Mawson Infrastructure Group Inc. (NASDAQ: MIGI) announced today, October 17, 2025, preliminary, unaudited financial results for the third quarter and nine months ended September 30, 2025. The company reported third‑quarter revenue of approximately $11.2 million, down 9% from $12.3 million in the same period last year, while cost of revenues fell 42% to about $4.6 million. Gross profit rose 53% to $6.6 million, giving a gross profit margin of 59% versus 35% in Q3 2024, and the company posted a preliminary net loss of $1.5 million compared with a $12.2 million loss in Q3 2024. For the nine‑month period, revenue was $34.5 million, a 22% decline from $44.2 million year‑ago, but cost of revenues dropped 37% to $18.1 million, resulting in a gross profit of $16.4 million and a gross margin of 48% versus 35% in the prior year. The nine‑month net loss was $9.8 million, a 76% improvement over the $41.8 million loss reported for the same period in 2024. These figures demonstrate that, despite a revenue contraction, Mawson has achieved significant cost discipline and margin expansion, largely driven by its high‑margin energy‑management segment and efficient modular data‑center deployment. The board’s recent election of new directors and the company’s ongoing focus on carbon‑free, nuclear‑powered operations underscore a strategic pivot toward AI and HPC markets, but the company continues to face liquidity challenges and a going‑concern warning, which investors should monitor closely. Overall, the preliminary results signal a more profitable operating model, though the company’s cash position remains constrained and its ability to sustain operations without additional financing remains uncertain.
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