Here are 1-2 brief analogies for Big Digital Energy (BGDE):

• Barrick Gold for Bitcoin.
• A Tesla Gigafactory for digital currency.

• Cryptocurrency Mining: The company engages in the process of validating cryptocurrency transactions and adding them to a blockchain, earning cryptocurrency rewards.
• Modular Data Center Operations: The company owns and manages specialized, scalable data center facilities that provide the necessary infrastructure for its cryptocurrency mining activities.

Big Digital Energy (BGDE), also known as Mawson Infrastructure Group Inc., primarily operates as a vertically integrated cryptocurrency self-mining company. The company leverages its owned and operated modular data centers to mine Bitcoin.

As a self-mining operation, BGDE's revenue is generated from the production and subsequent sale of mined Bitcoin on the open cryptocurrency market. Therefore, the company does not have traditional "major customers" in the form of other companies purchasing its services or products, nor does it sell directly to identifiable categories of individual customers.

Its "customers" are effectively the buyers of Bitcoin on cryptocurrency exchanges, making it impossible to list specific customer companies or categories of individual customers as requested for a business that mines a commodity and sells it on the open market.

• Bitmain Technologies Ltd.
• Canaan Inc. (NASDAQ: CAN)

Phil Stanley, Chief Executive Officer

Phil Stanley was appointed Chief Executive Officer on April 6, 2026. Prior to this role, he served as Chief Executive Officer and Managing Member of PM Squared LLC since 2019.

William C. Regan, Chief Financial Officer

William C. Regan was appointed Chief Financial Officer, effective January 17, 2025, after joining the company as Deputy Chief Financial Officer in 2024. He possesses 40 years of finance and accounting experience, including 25 years at public companies and 10 years at technology companies. Mr. Regan has held multiple CFO and senior finance positions at companies such as Everything Blockchain Inc., Rentech Inc., National Golf Properties Inc., Digital Insight Corporation, and DTS Digital Cinema.

Joshua Kilgore, Executive Chairman

Joshua Kilgore was appointed Executive Chairman on April 6, 2026. He is the Founder and Managing Member of Endeavor Blockchain, LLC, and is also the majority owner of Big Digital Energy, LLC. The Endeavor Investor Group, which includes Mr. Kilgore, was involved in a cooperation agreement that led to the reconstitution of the board and the appointment of the new executive team at Mawson.

Cody Smith, Chief Operating Officer

Cody Smith was appointed Chief Operating Officer on April 6, 2026. He has served as a Partner at Big Digital Energy, LLC since August 2025 and previously founded the cybersecurity firm Arrowhead Technologies.

Kaliste Saloom, General Counsel

Kaliste Saloom transitioned to the role of General Counsel as part of the leadership changes announced on April 8, 2026, having previously served as interim CEO.

The key risks to Big Digital Energy (BGDE), a company primarily involved in digital currency mining, are intrinsically linked to the volatile nature of the cryptocurrency market and the intensive operational demands of its business model.

1. Fluctuations in Cryptocurrency Prices: The profitability of Big Digital Energy's cryptocurrency mining operations is highly dependent on the market price of digital currencies, particularly Bitcoin. Significant declines in cryptocurrency prices directly reduce the revenue generated from mining, impacting the company's financial performance and overall viability.
2. High Energy Costs and Supply Risks: Cryptocurrency mining is an extremely energy-intensive process, making Big Digital Energy highly susceptible to volatility in electricity tariffs and the availability of reliable and affordable power sources. Increases in energy costs directly escalate operating expenses, while power supply disruptions can halt mining operations, leading to lost revenue and potential equipment damage.
3. Hardware Obsolescence and Operational Risks: The specialized computing hardware used in cryptocurrency mining (ASICs) can become obsolete rapidly due to technological advancements, necessitating frequent and substantial capital expenditures for upgrades to remain competitive. Furthermore, operational risks include equipment failures, breakdowns, and challenges in maintaining optimal cooling for the vast amounts of heat generated, all of which can lead to costly downtime and repairs.

1. **Intensifying Regulatory Scrutiny and Environmental Pressure on Proof-of-Work (PoW) Mining:** Governments globally, driven by environmental concerns over energy consumption and financial stability worries, are increasingly scrutinizing and potentially moving to regulate, tax, or even ban PoW cryptocurrency mining operations. This includes measures such as imposing higher electricity tariffs, requiring mandatory use of renewable energy sources, or outright operational restrictions in certain jurisdictions, directly threatening BGDE's operational capacity and expansion plans.

2. **Post-Halving Profitability Compression and Escalating Network Competition:** The recent Bitcoin halving event significantly reduced the block reward for miners, while network difficulty continues to increase as more powerful mining hardware comes online globally. This combination, alongside the inherent volatility of cryptocurrency prices, creates an intense profitability squeeze. BGDE must continuously invest heavily in the most energy-efficient ASICs and secure access to exceptionally low-cost power to remain competitive, otherwise facing declining margins and potential operational obsolescence.

Big Digital Energy (NASDAQ: BGDE), formerly Mawson Infrastructure Group Inc., operates in the digital infrastructure sector, primarily focusing on cryptocurrency mining and modular data centers. The company conducts its operations in the United States and Australia.

