenses | $355M | $216M | $99M | $59M | $43M | · | · | · | · | · | · | $6M | |
| Operating Income | $-186M | $-76M | $-29M | $-44M | $-43M | $-2M | $-956.7K | $225.8K | $-464.6K | $-22.0K | $220.8K | $913.5K | |
| Interest Expense | · | · | $35M | $25M | $2M | $86.6K | $90.1K | $90.6K | $83.1K | $58.2K | · | · | |
| Interest Income | · | · | · | · | · | $1M | $61.2K | $50.2K | $23.5K | $11.2K | $4.2K | $5.3K | |
| Pretax Income | $-661M | $-72M | $-73M | $-86M | $-47M | $-649.3K | $-985.6K | $185.5K | $-524.1K | $-69.1K | $225.0K | $918.8K | |
| Income Tax | $76.0K | $0 | $0 | $-256.0K | $-615.0K | $-210.0K | $-172.0K | $46.0K | $-298.0K | $-4.0K | $90.0K | $270.0K | |
| Net Income | $-661M | $-72M | $-73M | $-91M | $-96M | $-439.3K | $-813.6K | $139.5K | $-226.1K | $-65.1K | $135.0K | $648.8K | |
| EPS (Basic) | $-1.66 | $-0.21 | $-0.35 | $-0.82 | $-1.13 | $-0.22 | $-0.41 | $0.07 | $-0.11 | $-0.03 | $0.07 | $0.32 | |
| EPS (Diluted) | $-1.66 | $-0.21 | $-0.35 | $-0.82 | $-1.13 | $-0.22 | $-0.41 | $0.07 | $-0.11 | $-0.03 | $0.07 | $0.32 | |
| Shares (Basic) | 397,608,216 | 351,315,476 | 209,956,392 | 110,638,792 | 85,200,032 | 1,976,354 | 1,980,253 | 1,983,553 | 2,007,613 | 2,018,649 | 2,018,253 | 2,017,144 | |
| Shares (Diluted) | 397,608,216 | 351,315,476 | 209,956,392 | 110,638,792 | 85,200,032 | 1,976,354 | 1,980,253 | 1,983,553 | 2,007,613 | 2,018,649 | 2,018,591 | 2,018,334 | |
| EBITDA | $-186M | · | $-29M | · | · | $-2M | $-316.7K | $984.7K | $372.3K | $-22.0K | $220.8K | $913.5K |
Balance Sheet 30
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.27B | $274M | $54M | $1M | $43M | $4M | $963.6K | $2M | $929.7K | $1M | $2M | $2M | |
| Short-term Investments | · | · | · | · | · | $0 | $2M | $3M | $3M | $3M | $0 | $2M | |
| Receivables | $1M | $475.0K | · | · | · | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Inventory | · | · | · | · | · | $2M | $2M | $2M | $2M | $2M | $2M | $3M | |
| Prepaid Expense | $6M | $2M | $5M | $5M | $1M | $126.0K | $906.9K | $375.4K | $168.2K | $361.9K | $85.6K | $86.4K | |
| Other Current Assets | $14M | $123.0K | $806.0K | $543.0K | $108.0K | · | · | · | · | · | · | · | |
| Current Assets | $3.48B | $281M | $63M | $14M | $68M | $8M | $9M | $9M | $8M | $9M | $7M | $9M | |
| PP&E (Net) | $1.51B | $412M | $205M | $192M | $192M | $7M | $8M | $8M | $8M | $9M | $8M | $5M | |
| PP&E (Gross) | $1.64B | $478M | $240M | $198M | $198M | $16M | $16M | $16M | $16M | $16M | $14M | $11M | |
| Accum. Depreciation | $132M | $66M | $35M | $7M | $7M | $9M | $8M | $8M | $8M | $7M | $6M | $6M | |
| Goodwill | $55M | $0 | · | · | · | · | · | · | · | · | · | · | |
| Intangibles | · | · | · | · | · | $243.6K | $271.4K | $376.4K | $351.2K | $338.1K | $336.1K | $353.9K | |
| Other Non-current Assets | $8M | $1M | $679.0K | $1M | $109.0K | · | · | · | · | · | · | · | |
| Total Assets | $6.56B | $788M | $378M | $318M | $265M | $15M | $17M | $17M | $17M | $18M | $15M | $15M | |
| Accounts Payable | $65M | $24M | $15M | $22M | $12M | · | · | · | $321.9K | $730.4K | · | $371.2K | |
| Short-term Debt | $0 | · | · | · | · | · | · | · | · | · | · | · | |
| Current Liabilities | $1.74B | $52M | $155M | $126M | $46M | $4M | $2M | $1M | $875.8K | $1M | $1M | $744.5K | |
| Capital Leases | $22M | $3M | $899.0K | $947.0K | $992.0K | · | · | · | · | · | · | · | |
| Deferred Tax | $76.0K | $0 | · | · | · | · | · | $183.0K | $144.0K | $446.0K | $385.0K | $367.0K | |
| Other Non-current Liabilities | $902.0K | $0 | · | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $6.42B | $543M | $156M | $200M | $142M | $4M | $5M | $4M | $4M | $5M | $2M | $1M | |
| Long-term Debt | $3.10B | $0 | $124M | $125M | $95M | · | $3M | $3M | $3M | $3M | · | · | |
| Total Debt | $3.10B | · | $124M | · | $95M | $3M | $3M | $3M | $3M | $3M | · | · | |
| Common Stock | $444.0K | $404.0K | $277.0K | $145.0K | $100.0K | $197.6K | $197.6K | $198.4K | $198.4K | $201.9K | $201.8K | $201.8K | |
| Paid-in Capital | $1.29B | $685M | $473M | $295M | $219M | · | · | · | · | · | · | · | |
| Retained Earnings | $-994M | $-332M | $-260M | $-186M | $-96M | $9M | $9M | $10M | $10M | $11M | $11M | $10M | |
| Treasury Stock | $152M | $118M | $0 | · | · | · | · | · | · | · | · | · | |
| Stockholders' Equity | $140M | $244M | $222M | $118M | $123M | $12M | $12M | $13M | $13M | $13M | $13M | $13M | |
| Liabilities + Equity | $6.56B | $788M | $378M | $318M | $265M | $15M | $17M | $17M | $17M | $18M | $15M | $15M | |
| Shares Outstanding | 420,065,944 | 404,223,028 | 276,733,329 | 145,492,971 | 99,976,253 | 1,976,354 | 1,976,354 | 1,983,553 | 1,983,553 | 2,018,753 | 2,018,253 | 2,018,253 |
