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Here are 1-3 brief analogies for Big Digital Energy (MIGI):

• ExxonMobil for digital currency.
• A digital-era Barrick Gold (a major gold miner).

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• Cryptocurrency Mining: The company directly engages in the process of generating cryptocurrencies.
• Digital Infrastructure Provision: It owns and operates modular data centers, providing the underlying infrastructure for digital operations.

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Mawson Infrastructure Group Inc. (MIGI) primarily generates revenue through its own Bitcoin self-mining operations. In this core business segment, the company mines Bitcoin and then sells it on various cryptocurrency exchanges to the global market. Therefore, MIGI does not have traditional "major customers" in the sense of specific, identifiable companies or individuals that purchase its primary product directly through long-term contracts. The "customers" for its self-mined Bitcoin are the broad base of participants in the global cryptocurrency market.

MIGI also operates a co-location hosting business, where it provides its modular data center infrastructure to other cryptocurrency mining operations. These customers are typically other companies or large-scale professional mining entities. However, Mawson Infrastructure Group Inc. does not publicly disclose the specific names of these co-location customers due to confidentiality and competitive reasons.

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Canaan Inc. (CAN)

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Joshua Kilgore, Executive Chairman

Mr. Kilgore is the Founder and Managing Member of Endeavor Blockchain, LLC, and also the majority owner of Big Digital Energy, LLC. He has been instrumental in significant investments across Bitcoin mining, AI, and High-Performance Computing (HPC) infrastructure over the past five years. His background includes executing hundreds of millions of dollars in real estate and infrastructure transactions, with extensive experience in financial oversight, operations, and large-scale asset development.

Phil Stanley, Chief Executive Officer

Mr. Stanley has served as Chief Executive Officer and Managing Member of PM Squared LLC since 2019, where he was responsible for overseeing financial strategy, investment activities, and operations. He holds Series 7 and Series 66 securities licenses and a degree in Corporate Communications from Texas A&M University.

William C. Regan, Chief Financial Officer

Mr. Regan was appointed as Chief Financial Officer effective January 17, 2025. He is a financial executive with 40 years of finance and accounting experience, including 25 years at public companies and ten years at technology companies. He has held multiple CFO and senior finance positions at various companies such as Everything Blockchain Inc., Rentech Inc., National Golf Properties Inc., Digital Insight Corporation, and DTS Digital Cinema. Mr. Regan brings extensive transactional experience to Mawson, including two IPOs and numerous acquisitions, divestitures, and financings.

Cody Smith, Chief Operating Officer

Mr. Smith has served as Partner at Big Digital Energy, LLC since August 2025. Prior to this role, he founded Arrowhead Technologies, a cybersecurity firm, and served as its CEO until its acquisition in July 2025. He has advised numerous companies on internal controls, compliance, and security.

Kaliste Saloom, General Counsel & Corporate Secretary

Mr. Saloom, who previously served as Mawson's Interim Chief Executive Officer, remains with the company as General Counsel to provide continuity during the leadership transition.

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The key risks to Big Digital Energy (MIGI), formerly Mawson Infrastructure Group Inc., primarily stem from its financial stability, the inherent volatility of the cryptocurrency market, and ongoing regulatory and legal challenges.

1. Nasdaq Delisting Risk and Financial Instability: Big Digital Energy faces a significant and immediate risk of delisting from Nasdaq. The company received a delisting determination after its stockholders' equity fell below the required $2.5 million threshold as of December 31, 2025. While the company intends to appeal this decision and present a compliance plan, the outcome remains uncertain. This financial precariousness is further highlighted by negative shareholder equity, potential liquidity issues, and a low Altman Z-Score, which indicates a possibility of bankruptcy within the next two years. Additionally, in January 2025, the company received a non-compliance notice for failing to meet Nasdaq's minimum Market Value of Listed Securities (MVLS) requirement.

2. Cryptocurrency Market Volatility and Operational Challenges: As a cryptocurrency mining company, Big Digital Energy is highly susceptible to the extreme volatility of the cryptocurrency market. Fluctuations in the prices of cryptocurrencies directly impact the company's revenue and profitability. The company's strategic pivot from primarily Bitcoin mining to a broader digital infrastructure platform for Artificial Intelligence (AI) and High-Performance Computing (HPC) introduces execution risk, as evidenced by a year-over-year decline in revenue. Furthermore, core operational challenges in cryptocurrency mining include the rapid obsolescence of mining equipment, variable electricity tariffs and supply, and the substantial energy consumption required, which necessitates effective cooling to prevent equipment damage and downtime in its modular data centers.

3. Regulatory and Legal Risks: The cryptocurrency industry continues to operate with evolving and sometimes unclear regulatory frameworks, posing risks related to taxation and compliance. Big Digital Energy is also entangled in significant legal disputes. The company has been involved in arbitration proceedings with Celsius Network Ltd. since July 2024, leading to a partial final award in January 2025 that favored Celsius for over $8 million against one of Big Digital Energy's subsidiaries. The company has also had to dispute an involuntary Chapter 11 bankruptcy petition filed by other entities.

