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BIG DIGITAL ENERGY INC Financials

MIGI
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows BIG DIGITAL ENERGY INC (MIGI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI MIGI FY2025

Mawson now looks like a downsized, lower-investment operation that still relies on outside financing to cover cash needs.

From FY2022 to FY2025, capital spending collapsed from $50.0M to $149K, signaling a shift out of buildout mode and into maintenance of a smaller asset base. Depreciation fell sharply over the same stretch, yet operations still did not fund the business: FY2025 operating cash flow was -$6.9M while financing added $14.2M.

FY2025’s gross margin improvement to 43.6% despite lower revenue suggests better unit economics or mix than FY2024. But overhead still overwhelms gross profit: SG&A at $22.7M ran above gross profit of $17.3M.

The balance sheet shows tight short-term liquidity, not just accounting losses: the current ratio stayed below 0.5x in both FY2024 and FY2025, and negative equity persisted with liabilities exceeding assets by about $3.1M. With cash of $13.3M against current liabilities of $58.8M, day-to-day funding still depends more on external capital and obligations than on internally generated cash.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 22 / 100
Financial Profile 22/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of BIG DIGITAL ENERGY INC's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
0

BIG DIGITAL ENERGY INC has an operating margin of -48.5%, meaning the company retains $-49 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -52.6% the prior year.

Growth
26

BIG DIGITAL ENERGY INC's revenue declined 32.9% year-over-year, from $59.3M to $39.8M. This contraction results in a growth score of 26/100.

Leverage
100

BIG DIGITAL ENERGY INC carries a low D/E ratio of -8.08, meaning only $-8.08 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
4

BIG DIGITAL ENERGY INC's current ratio of 0.47 is below the typical benchmark, resulting in a score of 4/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow
0

While BIG DIGITAL ENERGY INC generated -$6.9M in operating cash flow, capex of $149K consumed most of it, leaving -$7.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Neutral
4/9

BIG DIGITAL ENERGY INC passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality
0.29x

For every $1 of reported earnings, BIG DIGITAL ENERGY INC generates $0.29 in operating cash flow (-$6.9M OCF vs -$23.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk
-5.7x

BIG DIGITAL ENERGY INC earns $-5.7 in operating income for every $1 of interest expense (-$19.3M vs $3.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$39.8M
YoY-32.9%
5Y CAGR+55.0%

BIG DIGITAL ENERGY INC generated $39.8M in revenue in fiscal year 2025. This represents a decrease of 32.9% from the prior year.

EBITDA
-$13.7M
YoY-3.3%

BIG DIGITAL ENERGY INC's EBITDA was -$13.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 3.3% from the prior year.

Net Income
-$23.7M
YoY+48.7%

BIG DIGITAL ENERGY INC reported -$23.7M in net income in fiscal year 2025. This represents an increase of 48.7% from the prior year.

EPS (Diluted)
$-20.11

BIG DIGITAL ENERGY INC earned $-20.11 per diluted share (EPS) in fiscal year 2025. This represents an increase of 61.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$7.0M
YoY-539.2%

BIG DIGITAL ENERGY INC generated -$7.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 539.2% from the prior year.

Cash & Debt
$13.3M
YoY+117.9%
5Y CAGR+64.2%
10Y CAGR+41.1%

BIG DIGITAL ENERGY INC held $13.3M in cash against $25.2M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
4M

BIG DIGITAL ENERGY INC had 4M shares outstanding in fiscal year 2025. This represents an increase of 285.0% from the prior year.

Margins & Returns

Gross Margin
43.6%
YoY+9.4pp
5Y CAGR+14.6pp

BIG DIGITAL ENERGY INC's gross margin was 43.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 9.4 percentage points from the prior year.

Operating Margin
-48.5%
YoY+4.0pp
5Y CAGR+6.4pp

BIG DIGITAL ENERGY INC's operating margin was -48.5% in fiscal year 2025, reflecting core business profitability. This is up 4.0 percentage points from the prior year.

Net Margin
-59.5%
YoY+18.3pp
5Y CAGR+54.3pp

BIG DIGITAL ENERGY INC's net profit margin was -59.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 18.3 percentage points from the prior year.

Return on Equity
N/A

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
$149K
YoY-92.4%
5Y CAGR-51.4%
10Y CAGR+47.8%

BIG DIGITAL ENERGY INC invested $149K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 92.4% from the prior year.

MIGI Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $4.8M+49.2% $3.2M-75.5% $13.2M+38.2% $9.5M-31.0% $13.8M-8.3% $15.1M+22.3% $12.3M-6.1% $13.1M
Cost of Revenue $3.8M-11.5% $4.3M-6.5% $4.6M-17.6% $5.6M-29.0% $7.9M-24.2% $10.4M+30.2% $8.0M-9.1% $8.8M
Gross Profit $1.0M+193.4% -$1.1M-112.6% $8.6M+117.7% $3.9M-33.6% $5.9M+27.3% $4.7M+7.8% $4.3M0.0% $4.3M
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $7.6M+49.2% $5.1M-12.5% $5.8M-1.5% $5.9M+2.5% $5.8M+11.0% $5.2M-13.2% $6.0M+64.7% $3.6M
Operating Income -$8.2M+45.2% -$14.9M-1042.2% $1.6M+124.0% -$6.6M-1239.8% $577K+110.9% -$5.3M+53.5% -$11.4M-68.7% -$6.8M
Interest Expense $946K+6.7% $886K+2.1% $868K+4.9% $827K+5.4% $785K-2.9% $808K+0.9% $802K+6.5% $753K
Income Tax $132K+176.4% -$173K-284.9% $94K+623.1% -$18K-116.3% $110K+262.2% -$68K+89.5% -$649K-137.0% $1.8M
Net Income $610K+103.9% -$15.7M-4876.9% $328K+104.1% -$8.0M-2480.4% -$311K+93.1% -$4.5M+63.0% -$12.2M-27.1% -$9.6M
EPS (Diluted) $0.12 N/A $0.01+102.5% $-0.40-21.2% $-0.33 N/A $-0.66-20.0% $-0.55

MIGI Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $48.4M-15.8% $57.4M+10.4% $52.0M-1.4% $52.7M-8.9% $57.9M-5.8% $61.4M+1.1% $60.8M-7.4% $65.6M
Current Assets $19.9M-27.8% $27.5M+30.0% $21.2M+11.4% $19.0M-6.0% $20.2M-22.3% $26.0M+12.6% $23.1M-1.0% $23.3M
Cash & Equivalents $2.4M-81.6% $13.3M+482.9% $2.3M-29.7% $3.2M-40.8% $5.5M-10.2% $6.1M+5.8% $5.8M-15.1% $6.8M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable N/A N/A N/A N/A N/A N/A N/A N/A
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $44.0M-27.3% $60.6M-1.4% $61.4M+0.6% $61.1M+3.0% $59.3M-8.3% $64.7M+3.8% $62.3M+1.8% $61.2M
Current Liabilities $42.7M-27.5% $58.8M-1.8% $59.9M+1.1% $59.3M+4.1% $56.9M-8.1% $61.9M+4.7% $59.2M+2.4% $57.8M
Long-Term Debt N/A $25.2M N/A N/A N/A $20.9M N/A $393K
Total Equity $4.3M+239.3% -$3.1M+66.8% -$9.4M-12.8% -$8.3M-477.5% -$1.4M+55.4% -$3.2M-108.1% -$1.6M-135.3% $4.4M
Retained Earnings -$251.8M+0.2% -$252.5M-6.6% -$236.8M+0.1% -$237.1M-3.5% -$229.1M-0.1% -$228.8M-2.0% -$224.3M-5.8% -$212.0M

MIGI Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow -$17.1M-394.3% -$3.5M-310.4% -$845K+59.4% -$2.1M-307.3% -$510K-211.9% $456K+136.8% -$1.2M-150.1% $2.5M
Capital Expenditures $32K-60.0% $79K+421.6% $15K-68.5% $48K+641.0% $6K-72.1% $23K-39.9% $39K-97.9% $1.9M
Free Cash Flow -$17.2M-384.1% -$3.5M-312.4% -$860K+59.6% -$2.1M-311.5% -$517K-219.4% $433K+133.9% -$1.3M-315.5% $592K
Investing Cash Flow -$42K-4.1% -$40K-162.9% -$15K+68.5% -$48K-641.0% -$6K+69.6% -$21K-106.7% $318K+116.3% -$1.9M
Financing Cash Flow $6.3M-56.3% $14.5M+14138.2% -$103K0.0% -$103K0.0% -$103K0.0% -$103K0.0% -$103K+9.3% -$114K
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