Cash Flow 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | · | · | · | · | · | $640.0K | $758.8K | $836.9K | $760.8K | · | · | |
| Stock-based Comp | $51M | $31M | $6M | $2M | · | $22.0K | $8.8K | $13.6K | $23.6K | $25.0K | $21.7K | $18.4K | |
| Deferred Tax | $76.0K | $0 | $0 | $-256.0K | $-615.0K | · | $-183.0K | $39.0K | $-302.0K | $61.0K | $18.0K | $-77.0K | |
| Amort. of Intangibles | · | · | · | · | · | $25.8K | $31.9K | $24.7K | $25.9K | $25.1K | $25.0K | $25.8K | |
| Other Non-cash | · | · | · | · | · | · | $-129.3K | $273.8K | $-127.6K | · | · | · | |
| Operating Cash Flow | $-123M | $-24M | $4M | $-34M | $-24M | $-398.8K | $-477.0K | $1M | $204.7K | $916.9K | $1M | $916.7K | |
| CapEx | $1.06B | $268M | $75M | $61M | $109M | $149.9K | $478.4K | $543.1K | $230.1K | $2M | $3M | $434.5K | |
| Investing Cash Flow | $-1.37B | $-91M | $-78M | $-94M | $-201M | $2M | $7.6K | $-393.1K | $114.6K | $-5M | · | · | |
| Debt Issued | · | · | · | $22M | · | $1M | · | · | · | $3M | · | · | |
| Net Debt Issued | · | · | · | · | · | $1M | $-140.4K | $-138.2K | $-139.7K | $3M | · | · | |
| Stock Issued | $0 | $189M | $136M | $47M | $104M | · | · | · | · | · | · | · | |
| Stock Repurchased | $33M | $118M | $0 | $0 | · | · | $49.6K | · | $300.5K | · | · | · | |
| Net Stock Activity | $-33M | · | $136M | · | · | · | $-49.6K | · | $-300.5K | · | · | · | |
| Financing Cash Flow | $4.94B | $335M | $120M | $90M | $272M | $1M | $-190.0K | $-138.2K | $-438.3K | $3M | · | · | |
| Net Change in Cash | $3.45B | $220M | $46M | $-38M | $46M | $3M | $-659.5K | $693.4K | $-119.0K | $-1M | · | · | |
| Taxes Paid | · | · | · | · | · | $8.1K | $9.5K | $7.7K | $60.0K | $102.2K | $11.1K | $401.8K | |
| Free Cash Flow | $-1.18B | · | $-71M | · | · | $-548.7K | $-955.4K | $681.6K | $-25.4K | $-1M | $-1M | $482.3K | |
| Levered FCF | · | · | $-106M | · | · | $-607.3K | $-1M | $613.5K | $-61.2K | $-1M | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.2% | · | 60.5% | · | · | 29.1% | 30.6% | 34.3% | 33.2% | 35.5% | 35.0% | 36.2% | |
| Operating Margin | -110.5% | · | -42.5% | · | · | -13.3% | -5.4% | 1.2% | -2.7% | -0.13% | 1.3% | 4.9% | |
| Net Margin | -392.6% | · | -106.1% | · | · | -3.3% | -4.6% | 0.77% | -1.3% | -0.37% | 0.77% | 3.5% | |
| Pretax Margin | -392.6% | · | -106.0% | · | · | -4.8% | -5.6% | 1.0% | -3.0% | -0.39% | 1.3% | 5.0% | |
| EBITDA Margin | -110.5% | · | -42.5% | · | · | -13.3% | -1.8% | 5.4% | 2.2% | -0.13% | 1.3% | 4.9% | |
| ROA | -18.0% | · | -21.1% | · | · | -2.7% | -4.7% | 0.81% | -1.3% | -0.39% | 0.90% | 4.5% | |
| ROE | -420.2% | · | -39.0% | · | · | -4.0% | -6.6% | 1.1% | -1.7% | -0.48% | 1.0% | 5.0% | |
| ROIC | -5.8% | · | -8.5% | · | · | -8.3% | -5.2% | 1.1% | -1.2% | -0.12% | 0.98% | 4.8% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.0 | · | 0.4 | · | 1.5 | 2.2 | 4.5 | 6.9 | 9.4 | 6.9 | 6.1 | 11.9 | |
| Quick Ratio | 1.9 | · | 0.4 | · | 0.9 | 1.6 | 2.9 | 5.0 | 6.9 | 5.0 | 3.9 | 7.8 | |
| Debt / Equity | 22.1 | · | 0.6 | · | 0.8 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | · | · | |
| LT Debt / Equity | 21.7 | · | 0.0 | · | 0.8 | · | 0.2 | 0.2 | 0.2 | 0.2 | · | · | |
| Interest Coverage | · | · | -0.8 | · | · | -20.6 | -10.6 | 2.5 | -5.6 | -0.4 | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | · | 0.2 | · | · | 0.8 | 1.0 | 1.1 | 1.0 | 1.1 | 1.2 | 1.3 | |
| Inventory Turnover | · | · | · | · | · | 5.0 | 5.8 | 5.8 | 5.7 | 5.5 | 4.8 | 4.5 | |
| Receivables Turnover | 199.7 | · | · | · | · | 5.9 | 7.6 | 8.3 | 7.6 | 7.8 | 8.2 | 8.9 |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 20.3% | 102.3% | 360.5% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 123.8% | · | 72.7% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 65.8% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $168M | $140M | $69M | $15M | $15M | $13M | $18M | $18M | $17M | $18M | $18M | $18M | |
| Net Income TTM | $-661M | $-72M | $-73M | $-91M | $-96M | $-439.3K | $-813.6K | $139.5K | $-226.1K | $-65.1K | $135.0K | $648.8K | |
| Market Cap | $4.83B | · | $664M | · | $1.50B | $20M | $11M | $17M | $15M | $23M | $23M | $29M | |
| Enterprise Value | $4.66B | · | $733M | · | $1.56B | $19M | $10M | $15M | $14M | $22M | · | · | |
| P/E | -6.9 | -27.0 | -6.9 | -0.8 | -13.3 | -45.3 | -13.0 | 120.4 | -68.4 | -375.0 | 159.9 | 45.5 | |
| P/S | 28.7 | · | 9.6 | · | 99.0 | 1.5 | 0.6 | 0.9 | 0.9 | 1.3 | 1.3 | 1.6 | |
| P/B | 34.4 | · | 3.0 | · | 12.2 | 1.7 | 0.9 | 1.3 | 1.2 | 1.7 | 1.7 | 2.2 | |
