MIGI earnings analysis
What we found in MIGI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Big Digital Energy, Inc.'s Q4 2026 10-Q reveals significant challenges, with total revenue falling to $4.8 million, a decline of 65% year-over-year. Despite a reported net income of $609,803 in Q4 2026, the operating environment remains tough, highlighted by increased operating expenses, especially in selling and administrative functions, rising to $7.6 million. Cash reserves have dropped significantly to $2.4 million, raising concerns about liquidity and operational sustainability.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Dramatic Revenue Decline
- Total revenues plummeted by 65% from $13.8 million in Q4 2025 to $4.8 million in Q4 2026.
- Improved Net Income
- The company reported a net income of $609,803, a significant recovery from a net loss of $310,863 in Q4 2025.
- Operating Expenses Surge
- Selling, general, and administrative expenses rose to $7.6 million, a 32% increase from $5.8 million in the prior year.
- Increase in Cash Receivables
- Trade receivables increased to $10.5 million from $9.6 million, indicating potential revenue collection challenges.
- Cash Position Declines
- Cash and cash equivalents fell dramatically to $2.4 million from $13.3 million as of December 31, 2025.
- Future Capacity Build-Out
- Management has entered into a Joint Mining Agreement aimed at optimizing capacity utilization and driving future revenue.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Liquidity Concerns
- As of March 31, 2026, cash reserves decreased to $2.4 million from $13.3 million at the end of 2025, raising doubts about operational sustainability.
- Ongoing Debt Defaults
- The company has $26.5 million in overdue debt, straining financial resources and leading to potential default repercussions.
- Nasdaq Listing Violation
- The company received a delisting determination from Nasdaq on April 17, 2026, due to insufficient stockholders' equity.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.3
- Gross margin
- 20.8%
- Operating margin
- -169.3%
What they said about what is next.
No specific numeric forward revenue or EPS guidance was provided.
The filing reads worse than the one before it.
What came before.
- 10-K · March 31, 2026
- Mawson Infrastructure Group describes a vertically integrated digital infrastructure strategy focused on AI/HPC colocation, energy management and Bitcoin mining, prioritizing carbon-free power and expansion in the PJM…
- 10-Q · November 14, 2025
- Mawson reported Q3 revenue of $13,174,706 (up from $12,316,017 in Q3 2024) with gross profit of $8,563,298 and a gross margin of 65.0%, driving a positive operating result of $1,578,711 and net income of $327,659 ($0.01…
- 10-Q · August 14, 2025
- Mawson reported Q2 revenue of $9.53M, down from $13.11M in the year-ago quarter, with gross profit of $3.93M (41.3% gross margin) but an operating loss of $6.57M and net loss per share of $(0.40). Management discloses…
- 10-Q · May 15, 2025
- Mawson reported Q1 2025 revenue of $13.81M, down 26.4% vs. $18.77M in Q1 2024, but delivered operating income of $576,678 vs. an operating loss of $7.69M a year ago. Gross margin expanded to 42.9% from 37.2% while net…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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