MIGI Mawson Infrastructure Group Inc.

Overview and Growth

In fiscal 2025, Mawson Infrastructure Group Inc. recorded $39.75M of revenue, net loss of $23.66M, and an operating cash outflow of $6.90M. Revenue of $39.75M sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 32.9% below fiscal 2024 revenue of $59.27M, marking a top-line contraction. Diluted earnings per share were -$20.11, translating the period’s attributable earnings into the amount reported for each diluted share. At period end, total assets were $57.44M, framing the scale of the company’s operating and financing commitments. Revenue equaled 0.69x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

After reported cost of revenue, the company retained $17.34M as gross profit before recognizing operating expenses and other items. The gross-profit relationship equaled 43.6% of revenue, quantifying the portion retained before operating expenses were recognized. Operations produced a $19.29M operating loss before non-operating and tax effects. The operating loss equaled 48.5% of revenue, showing the scale of the operating deficit relative to sales. The bottom-line result was a net loss of $23.66M after operating, financing, tax, and other recognized items. Net margin was -59.5%, reflecting a loss equal to 59.5% of reported revenue. The company reported a pretax loss of $23.64M, before the effect of income taxes. Pretax margin was -59.5%, reflecting a pre-tax loss equal to 59.5% of revenue. The reported income-tax provision was $12.53K, the amount recognized between pretax income and the final net-income result. The net loss equaled 41.2% of period-end assets, showing the deficit relative to the asset base. The net loss narrowed to $23.66M from $46.13M in fiscal 2024.

Liquidity and Capital Structure

The company held $57.44M of assets against $60.56M of liabilities and -$3.12M of equity, revealing how the asset base was financed. With total equity at -$3.12M, the company carried a negative book-capital position, increasing its reliance on liabilities and future earnings. The near-term balance sheet paired $27.49M of current assets with $58.84M of current liabilities at the reporting date. At 0.47x, current liabilities exceeded current assets and placed pressure on the company’s near-term liquidity position. The company held $13.27M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 22.6%, excluding receivables and other current assets. Total debt was $50.37M, establishing the amount of borrowing carried within the company’s capital structure. Debt represented 87.7% of total assets, placing borrowing in the context of the company’s full resource base. Book equity represented -5.4% of total assets, quantifying the balance-sheet share supported by shareholder capital. The liabilities-to-assets relationship was 105.4%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 23.1%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $61.44M in fiscal 2024, the current asset base moved 6.5% and finished lower. Compared with $6.09M in fiscal 2024, the current cash balance moved 117.9% and finished higher.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $6.90M, showing that operations absorbed cash during the period. The company spent $148.95K on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. Operating cash flow and capital spending combined to leave a $7.05M cash deficit after capital spending. The free-cash-flow deficit equaled 17.7% of revenue, showing the post-investment cash shortfall relative to sales. The free-cash-flow deficit equaled 12.3% of total assets, placing the cash shortfall against the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.