| P / Tangible Book | 56.8 | 9.4 | 3.0 | 0.8 | 12.2 | 1.7 | · | · | · | · | · | · | |
| P / Cash Flow | -39.2 | · | 155.8 | · | · | -49.4 | -22.2 | 13.7 | 72.9 | 24.8 | 15.4 | 32.1 | |
| P / FCF | -4.1 | · | -9.4 | · | · | -35.9 | -11.1 | 24.5 | -587.3 | -19.8 | -16.1 | 60.9 | |
| EV / EBITDA | -25.0 | · | -24.9 | · | · | -10.5 | -32.3 | 15.6 | 38.1 | -982.6 | · | · | |
| EV / FCF | -3.9 | · | -10.3 | · | · | -34.1 | -10.7 | 22.5 | -557.8 | -18.8 | · | · | |
| EV / Revenue | 27.7 | · | 10.6 | · | 102.3 | 1.4 | 0.6 | 0.8 | 0.8 | 1.2 | · | · | |
| Earnings Yield | -14.4% | -3.7% | -14.6% | -122.4% | -7.5% | -2.2% | -7.7% | 0.83% | -1.5% | -0.27% | 0.63% | 2.2% |
Income Statement 16
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $45M | $34M | $36M | $51M | $48M | $34M | $35M | $27M | $36M | $42M | $23M | $19M | $15M | $12M | $10M | $4M | |
| Cost of Revenue | $12M | $2M | $19M | $17M | $22M | $25M | $20M | $15M | $14M | $14M | $9M | $8M | $5M | $5M | $5M | $5M | |
| Gross Profit | $9M | $20M | $8M | $29M | $22M | $7M | $9M | $11M | $22M | $28M | $9M | $11M | $10M | $7M | · | $-1M | |
| SG&A Expense | · | · | · | · | · | · | · | · | · | · | · | $6M | $6M | $6M | · | $6M | |
| Operating Expenses | $185M | $196M | $122M | $75M | $63M | $94M | $86M | $43M | $42M | $45M | $38M | $29M | $16M | $16M | $29M | $12M | |
| Operating Income | $-140M | $-162M | $-86M | $-25M | $-16M | $-60M | $-51M | $-16M | $-7M | $-2M | $-5M | $-10M | $-6M | $-9M | $-13M | $-13M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $11M | · | $10M | $8M | $7M | · | $7M | |
| Interest Income | $29M | · | · | $4M | $1M | $2M | · | $339.0K | $447.0K | $500.0K | · | · | · | · | · | · | |
| Pretax Income | $-930M | $-416M | $-127M | $-455M | $-18M | $-61M | $-26M | $-20M | $-12M | $-15M | $-23M | $-20M | $-14M | $-16M | $-39M | $-21M | |
| Income Tax | $28.0K | $28.0K | $76.0K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $-256.0K | |
| Net Income | $-940M | $-428M | $-127M | $-455M | $-18M | $-61M | $-29M | $-23M | $-11M | $-10M | $-11M | $-19M | $-18M | $-26M | $-25M | $-34M | |
| EPS (Basic) | $-1.94 | $-1.01 | $-0.32 | $-1.13 | $-0.05 | $-0.16 | $-0.09 | $-0.06 | $-0.03 | $-0.03 | $-0.02 | $-0.09 | $-0.08 | $-0.16 | $-0.18 | $-0.32 | |
| EPS (Diluted) | $-1.94 | $-1.01 | $-0.32 | $-1.13 | $-0.05 | $-0.16 | $-0.09 | $-0.06 | $-0.03 | $-0.03 | $-0.02 | $-0.09 | $-0.08 | $-0.16 | $-0.18 | $-0.32 | |
| Shares (Basic) | 485,734,901 | 422,999,671 | -773,995,681 | 401,559,291 | 386,895,095 | 383,149,511 | -662,036,843 | 382,086,768 | 340,662,826 | 290,602,725 | -387,198,440 | 221,718,367 | 210,421,237 | 165,015,228 | -202,441,175 | 108,839,269 | |
| Shares (Diluted) | 485,734,901 | 422,999,671 | -773,995,681 | 401,559,291 | 386,895,095 | 383,149,511 | -662,036,843 | 382,086,768 | 340,662,826 | 290,602,725 | -387,198,440 | 221,718,367 | 210,421,237 | 165,015,228 | -202,441,175 | 108,839,269 | |
| EBITDA | $-140M | $-162M | · | $-25M | $-16M | · | · | $-16M | $-7M | $-2M | · | $-10M | $-6M | $-9M | · | $-13M |
Balance Sheet 27
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.62B | $2.63B | $3.27B | $711M | $90M | $218M | $274M | $24M | $104M | $46M | · | $7M | $8M | $17M | · | $4M | |
| Receivables | $13M | $6M | $1M | $4M | $1M | · | $475.0K | · | · | · | · | · | · | · | · | · | |
| Prepaid Expense | $18M | $21M | $6M | $3M | $3M | $5M | $2M | $3M | $3M | $4M | · | $2M | $3M | $4M | · | $3M | |
| Other Current Assets | $13M | $14M | $11M | $2M | $487.0K | $585.0K | $123.0K | $706.0K | $505.0K | $873.0K | · | $688.0K | $2M | $739.0K | · | $1M | |
| Current Assets | $2.81B | $2.87B | $3.48B | $729M | $99M | $230M | $281M | $32M | $111M | $54M | · | $13M | $14M | $22M | · | $16M | |
| PP&E (Net) | $3.60B | $2.58B | $1.51B | $862M | $605M | $510M | $412M | $283M | $272M | $238M | · | $181M | $162M | $159M | · | $202M | |
| PP&E (Gross) | $3.75B | $2.71B | $1.64B | $966M | $696M | $592M | $478M | $363M | $336M | $288M | · | $208M | $180M | $172M | · | $204M | |
| Accum. Depreciation | $152M | $131M | $132M | $104M | $91M | $82M | $66M | $80M | $64M | $50M | · | $27M | $19M | $12M | · | $2M | |
| Goodwill | $55M | $55M | $55M | $55M | $55M | · | $0 | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $83M | $8M | $8M | $9M | $9M | $9M | $1M | $710.0K | $547.0K | $586.0K | · | $768.0K | $798.0K | $1M | · | $3M | |
| Total Assets | $8.05B | $7.01B | $6.56B | $2.45B | $869M | $841M | $788M | $406M | $480M | $395M | · | $312M | $300M | $317M | · | $310M | |
| Accounts Payable | $198M | $228M | $65M | $62M | $39M | $55M | $24M | $20M | $8M | $14M | · | $19M | $17M | $19M | · | $18M | |
