Mawson Infrastructure Group, Inc. (MIGI): Business Model Canvas [Dec-2025 Updated]

Honestly, when you're tracking infrastructure plays making a hard pivot, you need the numbers, not the hype. I've spent two decades mapping these shifts, and what Mawson Infrastructure Group, Inc. (MIGI) is doing-moving its 129 megawatts of carbon-aware capacity toward high-demand AI and HPC workloads-is a defintely clear strategic move. With nine-month 2025 revenue at $36.5 million and a Q3 gross profit of $8.6 million, the execution is starting to show. You need to see the full nine-block canvas to understand exactly how their key partnerships, like those for nuclear power, and their long-term facility bets, such as the Bellefonte lease extending to 2030, line up to support this new compute focus. Dive in below for the complete, no-fluff breakdown.

Mawson Infrastructure Group, Inc. (MIGI) - Canvas Business Model: Key Partnerships

You're looking at the critical relationships Mawson Infrastructure Group, Inc. (MIGI) needs to keep its digital infrastructure platforms running and growing, especially as they pivot hard into AI and HPC. These partnerships are the backbone supporting their 129 megawatts of current operational capacity.

Energy Providers for Carbon-Free Power

Mawson Infrastructure Group, Inc. explicitly partners with the grid to secure carbon-free power, making a point to include nuclear power sources in its strategy. This focus on clean energy is a key differentiator for their carbon-aware solutions.

The Energy Management segment shows tangible partnership value:

• Q1 2025 Energy management revenue reached $3.1 million, marking a 24% year-over-year increase.
• October 2025 energy management revenue was $1.6 million, a massive 191% increase compared to October 2024.

Technology Vendors for High-Performance Computing (HPC) and GPU Hardware

While specific vendor names for 2025 aren't fully detailed, the partnerships are defined by the hardware being deployed and managed. For instance, a prior agreement detailed a 20 MW deployment involving NVIDIA GPUs, with potential expansion up to 144 MW. The focus is on integrating the latest compute technology into their infrastructure.

The March 2025 agreement with Canaan Inc. involved colocation services for approximately 17,453 latest-generation ASICs.

Publicly Traded Enterprise Customers for Large-Scale Colocation Agreements

Mawson Infrastructure Group, Inc. has successfully secured multi-year, large-scale digital colocation agreements with other publicly traded entities, which is crucial for stabilizing revenue streams away from pure self-mining volatility. The Q1 2025 Digital colocation revenue grew 27% year-over-year to $10.4 million.

Here's a breakdown of recent major customer commitments:

The company's total operational capacity is 129 MW, with an additional 24 MW under development, targeting a total of 153 MW upon completion.

Real Estate and Facility Lessors

Securing long-term physical assets is a key partnership element. Mawson Infrastructure Group, Inc. recently locked in its Bellefonte, PA site, ensuring operational continuity for its compute platforms. This is a defintely smart move for long-term planning.

The specifics of the real estate commitment are:

• Facility Location: Bellefonte, PA.
• Facility Size: 9,918 square feet of developed mining facility space.
• Lease Extension Executed: November 6, 2025.
• New Lease End Date: December 31, 2030 (a five-year extension).

Decentralized AI Networks for the New GPU Pilot Program

Mawson Infrastructure Group, Inc. is actively partnering with decentralized AI networks to expand into AI and HPC, moving beyond its traditional digital asset mining focus. This strategic move is being tested via a pilot program launched on October 22, 2025.

The pilot is structured with clear, short-term objectives:

• Program Duration: An aggressive 100-day plan.
• Objectives: Collect performance data, evaluate project economics, and test market fit.
• Financial Context: The company reported annual revenues of $50.7 million as of the pilot announcement.
• Profitability Indicator: Preliminary Q3 2025 gross profit margin is projected at 59%.

Finance: draft 13-week cash view by Friday.

Mawson Infrastructure Group, Inc. (MIGI) - Canvas Business Model: Key Activities

You're looking at the core engine of Mawson Infrastructure Group, Inc. (MIGI) right now, which is all about building and running big compute platforms. The key activities center on managing power and physical space for high-density computing.

