Mawson Infrastructure Group Inc.
BGDE Financial Capital Markets
Mawson Infrastructure Group Inc.’s revenue for fiscal 2025 (year ended December 2025) was $39.8 million, down 32.9% from fiscal 2024. In the quarter to June 2026, revenue fell 35.5%, EPS grew 83.4%, free cash flow fell 56.8% and total debt rose 30.0%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Mawson Infrastructure Group Inc. (BGDE) Piotroski F-score
Mawson Infrastructure Group Inc.'s Piotroski F-score for fiscal 2025 is 5 out of 9: 5 of nine tests of profitability, leverage and efficiency passed, up from 4 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 5 | 1.00 |
| FY2024 | 4 | 2.00 |
| FY2023 | 2 | (4.00) |
| FY2022 | 6 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (39.80%) | (63.10%) | Fail | 0 |
| Positive operating cash flow | (6.90m) | 3.56m | Fail | 0 |
| Rising return on assets | (39.80%) | (63.10%) | Pass | 1 |
| Cash flow above net income | 16.76m | 49.69m | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 0.47 | 0.42 | Pass | 1 |
| No new shares issued | 1,176,400 | 891,400 | Fail | 0 |
| Rising gross margin | 43.63% | 34.21% | Pass | 1 |
| Rising asset turnover | 0.67 | 0.81 | Fail | 0 |
| Piotroski F-score | Mixed | 5 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| COHN Institutional Financial Markets, Inc. compare | 6 |
| BGDE Mawson Infrastructure Group Inc. | 5 |
| DRK Sphere 3D Corp. compare | 4 |
| ARBK Argo Blockchain PLC Sponsored ADR compare | 3 |
| ATCH AtlasClear Holdings, Inc. compare | 3 |
| AURE Aurelion Inc. compare | 3 |
| PLUT Plutus Financial Group Limited compare | 2 |
| GRAN Grande Group Limited compare | 1 |
| FLD Fold Holdings, Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover