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…
Earnings analysis · 10-Q
MIGI earnings analysis
Filed May 14, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.3
What stood out
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Dramatic Revenue Decline
Total revenues plummeted by 65% from $13.8 million in Q4 2025 to $4.8 million in Q4 2026.
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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.
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Operating Expenses Surge
Selling, general, and administrative expenses rose to $7.6 million, a 32% increase from $5.8 million in the prior year.
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Increase in Cash Receivables
Trade receivables increased to $10.5 million from $9.6 million, indicating potential revenue collection challenges.
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Cash Position Declines
Cash and cash equivalents fell dramatically to $2.4 million from $13.3 million as of December 31, 2025.
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Future Capacity Build-Out
Management has entered into a Joint Mining Agreement aimed at optimizing capacity utilization and driving future revenue.
What to watch
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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.
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Ongoing Debt Defaults
The company has $26.5 million in overdue debt, straining financial resources and leading to potential default repercussions.
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Nasdaq Listing Violation
The company received a delisting determination from Nasdaq on April 17, 2026, due to insufficient stockholders' equity.
Management's outlook
No specific numeric forward revenue or EPS guidance was provided.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.