| Short-term Debt | · | $99M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Current Liabilities | $3.76B | $2.38B | $1.74B | $706M | $151M | $121M | $52M | $32M | $92M | $122M | · | $108M | $82M | $56M | · | $106M | |
| Capital Leases | $21M | $22M | $22M | $23M | $11M | $3M | $3M | $859.0K | $873.0K | $886.0K | · | $912.0K | $924.0K | $936.0K | · | $958.0K | |
| Deferred Tax | $132.0K | $104.0K | $76.0K | · | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | $94M | $8M | $902.0K | $11M | $1M | · | $0 | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $7.90B | $7.09B | $6.42B | $2.21B | $695M | $671M | $543M | $33M | $93M | $123M | · | $158M | $165M | $170M | · | $188M | |
| Long-term Debt | · | $3.10B | $3.10B | · | · | · | $0 | $0 | $72M | $99M | · | $125M | $119M | $113M | · | $116M | |
| Total Debt | · | $3.20B | · | · | · | · | · | $0 | $72M | $99M | · | $125M | $119M | $113M | · | $116M | |
| Common Stock | $523.0K | $450.0K | $444.0K | $439.0K | $415.0K | $408.0K | $404.0K | $383.0K | $374.0K | $303.0K | · | $232.0K | $216.0K | $186.0K | · | $115.0K | |
| Paid-in Capital | $2.66B | $1.49B | $1.29B | $1.26B | $728M | $706M | $685M | $666M | $657M | $532M | · | $394M | $356M | $345M | · | $274M | |
| Retained Earnings | $-2.36B | $-1.42B | $-994M | $-867M | $-412M | $-394M | $-332M | $-303M | $-280M | $-269M | · | $-249M | $-230M | $-213M | · | $-162M | |
| Treasury Stock | $148M | $152M | $152M | $152M | $152M | $152M | $118M | · | · | · | · | · | · | · | · | · | |
| Stockholders' Equity | $147M | $-79M | $140M | $247M | $174M | $170M | $244M | $373M | $386M | $272M | $222M | $154M | $135M | $146M | $118M | $122M | |
| Liabilities + Equity | $8.05B | $7.01B | $6.56B | $2.45B | $869M | $841M | $788M | $406M | $480M | $395M | · | $312M | $300M | $317M | · | $310M | |
| Shares Outstanding | 498,932,431 | 425,050,328 | 420,065,944 | 439,214,244 | 414,599,543 | 408,198,263 | 385,654,278 | 382,632,083 | 374,456,722 | 302,921,785 | 276,733,329 | 232,222,332 | 216,055,887 | 186,268,682 | 145,492,971 | 115,446,401 |
Cash Flow 12
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $84M | $101M | $7M | $4M | $1M | $39M | $17M | $2M | $5M | $7M | $2M | $1M | $2M | $876.0K | $518.0K | $568.0K | |
| Deferred Tax | $28.0K | $28.0K | · | · | $0 | $0 | · | · | · | · | $0 | · | · | · | $0 | · | |
| Operating Cash Flow | $-137M | $-18M | $-88M | $-37M | $-55M | $56M | $-43M | $-21M | $16M | $23M | $11M | $2M | $-297.0K | $-9M | $-4M | $157.0K | |
| CapEx | $856M | $523M | $615M | $232M | $120M | $94M | $154M | $21M | $47M | $47M | $34M | $25M | $6M | $10M | $7M | $15M | |
| Investing Cash Flow | $-893M | $-713M | $-1.04B | $-200M | $-71M | $-61M | $-9M | $11M | $-47M | $-47M | $-34M | $-16M | $-3M | $-12M | $-16M | $-3M | |
| Stock Issued | $1.19B | $9M | $0 | $0 | $0 | $0 | $0 | $15M | $123M | $51M | $78M | $22M | $10M | $27M | $10M | $3M | |
| Stock Repurchased | $0 | $0 | $0 | $0 | $0 | $33M | $118M | $0 | $0 | $0 | · | · | · | · | · | · | |
| Net Stock Activity | · | $9M | · | · | · | · | · | · | · | $51M | · | · | · | $27M | · | · | |
| Financing Cash Flow | $965M | $100M | $4.13B | $858M | $-902.0K | $-51M | $302M | $-70M | $89M | $16M | $71M | $12M | $-6M | $30M | $17M | $13M | |
| Net Change in Cash | $-64M | $-630M | $3.01B | $621M | $-127M | $-56M | $250M | $-80M | $58M | $-9M | $48M | $-2M | $-9M | $9M | $-3M | $11M | |
| Free Cash Flow | · | $-541M | · | · | · | · | · | · | · | $-24M | · | · | · | $-19M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-35M | · | · | · | · | · | · |
Profitability 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.0% | 60.1% | · | 57.2% | · | · | · | · | 60.9% | 66.0% | · | 56.4% | 66.9% | 56.6% | · | -34.1% | |
| Operating Margin | -313.7% | -476.7% | · | -48.8% | -32.7% | · | · | -58.1% | -19.0% | -5.5% | · | -51.1% | -37.8% | -80.0% | · | -346.1% | |
| Net Margin | -2099.6% | -1257.3% | · | -899.7% | -38.6% | · | · | -84.0% | -30.6% | -22.7% | · | -100.8% | -113.5% | -227.7% | · | -879.6% | |
| Pretax Margin | -2076.8% | -1223.5% | · | -899.7% | -38.6% | · | · | -74.1% | -32.7% | -35.1% | · | -104.9% | -92.1% | -139.2% | · | -533.2% | |
| EBITDA Margin | -313.7% | -476.7% | · | -48.8% | -32.7% | · | · | -58.1% | -19.0% | -5.5% | · | -51.1% | -37.8% | -80.0% | · | -346.1% | |
| ROA | -21.1% | -10.9% | · | -31.8% | -2.7% | · | · | -6.3% | -2.8% | -2.7% | · | -6.1% | -5.7% | -8.9% | · | -21.1% | |
| ROE | -584.5% | -933.7% | · | -146.8% | -6.6% | · | · | -8.6% | -4.2% | -4.6% | · | -13.9% | -13.0% | -19.6% | · | -51.5% | |