MIGI Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 20.9%+54.2pp -33.3%-98.3pp 65.0%+23.7pp 41.3%-1.6pp 42.9%+12.0pp 30.9%-4.2pp 35.1%+2.1pp 32.9%
Operating Margin -169.1%+291.2pp -460.3%-472.3pp 12.0%+80.9pp -69.0%-73.1pp 4.2%+39.4pp -35.2%+57.4pp -92.5%-41.0pp -51.5%
Net Margin 12.7%+497.0pp -484.3%-486.8pp 2.5%+86.6pp -84.1%-81.9pp -2.3%+27.8pp -30.0%+69.3pp -99.3%-25.9pp -73.4%
Return on Equity 14.0% N/A N/A N/A N/A N/A N/A -218.4%
Return on Assets 1.3%+28.5pp -27.3%-27.9pp 0.6%+15.8pp -15.2%-14.7pp -0.5%+6.8pp -7.4%+12.8pp -20.1%-5.5pp -14.7%
Current Ratio 0.470.0 0.47+0.1 0.35+0.0 0.32-0.0 0.35-0.1 0.42+0.0 0.39-0.0 0.40
Debt-to-Equity 10.14+18.2 -8.08-1.5 -6.53+0.8 -7.32+33.7 -41.07-34.6 -6.46+33.6 -40.04-40.1 0.09
FCF Margin -356.1%-246.4pp -109.7%-103.2pp -6.5%+15.8pp -22.3%-18.6pp -3.7%-6.6pp 2.9%+13.2pp -10.4%-14.9pp 4.5%

Note: Shareholder equity is negative (-$3.1M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.47), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

BIG DIGITAL ENERGY INC (MIGI) reported $39.8M in total revenue for fiscal year 2025. This represents a -32.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

BIG DIGITAL ENERGY INC (MIGI) revenue declined by 32.9% year-over-year, from $59.3M to $39.8M in fiscal year 2025.

No, BIG DIGITAL ENERGY INC (MIGI) reported a net income of -$23.7M in fiscal year 2025, with a net profit margin of -59.5%.

BIG DIGITAL ENERGY INC (MIGI) reported diluted earnings per share of $-20.11 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

BIG DIGITAL ENERGY INC (MIGI) had EBITDA of -$13.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, BIG DIGITAL ENERGY INC (MIGI) had $13.3M in cash and equivalents against $25.2M in long-term debt.

BIG DIGITAL ENERGY INC (MIGI) had a gross margin of 43.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

BIG DIGITAL ENERGY INC (MIGI) had an operating margin of -48.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

BIG DIGITAL ENERGY INC (MIGI) had a net profit margin of -59.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

BIG DIGITAL ENERGY INC (MIGI) generated -$7.0M in free cash flow during fiscal year 2025. This represents a -539.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

BIG DIGITAL ENERGY INC (MIGI) generated -$6.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

BIG DIGITAL ENERGY INC (MIGI) had $57.4M in total assets as of fiscal year 2025, including both current and long-term assets.

BIG DIGITAL ENERGY INC (MIGI) invested $149K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

BIG DIGITAL ENERGY INC (MIGI) had 4M shares outstanding as of fiscal year 2025.

BIG DIGITAL ENERGY INC (MIGI) had a current ratio of 0.47 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

BIG DIGITAL ENERGY INC (MIGI) had a debt-to-equity ratio of -8.08 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

BIG DIGITAL ENERGY INC (MIGI) had a return on assets of -41.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, BIG DIGITAL ENERGY INC (MIGI) had $13.3M in cash against an annual operating cash burn of $6.9M. This gives an estimated cash runway of approximately 23 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

BIG DIGITAL ENERGY INC (MIGI) has negative shareholder equity of -$3.1M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

BIG DIGITAL ENERGY INC (MIGI) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

BIG DIGITAL ENERGY INC (MIGI) has an earnings quality ratio of 0.29x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

BIG DIGITAL ENERGY INC (MIGI) has an interest coverage ratio of -5.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

BIG DIGITAL ENERGY INC (MIGI) scores 22 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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