Revenue has deteriorated to $4.8M in 2026Q1, while the company continues to struggle with extreme margin volatility, evidenced by an operating margin of -161.9% in the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Sales/Revenue | 30.76M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 12.43M | 17.34M | 20.28M | 15.01M | 36.67M | 33.96M | 1.29M | -470K | -518K | -300K | -343K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 40.4% | 43.63% | 34.21% | 34.46% | 43.46% | 77.42% | 29.07% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | -14.47% | 35.05% | -59.06% | 7.99% | 2525.77% | 375.16% | 9.27% | -72.67% | 12.54% | - | - | - | - | - | - | - | - | - | - |
| Operating Expenses | 38.77M | 37.23M | 51.43M | 75.33M | 80.76M | 76.63M | 7.1M | 2.7M | 3.11M | 1.18M | 691K | 1.39M | 1.15M | 3.27M | 2.51M | 14.88K | 15.96K | 21.86K | 13.35K | -12.06K |
| OpEx % of Revenue | - | 93.64% | 86.78% | 172.9% | 95.71% | 174.7% | 159.68% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 31.36M | 31.63M | 32.38M | 30.01M | 28.86M | 38.55M | 2.48M | 2.18M | 2.4M | 685K | 420K | 573K | 425K | 1.51M | 684K | 14.88K | 15.96K | 13.61K | 13.35K | 12.06K |
| SG&A % of Revenue | - | 79.55% | 54.63% | 68.88% | 34.2% | 87.89% | 55.82% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -26.34M | -19.88M | -31.15M | -60.32M | -44.09M | -42.67M | -5.81M | -3.17M | -3.63M | -1.48M | -1.03M | -1.39M | -1.15M | -3.27M | -2.51M | -14.88K | -15.96K | -21.86K | -13.35K | 12.06K |
| Operating Margin % | -85.64% | -50.02% | -52.56% | -138.44% | -52.25% | -97.28% | -130.61% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 36.17% | 48.36% | -36.8% | -3.33% | -634.33% | -83.31% | 12.67% | -145.1% | -43.23% | 25.34% | -20.86% | 64.95% | -30.23% | -16779.54% | 6.79% | 26.98% | -63.72% | -210.68% | - |
| EBITDA | -20.08M | -12.97M | -12.32M | -20.8M | 20.73M | -28.56M | -1.19M | -3.17M | -3.63M | -1.48M | -1.03M | -1.38M | -1.14M | -3.27M | -2.51M | -14.88K | -15.96K | -21.86K | -13.35K | -12.06K |
| EBITDA Margin % | -65.28% | -32.62% | -20.78% | -47.74% | 24.56% | -65.11% | -26.75% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -114.69% | -5.29% | 40.8% | -200.37% | 172.58% | -2299.53% | 62.45% | 12.65% | -145.14% | -43.27% | 25.36% | -21.08% | 65.04% | -30.19% | -16779.54% | 6.79% | 26.98% | -63.72% | -10.68% | - |
| D&A (Non-Cash Add-back) | 6.26M | 6.92M | 18.84M | 39.52M | 64.82M | 14.11M | 4.62M | 1K | 2K | 1K | 1K | 1K | 3K | 1K | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT | -21.95M | -20.28M | -42.26M | -49.55M | -47.97M | -18.71M | -5.81M | -3.4M | -3.22M | -2.92M | -1.12M | -1.39M | -1.14M | -2.84M | -2.51M | -14.88K | -15.96K | -21.86K | -13.35K | -12.06K |
| Net Interest Income | -1.64M | -3.37M | -3.1M | -3.05M | -6.06M | -1.64M | -6K | 1.21M | 2.09M | -47K | -16K | -86K | 0 | 0 | 5K | 0 | -5.39K | 0 | 0 | -2.1K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.26M | 2.15M | 0 | 0 | 0 | 0 | 0 | 7K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.64M | 3.37M | 3.1M | 3.05M | 6.06M | 1.64M | 6K | 45K | 56K | 47K | 16K | 86K | 52K | 21K | 2K | 7.1K | 5.39K | 5.78K | 5.2K | 2.1K |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -22.7M | -23.64M | -45.36M | -52.6M | -54.04M | -45.18M | -4.93M | -3.45M | -3.28M | -2.97M | -1.14M | -1.48M | -1.2M | -2.84M | -1.86M | -21.98K | -15.96K | -27.64K | -18.55K | 12.06K |
| Pretax Margin % | -73.8% | -59.48% | -76.54% | -120.71% | -64.03% | -103.01% | -110.87% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | -230.05K | 12.53K | 976.57K | 5.95M | 0 | 277.72K | 128.66K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19.61K | 0 | 0 | 2.1K |
| Effective Tax Rate % | 1.01% | -0.05% | -2.15% | -11.31% | 0% | -0.61% | -2.61% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 122.84% | 0% | 0% | 17.41% |
| Net Income | -22.47M | -23.66M | -46.13M | -58.55M | -52.76M | -44.96M | -5.03M | -3.45M | -3.28M | -2.97M | -1.14M | -1.48M | -1.2M | -2.84M | -1.86M | -21.98K | 3.65K | -27.64K | -18.55K | 9.96K |
| Net Margin % | -73.05% | -59.51% | -77.84% | -134.36% | -62.53% | -102.51% | -113.16% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 15.77% | 48.72% | 21.2% | -10.96% | -17.34% | -793.16% | -45.92% | -5.21% | -10.55% | -160.4% | 22.88% | -23.6% | 57.88% | -52.28% | -8377.04% | -702.94% | 113.19% | -49.01% | -286.17% | - |
| Net Income (Continuing) | -22.47M | -23.66M | -46.34M | -58.55M | -54.04M | -45.46M | -5.06M | -3.45M | -3.28M | -2.97M | -1.14M | -1.48M | -1.2M | -2.84M | -1.86M | -21.98K | 3.65K | -27.64K | -18.55K | 9.96K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 1.15M | -905.9K | -164.63K | -27.07K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.24 | -20.11 | -51.80 | -77.20 | -83.20 | -95.80 | -85.20 | -398.60 | -696.60 | -1035.00 | -363.60 | -4074.40 | -3296.60 | -7826.20 | -4913.00 | -250.60 | 41.60 | -315.20 | -211.40 | 113.60 |