| ROIC | -95.4% | -5.2% | · | -10.0% | -8.9% | · | · | -4.2% | -1.5% | -0.62% | · | -3.5% | · | · | · | -5.5% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.7 | 1.2 | · | 1.0 | 0.7 | · | · | 1.0 | 1.2 | 0.4 | · | 0.1 | 0.2 | 0.4 | · | 0.2 | |
| Quick Ratio | 0.7 | 1.1 | · | 1.0 | 0.6 | · | · | 0.7 | 1.1 | 0.4 | · | 0.1 | 0.1 | 0.3 | · | 0.0 | |
| Debt / Equity | · | -40.7 | · | · | · | · | · | 0.0 | 0.2 | 0.4 | · | 0.8 | 0.9 | 0.8 | · | 1.0 | |
| LT Debt / Equity | · | -38.8 | · | · | · | · | · | 0.0 | 0.0 | 0.0 | · | 0.3 | 0.6 | 0.8 | · | 0.7 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -0.2 | · | -0.9 | -0.7 | -1.3 | · | -1.8 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.1 | · | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.0 | 0.0 | · | 0.0 | |
| Receivables Turnover | 6.2 | 9.5 | · | 18.8 | 33.7 | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $177M | $167M | · | $160M | $145M | $139M | · | $124M | $112M | $88M | · | $50M | $32M | $17M | · | $10M | |
| Net Income TTM | $-1.84B | $-962M | · | $-558M | $-113M | $-105M | · | $-62M | $-57M | $-73M | · | $-97M | $-91M | $-92M | · | $-72M | |
| Market Cap | $12.32B | $6.13B | · | $5.02B | $1.82B | · | · | $1.79B | $1.67B | $797M | · | $293M | $378M | $175M | · | $145M | |
| Enterprise Value | · | $6.71B | · | · | · | · | · | $1.77B | $1.63B | $850M | · | $411M | $489M | $272M | · | $257M | |
| P/E | -6.0 | -6.1 | · | -8.2 | -14.6 | -9.8 | · | -22.3 | -19.3 | -7.3 | · | -1.9 | -2.5 | -1.2 | · | -1.8 | |
| P/S | 69.6 | 36.8 | · | 31.4 | 12.6 | · | · | 14.4 | 14.8 | 9.0 | · | 5.9 | 11.7 | 10.3 | · | 14.2 | |
| P/B | 83.7 | -77.9 | · | 20.3 | 10.4 | · | · | 4.8 | 4.3 | 2.9 | · | 1.9 | 2.8 | 1.2 | · | 1.2 | |
| P / Tangible Book | 134.2 | · | · | 26.1 | 15.3 | 6.5 | · | 4.8 | 4.3 | 2.9 | · | 1.9 | 2.8 | 1.2 | · | 1.2 | |
| P / Cash Flow | · | -348.7 | · | · | · | · | · | · | · | 34.9 | · | · | · | -20.1 | · | · | |
| P / FCF | · | -11.3 | · | · | · | · | · | · | · | -33.0 | · | · | · | -9.4 | · | · | |
| EV / EBITDA | · | -41.4 | · | · | · | · | · | -112.5 | -241.6 | -367.1 | · | -42.4 | -83.6 | -29.4 | · | -19.2 | |
| EV / FCF | · | -12.4 | · | · | · | · | · | · | · | -35.2 | · | · | · | -14.5 | · | · | |
| EV / Revenue | · | 40.2 | · | · | · | · | · | 14.2 | 14.5 | 9.6 | · | 8.3 | 15.2 | 16.0 | · | 25.2 | |
| Earnings Yield | -16.7% | -16.3% | · | -12.3% | -6.9% | -10.3% | · | -4.5% | -5.2% | -13.7% | · | -51.6% | -40.0% | -85.1% | · | -56.4% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $168M | $140M | $69M | $15M | — |
| Gross Margin % | 39.2% | — | 60.5% | — | — |
| Operating Margin % | -110.5% | — | -42.5% | — | — |
| Net Income | $-661M | $-72M | $-73M | $-91M | $-96M |
| Diluted EPS | $-1.66 | $-0.21 | $-0.35 | $-0.82 | $-1.13 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 22.1 | — | 0.6 | — | 0.8 |
| Current Ratio | 2.0 | — | 0.4 | — | 1.5 |
| Quick Ratio | 1.9 | — | 0.4 | — | 0.9 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-1.18B | — | $-71M | — | — |
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Institutional owners (13F) 594 filers · $11.6B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 146 (+16 vs prior Q) | 67 (+10 vs prior Q) | 199 (+34 vs prior Q) | 153 (-9 vs prior Q) | +107.0M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| LONE PINE CAPITAL LLC | $596,372,238 | 24,144,625 | 5.16% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $584,305,670 | 23,656,100 | 5.06% | Call option |
| CITADEL ADVISORS LLC | $576,070,690 | 23,322,700 | 4.99% | Call option |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $550,702,975 | 22,295,667 | 4.77% | Shares |
| JANE STREET GROUP, LLC | $546,625,820 | 22,130,600 | 4.73% | Call option |
| VANGUARD CAPITAL MANAGEMENT LLC | $442,052,096 | 17,896,846 | 3.83% | Shares |
| JANE STREET GROUP, LLC | $312,830,440 | 12,665,200 | 2.71% | Put option |
| Value Aligned Research Advisors, LLC | $302,899,435 | 12,263,135 | 2.62% | Shares |
| TWO SIGMA INVESTMENTS, LP | $283,947,742 | 11,495,860 | 2.46% | Shares |
| FMR LLC | $281,486,239 | 11,396,204 | 2.44% | Shares |
| CITADEL ADVISORS LLC | $256,719,450 | 10,393,500 | 2.22% | Put option |
| SCOGGIN MANAGEMENT LP | $218,903,750 | 8,862,500 | 1.89% | Call option |
| GEODE CAPITAL MANAGEMENT, LLC | $208,737,282 | 6,893,760 | 1.81% | Shares |
| SCOGGIN MANAGEMENT LP | $193,277,500 | 7,825,000 | 1.67% | Shares |
| CITADEL ADVISORS LLC | $175,264,408 | 7,095,725 | 1.52% | Shares |