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The continued shift of major cryptocurrencies from energy-intensive Proof-of-Work (PoW) consensus mechanisms to more energy-efficient alternatives like Proof-of-Stake (PoS). Ethereum's successful transition to PoS (The Merge) demonstrated that a significant portion of the cryptocurrency market can pivot away from PoW mining, thereby reducing the demand for the specialized mining infrastructure and data centers that Big Digital Energy operates.

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Big Digital Energy (NASDAQ: MIGI), formerly Mawson Infrastructure Group Inc., is a digital infrastructure provider specializing in cryptocurrency mining and modular data centers.

The addressable markets for their main products and services are as follows:

• Cryptocurrency Mining:
  • The global cryptocurrency mining market was valued at approximately USD 26.89 billion in 2025 and is projected to reach about USD 62.29 billion by 2035, growing at a compound annual growth rate (CAGR) of 7.77% from 2026 to 2035. North America holds a significant share of this market.
  • Specifically, the U.S. cryptocurrency mining hardware market (a component of the overall mining market) generated USD 628.7 million in revenue in 2023 and is expected to reach USD 1,187.1 million by 2030, with a CAGR of 9.5% from 2024 to 2030.
• Modular Data Centers:
  • The global modular data center market was valued at approximately USD 36.37 billion in 2025 and is predicted to grow to about USD 176.41 billion by 2035, at a CAGR of 17.11% from 2026 to 2035. Other estimates suggest the global market was around USD 34.84 billion in 2025 and is expected to reach USD 143.08 billion by 2034, with a CAGR of 17.2%.
  • The U.S. modular data center market alone was valued at USD 13.28 billion in 2025 and is projected to reach USD 30.61 billion by 2032, growing at a CAGR of 14.5%. Another report indicates the U.S. market generated USD 7,214.5 million in 2024 and is expected to reach USD 17,811.4 million by 2030, with a CAGR of 16.3% from 2025 to 2030.

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For Big Digital Energy (MIGI), formerly Mawson Infrastructure Group Inc., the expected drivers of future revenue growth over the next 2-3 years include a strategic expansion into artificial intelligence (AI) and high-performance computing (HPC) services, continued growth in digital colocation services, the expansion of energy management programs and infrastructure capacity, and a broader strategic diversification beyond traditional Bitcoin mining.

• Expansion into Artificial Intelligence (AI) and High-Performance Computing (HPC) Services: Big Digital Energy is strategically shifting its focus and resources towards providing infrastructure for AI and HPC applications. This is evidenced by the launch of a GPU pilot program on a decentralized AI network in Q4 2025 and an announced commitment to expanding this program and targeting AI and HPC assets in 2026. The company views itself as a growing AI and HPC infrastructure provider aligned with national energy priorities.
• Growth in Digital Colocation Services: The company is actively expanding its digital colocation business by securing new enterprise customer agreements. In Q1 2025, digital colocation revenue increased by 27% year-over-year, and a new agreement was signed for approximately 64 MW of compute capacity for an initial term of three years, indicating a focus on long-term growth in this segment. The company's model includes delivering colocation/hosting for enterprise customers, built for scalability and efficiency.
• Expansion of Energy Management Programs and Increased Infrastructure Capacity: Big Digital Energy plans to continue expanding its energy management programs and leveraging its existing and developing infrastructure. The company's 129-megawatt power platform is considered highly valuable, and there are plans for capacity expansion beyond this, including a Bellafont lease extension and a greenfield facility in Ohio. Additionally, the company reported a 24% year-over-year revenue growth in its energy management business in Q1 2025, and an additional 24 MW is under development, which will grow the total operating capacity to 153 MW.
• Strategic Diversification beyond Traditional Bitcoin Mining: The company is evolving beyond being solely a Bitcoin miner to a broader digital infrastructure provider. This strategic shift involves moving beyond the declining economics of pure digital mining to embrace a wider range of intensive compute applications. This diversification opens new revenue streams and positions the company within a growing market for digital infrastructure supporting various technologies.

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Share Issuance

• Mawson Infrastructure Group Inc. reported $85.1 million in common stock issuance for fiscal year 2021.
• In fiscal year 2022, the company issued $6.7 million in common stock.
• Common stock issuance amounted to $6.19 million in fiscal year 2023 and $14.64 million in fiscal year 2025.

Capital Expenditures

• Mawson Infrastructure Group Inc. incurred capital expenditures of $76.8 million in fiscal year 2021, $49.98 million in 2022, $5.35 million in 2023, $1.96 million in 2024, and $0.15 million in 2025.
• The company had 24 MW of new capacity under development, primarily for data center expansion, and is pivoting towards artificial intelligence (AI) and high-performance computing (HPC) applications.
• Projected capital expenditures are $57 million for 2025, $58 million for 2026, $60 million for 2027, $61 million for 2028, and $62 million for 2029.