WULF // TeraWulf Inc.

DES <GO> NASDAQ CIK 0001083301 ↗

Financials • Finance: Consumer Services

$12.75 ▼ -0.67 (-4.99%)

MKT CAP: $6.36B • VOL: 41.60M

52W L $10 52W H $30

ALTMAN Z

0.63 RISK

PIOTROSKI

4 / 9

WULF // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 51/100 [D] (+0 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE D

RQD CONFIDENCE

51 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Sell — Underperform / Distribution Warning

01 MASSIVE / SEC XBRL

Forensic Fundamentals

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

02 OPRA GEX + SEC 13F

Whale & Options Flow

10 / 20

NEUTRAL

NET GEX +0% • CALL SWEEP 52% • P/C 0.93

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

11 / 20

NEUTRAL

NEUTRAL • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

13 / 20

SOLID

20 BASE - 7 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON WULF)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 94/100 Z-SCORE: +4.49σ

WULF Accounting Gap: Net Income (-120%) Outpaced OCF (-120%) With +179.7% Working-Capital Build

CASH CONVERSION GAP

+0.0% (NI vs OCF)

RECEIVABLES / WC BLOAT

+179.7% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on TeraWulf Inc. (WULF) exposes a +0.0% Cash Conversion Gap as YoY Net Income growth (-120.0%) diverged from Operating Cash Flow growth (-120.0%). Non-cash current assets and receivables expanded +179.7% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

WULF // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -46.02%⚡ TESTING RESISTANCE

2026-10-30O $11.98H $12.34L $11.44C $11.73VOL 51.28M

RES: $13.08SUP: $9.14SMA50: $14.68SMA200: $18.09

WULF // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

UNDERWEIGHT CONVICTION: 29/100

BEAR 0

100 BULL

TeraWulf Inc. (WULF) exhibits 39.2% gross margins and -28.9% return on invested capital within Financials (Finance: Consumer Services), balanced against a 24.0x enterprise multiple and 7.4% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 39.2% gross profitability converts into -60.0% operating margin and -28.9% ROIC, outpacing sector cost of capital.

ROIC: -28.9% // GM: 39.2%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +20.3% paired with -18.00% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +20.3% // FCF YLD: -18.00%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 0.63 and Piotroski F-Score of 4/9 indicate low near-term refinancing stress.

ALTMAN Z: 0.63 // F-SCORE: 4/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 24.0x trailing P/E (30.0x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 24.0x // EV/EBITDA: —

02. Options Skew & Event Volatility Risk

Options market prices a ±7.4% implied move with a 0.93 put/call ratio around $12.00 max pain.

IMPL MOVE: ±7.4% // P/C: 0.93

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Finance: Consumer Services require continuous execution to defend -60.0% net margins.

NET MARGIN: -60.0% // D/E: 8.50x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 30.0x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.14).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E —

FORWARD P/E 30.0x

EV / EBITDA —

FCF YIELD -18.00%

GROSS MARGIN 39.2%

OPERATING MARGIN -60.0%

NET MARGIN -60.0%

ROIC % -28.9%

REV GROWTH YOY +20.3%

DILUTED EPS TTM $-1.33

DEBT / EQUITY 8.50x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 40.6

5Y EQUITY BETA 1.14

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // WULFPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $11.67

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for WULF & activate live FRED threshold breach alerts.

HEAD-TO-HEAD PEER COMPARISONS COMP <GO>

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