| STATE STREET CORP | $171,014,674 | 6,923,671 | 1.48% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $170,459,640 | 6,901,200 | 1.48% | Put option |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $170,005,629 | 6,882,819 | 1.47% | Shares |
| Driehaus Capital Management LLC | $152,247,811 | 6,163,879 | 1.32% | Shares |
| Squarepoint Ops LLC | $149,063,413 | 6,034,956 | 1.29% | Shares |
| Point72 Asset Management, L.P. | $127,788,538 | 5,173,625 | 1.11% | Shares |
| Caption Management, LLC | $121,980,950 | 4,938,500 | 1.06% | Call option |
| NORGES BANK | $120,022,907 | 4,859,227 | 1.04% | Shares |
| NOMURA HOLDINGS INC | $107,055,901 | 4,334,247 | 0.93% | Shares |
| UBS Group AG | $106,331,030 | 4,304,900 | 0.92% | Call option |
| Capital World Investors | $87,031,710 | 3,523,551 | 0.75% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $86,857,822 | 3,516,511 | 0.75% | Shares |
| MILLENNIUM MANAGEMENT LLC | $86,731,679 | 3,511,404 | 0.75% | Shares |
| SCOGGIN MANAGEMENT LP | $86,450,000 | 3,500,000 | 0.75% | Put option |
| Forest Avenue Capital Management LP | $84,564,945 | 3,423,682 | 0.73% | Shares |
| D. E. Shaw & Co., Inc. | $83,165,913 | 3,367,041 | 0.72% | Shares |
| JENNISON ASSOCIATES LLC | $80,695,660 | 3,267,031 | 0.70% | Shares |
| Walleye Trading LLC | $74,095,060 | 2,999,800 | 0.64% | Call option |
| Caption Management, LLC | $72,835,360 | 2,948,800 | 0.63% | Put option |
| D. E. Shaw & Co., Inc. | $72,000,500 | 2,915,000 | 0.62% | Put option |
| Valiant Capital Management, L.P. | $71,549,874 | 2,896,756 | 0.62% | Shares |
| BIT Capital GmbH | $69,374,569 | 2,808,687 | 0.60% | Shares |
| Value Aligned Research Advisors, LLC | $68,028,740 | 2,754,200 | 0.59% | Call option |
| Engle Capital Management, L.P. | $66,571,440 | 2,695,200 | 0.58% | Shares |
| XN LP | $65,378,776 | 2,646,914 | 0.57% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $63,731,953 | 2,580,241 | 0.55% | Shares |
| Qube Research & Technologies Ltd | $63,004,711 | 2,550,798 | 0.55% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $62,201,664 | 2,518,286 | 0.54% | Shares |
| Two Seas Capital LP | $61,580,533 | 2,493,139 | 0.53% | Shares |
| NOMURA HOLDINGS INC | $58,929,260 | 2,385,800 | 0.51% | Call option |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $56,174,988 | 2,274,291 | 0.49% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $55,726,930 | 2,256,151 | 0.48% | Shares |
| Centiva Capital, LP | $55,693,560 | 2,254,800 | 0.48% | Put option |
| AMERIPRISE FINANCIAL INC | $55,420,900 | 2,243,759 | 0.48% | Shares |
| Hodges Capital Management Inc. | $54,966,096 | 2,225,348 | 0.48% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $52,146,467 | 2,111,193 | 0.45% | Shares |
| D. E. Shaw & Co., Inc. | $52,117,000 | 2,110,000 | 0.45% | Call option |
| BARCLAYS PLC | $51,141,597 | 2,070,510 | 0.44% | Shares |
| CITIGROUP INC | $49,082,160 | 1,987,132 | 0.42% | Shares |
| WOLVERINE ASSET MANAGEMENT LLC | $46,665,710 | 1,889,300 | 0.40% | Put option |
| BANK OF AMERICA CORP /DE/ | $46,243,364 | 1,872,201 | 0.40% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $43,042,877 | 1,959,166 | 0.37% | Shares |
| Hood River Capital Management LLC | $42,248,436 | 1,710,463 | 0.37% | Shares |
| Public Sector Pension Investment Board | $42,001,461 | 1,700,464 | 0.36% | Shares |
| Two Seas Capital LP | $41,990,000 | 1,700,000 | 0.36% | Call option |
| PEAK6 LLC | $41,819,570 | 1,693,100 | 0.36% | Call option |
| CANADA PENSION PLAN INVESTMENT BOARD | $39,546,108 | 1,601,057 | 0.34% | Shares |
| Beartown Capital Management, LLC | $37,050,000 | 1,500,000 | 0.32% | Shares |
| Centiva Capital, LP | $34,241,067 | 1,386,278 | 0.30% | Shares |
| Wasserstein Management, L.P. | $33,755,983 | 1,366,639 | 0.29% | Shares |
| WESTFIELD CAPITAL MANAGEMENT CO LP | $33,015,823 | 1,336,673 | 0.29% | Shares |
| Walleye Trading LLC | $32,574,360 | 1,318,800 | 0.28% | Put option |
| NOMURA HOLDINGS INC | $32,110,000 | 1,300,000 | 0.28% | Put option |
| ExodusPoint Capital Management, LP | $31,748,688 | 1,285,372 | 0.27% | Shares |
| Toroso Investments, LLC | $31,454,955 | 2,737,594 | 0.27% | Shares |
| Parallax Volatility Advisers, L.P. | $31,275,140 | 1,266,200 | 0.27% | Call option |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | $31,223,196 | 1,264,097 | 0.27% | Shares |
| UBS Group AG | $31,023,200 | 1,256,000 | 0.27% | Put option |
| Cartenna Capital, LP | $30,875,000 | 1,250,000 | 0.27% | Shares |
| Trexquant Investment LP | $29,801,019 | 1,206,519 | 0.26% | Shares |
| Nearwater Capital Markets, Ltd | $29,640,000 | 1,200,000 | 0.26% | Shares |