Addressable Markets for Big Digital Energy's Main Products or Services:

Cryptocurrency Mining:

• Global Market: The global cryptocurrency mining market was valued at approximately USD 26.89 billion in 2025 and is projected to increase to around USD 62.29 billion by 2035, demonstrating a compound annual growth rate (CAGR) of 7.77% from 2026 to 2035. Focusing specifically on hardware, the global cryptocurrency mining hardware market generated revenues of USD 2,111.2 million in 2023 and is expected to reach USD 4,074.2 million by 2030, growing at a CAGR of 9.8% from 2024 to 2030.
• United States Market: North America is a dominant region in the cryptocurrency mining market. The U.S. cryptocurrency mining hardware market generated a revenue of USD 628.7 million in 2023 and is expected to reach USD 1,187.1 million by 2030, with a CAGR of 9.5% from 2024 to 2030.
• Australia Market: The cryptocurrency market in Australia, encompassing various digital assets, reached USD 49.9 billion in 2024 and is projected to grow to USD 114.9 billion by 2033, at a CAGR of 9.7% from 2025 to 2033. While specific market size for cryptocurrency mining hardware in Australia is not explicitly detailed, the country has an estimated Bitcoin mining capacity of approximately 100MW.

Modular Data Centers:

• Global Market: The global modular data center market size was estimated at USD 29.04 billion in 2024 and is anticipated to reach USD 75.77 billion by 2030, exhibiting a CAGR of 17.4% from 2025 to 2030. Another estimate indicates the global market was valued at USD 35.56 billion in 2025 and is projected to reach USD 167.60 billion by 2034, with a CAGR of 18.80%.
• United States Market: The U.S. modular data center market generated a revenue of USD 7,214.5 million in 2024 and is expected to reach USD 17,811.4 million by 2030, growing at a CAGR of 16.3% from 2025 to 2030. Another report values the U.S. modular data center market at USD 11.87 billion in 2025, projected to reach USD 30.61 billion by 2032, at a CAGR of 14.5%.
• Australia Market: While specific figures for the modular data center market in Australia are not readily available as a standalone market, the broader Australia data center market was valued at approximately USD 5.81 billion in 2024 and is projected to reach USD 7.32 billion by 2030. The Asia Pacific region, which includes Australia, has shown significant growth in the modular data center market, driven by increasing demand for AI and cloud computing infrastructure.

Here are 3-5 expected drivers of future revenue growth for Big Digital Energy (BGDE) over the next 2-3 years:

1. Expansion into AI and High-Performance Computing (HPC) Workloads: Big Digital Energy, formerly Mawson Infrastructure Group Inc., is strategically diversifying its services beyond traditional Bitcoin mining to include high-performance computing and artificial intelligence workloads. This initiative is a critical component of the company's strategy to expand into markets that represent significant long-term opportunities.
2. Growth in Digital Colocation and Hosting Services: The company has demonstrated a strong focus on expanding its colocation and hosting business. This segment has shown substantial growth, with a reported 222% revenue surge in digital colocation as of April 2026, and a remarkable 1,464% increase from 2021 to 2023. The continuous expansion of these services, including signing new customers, is expected to be a significant revenue driver.
3. Growth in Energy Markets Program: Big Digital Energy has established a revenue stream from its energy markets program. This program generated substantial revenue with high gross margins in late 2022 and continued to show strong growth, with energy management revenue up 191% year-over-year in October 2025. This growing segment is anticipated to contribute to future revenue.
4. Expansion of Digital Infrastructure Capacity with a Focus on Sustainable Energy: The company's strategy involves expanding its digital infrastructure capacity, including its data center facilities in locations like Pennsylvania and Georgia, to support its various compute platforms. A core part of this strategy is powering operations with carbon-free energy resources, such as nuclear power, positioning Big Digital Energy as a competitive provider of environmentally sustainable digital infrastructure solutions and enabling further growth across its service offerings.

Share Issuance

• Mawson Infrastructure Group Inc. entered into an At-the-Market (ATM) Offering Agreement on May 27, 2022, to sell shares of its Common Stock.
• As of March 3, 2025, Mawson Infrastructure Group Inc. had 18,792,360 shares of common stock outstanding.
• In April 2026, Big Digital Energy, Inc. entered into a strategic colocation agreement where the Endeavor Group will be compensated with a mix of the Company's common stock and warrants to purchase common stock.

Inbound Investments

• In April 2026, Big Digital Energy, Inc. (formerly Mawson) entered into a strategic colocation agreement with an affiliate of the Endeavor Group. This agreement includes the purchase and delivery of approximately 25,000 mining computers and the provision of 75MW of compute capacity under a 50%/50% profit-sharing arrangement.
• In Q1 2022, Mawson signed new hosting co-location customers, including Celsius Mining LLC for 100-megawatts and Foundry Digital LLC for 12-megawatts.

Capital Expenditures

• Mawson Infrastructure Group Inc. expanded its operational capacity to 129 MW in 2024, with an additional 24 MW under development, funded entirely by cash from operations.
• A 230-megawatt expansion at Mawson's Georgia, USA facility was approved in Q1 2022, capable of accommodating up to 7.5 Exahash.
• Mawson Infrastructure Group's capital expenditure for the trailing twelve months was $148.95K.