The company's financial position appears increasingly fragile, with a current ratio of 0.47 and a debt-to-equity ratio that has surged to 6.13 as of 2026Q1.
| 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 |
|---|
| Total Current Assets | 19.86M | 27.49M | 26.01M | 20.14M | 20.34M | 11.45M | 1.75M | 1.15M | 3.4M | 590K | 67K | 700K | 1.01M | 1.62M | 1.89M | 0 | 0 | 0 | 4.15K | 0 |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 4.58M | 0 | 0 | 5.45M | 40.8K | 15.06K | 67K | 8K | 12K | 29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.15K | 0 |
| Total Non-Current Assets | 24.99M | 29.95M | 35.43M | 64.63M | 112.99M | 133.85M | 8.06M | 29K | 8K | 5K | 2K | 0 | 1K | 1K | 401K | 0 | 0 | 0 | 0 | 0 |
| Property, Plant & Equipment | 21.43M | 25.82M | 32.05M | 60.05M | 93.84M | 80.91M | 7.06M | 29K | 8K | 5K | 2K | 0 | 1K | 1K | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | 1.20x | 1.54x | 1.85x | 0.73x | 0.90x | 0.54x | 0.63x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 15.81K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 4.81M | 0 | 2.88M | 106.81K | 5.33M | 326.8K | 16.69K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 401K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 48.39M | 57.44M | 61.44M | 84.77M | 133.33M | 145.29M | 9.81M | 1.18M | 3.4M | 595K | 69K | 700K | 1.01M | 1.62M | 2.29M | 0 | 0 | 0 | 4.15K | 0 |
| Asset Turnover | 0.58x | 0.69x | 0.96x | 0.51x | 0.63x | 0.30x | 0.45x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Asset Growth % | -56.91% | -6.51% | -27.52% | -36.42% | -8.24% | 1380.57% | 734.48% | -65.44% | 471.93% | 762.32% | -90.14% | -30.9% | -37.39% | -29.22% | - | - | - | -100% | - | - |
| Total Current Liabilities | 42.68M | 58.84M | 61.95M | 53.32M | 35.51M | 20.07M | 2.19M | 641K | 3.19M | 3.69M | 817K | 3.98M | 2.7M | 1.75M | 199K | 103.81K | 84.27K | 62.79K | 61.12K | 38.42K |
| Accounts Payable | 14.6M | 21.8M | 20.65M | 17.04M | 2.82M | 4.78M | 1.29M | 4K | 34K | 43K | 13K | 291K | 246K | 263K | 4K | 12.24K | 12.24K | 11.74K | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 26.5M | 26.76M | 20.92M | 19.35M | 23.61M | 12.33M | 311.48K | 0 | 2.63M | 3.2M | 406K | 3.69M | 2.46M | 1.49M | 0 | 64.68K | 52.24K | 36.65K | 52.5K | 35K |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 1.46M | 0 | 0 | 0 | 0 | 1.79M | 284.59K | 337K | 380K | 351K | 263K | -3.69M | -2.46M | -1.75M | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 0.47x | 0.47x | 0.42x | 0.38x | 0.57x | 0.57x | 0.80x | 1.79x | 1.06x | 0.16x | 0.08x | 0.18x | 0.37x | 0.92x | 9.47x | - | - | - | 0.07x | - |
| Quick Ratio | 0.47x | 0.47x | 0.42x | 0.38x | 0.57x | 0.57x | 0.80x | 1.79x | 1.06x | 0.16x | 0.08x | 0.18x | 0.37x | 0.92x | 9.47x | - | - | - | 0.07x | - |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.37M | 1.72M | 2.73M | 1.07M | 21.65M | 10.64M | 38.14K | 0 | 0 | 0 | 83K | 0 | 0 | 7K | 470K | 3.38K | 939 | 26.07K | 0 | 35K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 4.51M | 7.64M | 14K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 44.05M | 60.56M | 64.68M | 54.38M | 57.16M | 30.71M | 2.23M | 641K | 3.19M | 3.69M | 900K | 3.98M | 2.7M | 1.76M | 669K | 107.19K | 85.21K | 88.86K | 61.12K | 38.42K |
| Total Debt | 26.61M | 28.48M | 25.28M | 21.87M | 31.26M | 22.97M | 349.62K | 22K | 2.63M | 3.2M | 406K | 3.69M | 2.46M | 1.49M | 0 | 64.68K | 52.24K | 36.65K | 52.5K | 35K |
| Net Debt | 24.17M | 15.21M | 19.19M | 17.39M | 30.32M | 17.5M | -763.2K | -696K | -548K | 2.99M | 378K | 3.65M | 2.45M | 1.06M | -727K | 64.68K | 52.24K | 36.65K | 52.5K | 35K |
| Debt / Equity | 6.13x | - | - | 0.72x | 0.41x | 0.20x | 0.05x | 0.04x | 12.43x | - | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | -1.33x | - | - | - | 1.51x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -1.20x | - | - | - | 1.46x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -13.42x | -6.02x | -13.64x | -16.25x | -7.91x | -11.38x | -968.47x | -75.67x | -57.55x | -62.11x | -70.19x | -16.17x | -21.90x | -135.10x | -1255.50x | -2.09x | -2.96x | -3.78x | -2.57x | -5.74x |
| Total Equity | 4.34M | -3.12M | -3.24M | 30.38M | 76.17M | 114.58M | 7.58M | 535K | 212K | -3.1M | -831K | -3.28M | -1.69M | -139K | 1.62M | -107.19K | -85.21K | -88.86K | -56.97K | -38.42K |
| Equity Growth % | -389.01% | 3.74% | -110.66% | -60.11% | -33.53% | 1411.3% | 1317.12% | 152.36% | 106.84% | -272.8% | 74.67% | -94.14% | -1115.83% | -108.6% | 1608.56% | -25.79% | 4.1% | -55.98% | -48.27% | - |
| Book Value per Share | 0.82 | -2.65 | -3.63 | 38.81 | 119.98 | 244.20 | 128.18 | 61.03 | 45.03 | -1080.95 | -329.89 | -9038.57 | -4655.65 | -382.92 | 4266.49 | -1218.05 | -968.31 | -1009.73 | -647.34 | -436.59 |