| EPS Growth % | 32.97% | 61.18% | 32.9% | 7.21% | 13.15% | -12.44% | 78.63% | 42.78% | 32.7% | -184.65% | 91.08% | -23.59% | 57.88% | -59.3% | -1860.49% | -702.4% | 113.2% | -49.1% | -286.09% | - |
| EPS (Basic) | - | -20.11 | -51.80 | -77.20 | -83.20 | -95.80 | -85.20 | -398.60 | -696.60 | -1035.00 | -363.60 | -4074.40 | -3296.60 | -7826.20 | -5139.40 | -250.60 | 41.60 | -315.20 | -211.40 | 113.60 |
| Diluted Shares Outstanding | 5.3M | 1.18M | 891.45K | 782.95K | 634.8K | 469.2K | 59.15K | 8.77K | 4.71K | 2.87K | 2.52K | 363 | 363 | 363 | 379 | 88 | 88 | 88 | 88 | 88 |
| Basic Shares Outstanding | 4.87M | 1.18M | 891.45K | 782.95K | 634.8K | 469.2K | 59.15K | 8.77K | 4.71K | 2.87K | 2.52K | 363 | 363 | 363 | 363 | 88 | 88 | 88 | 88 | 88 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Unsustainable operating cash burn
As reported in recent financial statements, MIGI's top-line performance has deteriorated significantly, with quarterly revenue falling to $4.8M in 2026Q1, highlighting a persistent inability to scale hashrate or maintain competitive market share amidst rising network difficulty and the broader industry's ongoing hardware refresh cycle.
The sharp decline in revenue suggests that the company's modular infrastructure strategy may be struggling to keep pace with the efficiency gains of larger, centralized competitors. Investors should monitor whether this downward trajectory is a result of intentional fleet curtailment or a fundamental loss of operational capacity.
Based on the provided income statement data, gross margins have exhibited extreme instability, fluctuating from a low of -33.3% in 2025Q4 to a peak of 65.0% in 2025Q3, which underscores the company's high sensitivity to Bitcoin price volatility and fluctuating energy procurement costs.
The lack of consistent margin expansion suggests that Mawson lacks the pricing power or operational efficiency to insulate itself from sector-wide headwinds. This volatility warrants further investigation into the company's reliance on energy curtailment credits versus core mining productivity.
According to historical quarterly filings, MIGI consistently fails to achieve positive operating leverage, as evidenced by an operating margin of -161.9% in 2026Q1, indicating that corporate SG&A expenses remain disproportionately high relative to the company's current revenue-generating capacity and overall fleet scale.
The persistent gap between gross profit and operating income suggests that the company's fixed-cost structure is currently too heavy for its revenue base. This implies that management has yet to optimize its administrative footprint to align with the realities of a smaller, more volatile mining operation.
Analysis of the income statement reveals that net income is frequently distorted by non-operating items and significant stock-based compensation, with 2025Q4 showing a massive $7.3M SBC charge that highlights the disconnect between reported GAAP figures and the underlying cash-generating capability of the business.
The reliance on equity-based compensation during periods of negative operating cash flow suggests a potential dilution risk for shareholders. Investors should be cautious of interpreting net income spikes as signs of operational health, as they often appear disconnected from core mining performance.
Financial data indicates that with a cash position of only $13.2M and recurring quarterly operating losses, the company faces a precarious liquidity profile that may necessitate further dilutive financing to sustain its current infrastructure and meet ongoing debt or hardware-related obligations.
Short-sellers would likely focus on the widening gap between the company's cash reserves and its persistent cash burn rate. This situation suggests that without a structural shift in power costs or a significant increase in mining efficiency, the company's ability to remain a going concern remains highly speculative.
Quick answers to the most common questions about buying MIGI stock.
Mawson Infrastructure Group, Inc. (MIGI) reported a net loss of $23.7M for the fiscal year ending 2025.
Mawson Infrastructure Group, Inc. (MIGI) reported an operating income of $-19.9M, resulting in an operating profit margin of -50.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Mawson Infrastructure Group, Inc. (MIGI) generated $17.3M in gross profit for the year, representing a gross profit margin of 43.6%. This demonstrates the company's core pricing power and production efficiency.