| CITIGROUP INC | $29,331,250 | 1,187,500 | 0.25% | Call option |
| TUDOR INVESTMENT CORP ET AL | $29,054,610 | 1,176,300 | 0.25% | Call option |
| CLEARFIELD CAPITAL MANAGEMENT LP | $28,750,800 | 1,164,000 | 0.25% | Shares |
| ExodusPoint Capital Management, LP | $28,405,000 | 1,150,000 | 0.25% | Call option |
| THAMES CAPITAL MANAGEMENT LLC | $26,928,014 | 1,090,203 | 0.23% | Shares |
| Walleye Capital LLC | $25,110,638 | 1,016,625 | 0.22% | Shares |
| AXXCESS WEALTH MANAGEMENT, LLC | $24,701,457 | 1,000,059 | 0.21% | Shares |
| TWO SIGMA ADVISERS, LP | $24,563,322 | 2,137,800 | 0.21% | Shares |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC | $24,468,808 | 990,640 | 0.21% | Shares |
| Newbrook Capital Advisors LP | $24,322,337 | 984,710 | 0.21% | Shares |
| Balyasny Asset Management L.P. | $24,126,145 | 976,767 | 0.21% | Shares |
| ARDSLEY ADVISORY PARTNERS LP | $23,686,320 | 966,000 | 0.21% | Shares |
| Point72 Asset Management, L.P. | $23,282,220 | 942,600 | 0.20% | Put option |
| Parallax Volatility Advisers, L.P. | $22,469,590 | 909,700 | 0.19% | Put option |
| NEUBERGER BERMAN GROUP LLC | $22,175,438 | 897,791 | 0.19% | Shares |
| Empyrean Capital Partners, LP | $21,785,400 | 882,000 | 0.19% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $20,877,008 | 845,223 | 0.18% | Shares |
| Ranger Investment Management, L.P. | $20,712,432 | 838,560 | 0.18% | Shares |
| ALGERT GLOBAL LLC | $19,973,334 | 808,637 | 0.17% | Shares |
| BARCLAYS PLC | $19,779,760 | 800,800 | 0.17% | Call option |
| PEAK6 LLC | $19,760,000 | 800,000 | 0.17% | Put option |
| EXCHANGE TRADED CONCEPTS, LLC | $19,752,911 | 799,713 | 0.17% | Shares |
| Zimmer Partners, LP | $19,488,300 | 789,000 | 0.17% | Shares |
| P SCHOENFELD ASSET MANAGEMENT LP | $19,354,920 | 783,600 | 0.17% | Put option |
Company insiders 36 insiders · 12 officers · 21 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Paul B. Prager | Chief Executive Officer | June 29, 2026 S | 3,945,052 | 0 | 11 | $-21,086,047 |
| Glenn Sandgren | Chief Executive Officer | Dec. 13, 2021 D | 0 | 0 | 0 | $0 |
| Patrick Fleury | Chief Financial Officer | Aug. 1, 2026 M | 500,000 | 0 | 2 | $-9,684,000 |
| Jon Gerlach | V.P. Finance and CFO | Dec. 13, 2021 D | 0 | 0 | 0 | $0 |
| Kenneth D. Hegman | Chief Operating Officer | Dec. 13, 2021 D | 0 | 0 | 0 | $0 |
| Kerri M. Langlais | Chief Strategy Officer | Aug. 1, 2026 M | 4,380,381 | 0 | 0 | $0 |
| Nazar M. Khan | Chief Technology Officer | May 18, 2026 M | 1,469,592 | 0 | 0 | $0 |
| Claude P Piguet | Vice President, Operations | Dec. 13, 2021 D | 0 | 0 | 0 | $0 |
| Karl G. Shaw | Chief Technology Officer | Dec. 12, 2013 M | 0 | 0 | 0 | $0 |
| Thill Parnell | Vice President, Marketing | April 17, 2008 M | 1,998 | 0 | 0 | $0 |
| Yoshifumi Komatsu | Vice President, Technology | Nov. 7, 2007 M | 2,742 | 0 | 0 | $0 |
| Robert D Banks JR | V.P., International Sales | July 26, 2007 M | 7,950 | 0 | 0 | $0 |
| Walter E. Carter | Director | June 30, 2026 A | 359,716 | 0 | 0 | $0 |
| Lisa A. Prager | Director | June 30, 2026 A | 311,510 | 0 | 0 | $0 |
| Amanda Fabiano | Director | June 23, 2026 A | 96,792 | 0 | 0 | $0 |
| Steven T. Pincus | Director | June 23, 2026 A | 399,391 | 0 | 0 | $0 |
| Catherine J. Motz | Director | June 23, 2026 A | 209,241 | 0 | 1 | $-584,480 |
| Jason Griffin New | Director | July 21, 2023 J | 0 | 0 | 0 | $0 |
| Gregory W. Jackson | Director | Dec. 13, 2021 D | 0 | 0 | 0 | $0 |
| Jeffrey D Engbrecht | Director | Dec. 13, 2021 D | 0 | 0 | 0 | $0 |
| Marianne Bohren | Director | Dec. 13, 2021 D | 0 | 0 | 0 | $0 |
| Lockwood Carlson | Director | Dec. 13, 2021 D | 0 | 0 | 0 | $0 |
| Darrell B Lee | Director | Dec. 13, 2021 D | 0 | 0 | 0 | $0 |
| Ernest M. Harper JR | Director | April 29, 2021 A | 1,000 | 0 | 0 | $0 |
| William C Ulland | Director | March 18, 2021 S | 222,047 | 0 | 0 | $0 |
| David O Harris | Director | Nov. 7, 2016 S | 86,612 | 0 | 0 | $0 |
| Rondi Erickson | Director | Nov. 15, 2013 P | 16,398 | 0 | 0 | $0 |
| Leigh H Severance | Director | Dec. 14, 2012 P | 180,079 | 0 | 0 | $0 |
| Charles H Andersen | Director | Jan. 2, 2007 M | 24,114 | 0 | 0 | $0 |
| Stammtisch Investments LLC | 10% owner | June 14, 2023 J | 20,568,267 | 0 | 0 | $0 |
| Joseph R Nerges | 10% owner | March 12, 2021 S | 318,779 | 0 | 0 | $0 |
| Michael C. Bucella | — | Aug. 17, 2026 P | 344,704 | 12 | 0 | $350,534 |
| William Joseph Tanimoto | — | Aug. 16, 2026 M | 55,564 | 0 | 0 | $0 |
| Kenneth J Deane | — | May 16, 2025 M | 595,401 | 0 | 0 | $0 |
| Revolve Capital LLC | — | Feb. 28, 2023 J | 17,860,622 | 0 | 0 | $0 |