| Total Shareholders' Equity | 4.34M | -3.12M | -3.24M | 29.24M | 77.07M | 114.75M | 7.61M | 535K | 212K | -3.1M | -831K | -3.28M | -1.69M | -139K | 1.62M | -107.19K | -85.21K | -88.86K | -56.97K | -38.42K |
| Common Stock | 5.49K | 3.62K | 18.79K | 16.64K | 13.63K | 0 | 33K | 16K | 9K | 4K | 3K | 10K | 10K | 10K | 10K | 11.37K | 11.37K | 11.37K | 11.37K | 11.37K |
| Retained Earnings | -251.84M | -252.45M | -228.8M | -182.67M | -122.26M | -71.12M | -26.16M | -33.9M | -30M | -26.45M | -23.48M | -8.77M | -7.3M | -6.1M | -3.26M | -246.09K | -224.12K | -227.76K | -195.87K | -177.32K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -747K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 379.8K | 365.45K | 198.63K | 608.69K | 5.02M | -521.09K | -1.34M | -73K | -73K | -47K | 5K | -34K | 102K | 483K | 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 |
Insolvency and liquidity exhaustion
As reported in recent financial statements, MIGI's total assets have declined from $84.8M in 2023Q4 to $48.4M in 2026Q1, signaling a persistent contraction in the company's resource base that reflects both asset depreciation and the ongoing struggle to maintain operational scale in a competitive mining environment.
The consistent decline in total assets suggests that the company is failing to replace its hardware fleet at a rate sufficient to offset depreciation. This downward trajectory in asset value, coupled with a stagnant debt profile, implies that the business is becoming increasingly hollowed out over time.
Based on the provided balance sheet data, the debt-to-equity ratio has surged to 6.13 as of 2026Q1, reflecting a precarious capital structure where the company's reliance on debt has become disproportionate to its rapidly diminishing equity base, warranting significant concern regarding long-term solvency.
The high leverage ratio suggests that the company is operating with minimal financial flexibility, leaving little room for error in a volatile commodity market. Investors should monitor whether the current debt load can be serviced without further dilutive equity raises or asset liquidations.
According to quarterly filings, the current ratio has remained consistently below 0.50, reaching 0.47 in 2026Q1, which indicates that the company lacks the necessary short-term assets to cover its immediate liabilities, highlighting a severe liquidity crunch that threatens ongoing operational continuity.
A current ratio of this magnitude suggests that the company is perpetually reliant on external financing or cash flow from operations to meet its short-term obligations. Given the negative cash flow profile, this liquidity position appears highly vulnerable to even minor operational disruptions or market downturns.
As evidenced by the financial data, the company's equity position has frequently dipped into negative territory, reaching -$3.1M in 2025Q4 and remaining at $4.3M in 2026Q1, which underscores a history of significant value destruction and the erosion of shareholder capital through persistent operating losses.
The accumulation of a $251.8M deficit in retained earnings as of 2026Q1 serves as a stark indicator of the company's inability to generate sustainable returns on invested capital. This trend suggests that the business model has struggled to create value for shareholders, with equity being continuously depleted by operational deficits.
Based on reported figures, net PPE has plummeted from $60.0M in 2023Q4 to $21.4M in 2026Q1, indicating that the company's primary revenue-generating assets are aging rapidly and losing value, which may necessitate significant future capital expenditures that the current balance sheet is ill-equipped to support.
The rapid decline in net PPE relative to total assets suggests that the company's infrastructure is becoming obsolete, potentially impacting its hashrate efficiency and competitive standing. This asset degradation implies that the company may face a 'capital expenditure cliff' to remain relevant in the mining industry.
Quick answers to the most common questions about buying MIGI stock.
As of 2025, Mawson Infrastructure Group, Inc. (MIGI) had total assets of $57.4M including $27.5M in current assets.
Mawson Infrastructure Group, Inc. (MIGI) carries total debt of $28.5M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Mawson Infrastructure Group, Inc. (MIGI) has total shareholders' equity (book value) of $-3.1M ($-2.65 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Mawson Infrastructure Group, Inc. (MIGI) reported a current ratio of 0.47x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.