| Gerald W Simonson | — | Aug. 31, 2016 P | 118,995 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 9 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Bayshore Capital LLC, Bryan J. Pascual | Aug. 29, 2025 | 4.90% | Amendment | — | SEC |
| Stammtisch Investments LLC, Paul B. Prager, Lucky Liefern LLC, Heorot Power Holdings LLC, Allin WULF LLC, Beowulf Electricity & Data Inc., Riesling Power LLC, Paul B. Prager 2020 Revocable Trust, Beowulf E&D Holdings Inc. ×5 filings | Aug. 18, 2025 | 10.70% | Amendment | — | SEC |
| OR ×20 filings | Aug. 13, 2024 | — | Initial filing | — | SEC |
| Nazar M. Khan, Yaqeen Trust I, Lake Harriet Holdings, LLC ×2 filings | March 10, 2023 | — | Initial filing | — | SEC |
| CUSTODIAN VENTURES LLC, DAVID ELLIOT LAZAR ×2 filings | June 30, 2021 | — | Initial filing | — | SEC |
| Ault Global Holdings, Inc. ×3 filings | June 29, 2021 | — | Initial filing | — | SEC |
| DPW Holdings, Inc. | Jan. 14, 2021 | — | Initial filing | Passive investment | SEC |
| ACTIVIST INVESTING LLC, CUSTODIAN VENTURES LLC, DAVID ELLIOT LAZAR | Nov. 2, 2020 | — | Initial filing | Passive investment | SEC |
| Joseph R. Nerges ×4 filings | Aug. 25, 2006 | — | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 65 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| BKCH · Global X Funds | 4.60% | 701,067 NS | May 31, 2026 | N-PORT |
| CRPT · First Trust Exchange-Traded Fund VI… | 3.98% | 178,569 NS | May 31, 2026 | N-PORT |
| CEPI · ETF Opportunities Trust | 3.96% | 171,042 NS | April 30, 2026 | N-PORT |
| BLOX · Tidal Trust II | 3.70% | 455,437 NS | April 30, 2026 | N-PORT |
| TCAI · Tortoise Capital Series Trust | 2.65% | 225,136 NS | May 31, 2026 | N-PORT |
| HECO · SSGA Active Trust | 2.10% | 78,988 NS | April 30, 2026 | N-PORT |
| DECO · SSGA Active Trust | 2.09% | 15,155 NS | April 30, 2026 | N-PORT |
| TEKX · SSGA Active Trust | 1.02% | 2,846 NS | April 30, 2026 | N-PORT |
| FNY · First Trust Exchange-Traded AlphaDE… | 1.00% | 237,585 NS | April 30, 2026 | N-PORT |
| MMSC · First Trust Exchange-Traded Fund VI… | 0.61% | 12,507 NS | May 31, 2026 | N-PORT |
| AIPO · Tidal Trust II | 0.53% | 155,643 NS | May 31, 2026 | N-PORT |
| FSCC · Federated Hermes ETF Trust | 0.51% | 55,625 NS | May 31, 2026 | N-PORT |
| ANEW · ProShares Trust | 0.43% | 1,298 NS | May 31, 2026 | N-PORT |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.41% | 252,204 NS | April 30, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.41% | 137,612 NS | April 30, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.30% | 65,320 NS | April 30, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.26% | 9,680 NS | April 30, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.24% | 91,522 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.23% | 149,368 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.22% | 16,230 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.20% | 1,813,794 NS | May 31, 2026 | N-PORT |
| GINN · Goldman Sachs ETF Trust | 0.18% | 14,950 NS | May 31, 2026 | N-PORT |
| FTEC · FIDELITY COVINGTON TRUST | 0.14% | 1,131,527 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.13% | 12,693 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.09% | 12,844 NS | May 31, 2026 | N-PORT |
| FBCG · FIDELITY COVINGTON TRUST | 0.09% | 256,065 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.04% | 12,286 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.04% | 322 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.02% | 102,087 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.01% | 223,031 NS | May 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.01% | 11,347 NS | April 30, 2026 | N-PORT |
| GUSA · Goldman Sachs ETF Trust II | 0.01% | 9,116 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | — | — | July 13, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | — | — | July 30, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | — | — | July 15, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VONG · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| ITOT · iShares Trust | — | — | Aug. 5, 2026 | Daily |
| IWP · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWR · iShares Trust | — | — | Aug. 7, 2026 | Daily |
| IWV · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWF · iShares Trust | — | — | Aug. 14, 2026 | Daily |
| IWB · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IGM · iShares Trust | — | — | Aug. 17, 2026 | Daily |
| IGV · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| SMMD · iShares Trust | — | — | Aug. 18, 2026 | Daily |