Designing and building next-generation digital infrastructure platforms

Mawson Infrastructure Group, Inc. focuses on designing and building platforms that can handle intensive compute applications, including AI, HPC, and digital assets. The company maintains its U.S. footprint, with Midland, Pennsylvania, being a cornerstone facility supported by a long-term site tenure, including a lease extension at Bellefonte to December 31, 2030.

Operating and optimizing 129 megawatts of online compute capacity

The operational scale is significant. Mawson Infrastructure Group, Inc. has 129 megawatts of capacity already online as of early 2025. Furthermore, there is an additional 24 MW under development, which would bring the total operating capacity to 153 MW upon completion, primarily situated in the PJM market. This capacity is powered with a strategy prioritizing carbon-free energy resources, including nuclear power.

Executing the strategic shift toward AI and HPC workloads

The strategic pivot is quantified by specific contract wins and pilot programs. Mawson Infrastructure Group, Inc. secured a new digital colocation enterprise customer agreement in March 2025 to provide services for approximately 64 MW of compute capacity, which translates to about 17,453 latest-generation ASICs, under an initial term of 3 years. Separately, the company signed an AI/HPC colocation agreement for a 20 MW deployment of NVIDIA GPUs, with a potential expansion up to 144 MW. To test this new focus, Mawson Infrastructure Group, Inc. launched a 100-day GPU pilot program on a decentralized AI network starting October 22, 2025.

Providing digital colocation and energy management services

Revenue generation from these services shows a clear focus shift, even if the overall top line is in transition. For the third quarter of 2025, total revenue hit $13.2 million. The digital colocation business saw 136% year-over-year revenue growth in the full year 2024. The energy management segment showed massive year-over-year growth in October 2025, increasing 191% compared to October 2024. Here's the quick math on the October 2025 monthly revenue breakdown:

The company's Q1 2025 results showed digital colocation revenue at $10.4 million (up 27% Y/Y) and energy management revenue at $3.1 million (up 24% Y/Y).

Managing self-mining operations for digital assets

While diversifying, self-mining remains an activity, though its revenue contribution is shrinking relative to other segments. As of early 2025, the operating hash rate for digital assets mining stood at 4.98 EH/s, marking a 31% increase year-over-year. For the month of October 2025, the revenue generated from these self-mining operations was $0.1 million. This specific revenue stream was down 55% year-over-year in October 2025.

Finance: draft 13-week cash view by Friday.

Mawson Infrastructure Group, Inc. (MIGI) - Canvas Business Model: Key Resources

You're looking at the core assets Mawson Infrastructure Group, Inc. (MIGI) relies on to serve the AI, HPC, and digital asset markets. These aren't just line items on a balance sheet; they are the physical and intellectual foundations driving their current operations as of late 2025.

The sheer scale of their power commitment is a primary resource. As of the third quarter of 2025, Mawson Infrastructure Group, Inc. reported 129 megawatts of digital infrastructure capacity already online. Furthermore, they have an additional 24 MW under development, which, upon completion, is expected to bring their total operating capacity to 153 MW, all situated within the strategic PJM market.

The physical footprint is anchored by key real estate agreements. Consider the Bellefonte, PA, site, which is a critical piece of their self-mining capacity. Mawson executed an amendment in November 2025 to extend the lease for this facility until December 31, 2030. This specific site covers 9,918 square feet of developed mining space.

Here's a quick look at how these physical resources translate into recent financial performance, based on the latest reported figures for the three months ended September 30, 2025:

The expertise in designing and building these facilities is embedded in their vertically integrated infrastructure model, which is explicitly built for scalability and efficiency. This internal capability is what allows them to manage the transition from traditional digital asset mining to higher-value compute applications.

A major strategic asset is their commitment to sustainable power. Mawson Infrastructure Group, Inc. prioritizes powering its platforms with carbon-free energy resources, a key differentiator in securing enterprise contracts, with a specific mention of leveraging nuclear power. This focus supports their positioning as a provider of carbon-aware digital infrastructure solutions.

Finally, the newest tangible asset is the deployment for next-generation workloads. Mawson Infrastructure Group, Inc. launched its graphics processing unit (GPU) pilot program on a decentralized AI network on October 22, 2025. The initial phase is structured as an aggressive 100-day plan designed to retrieve performance data, evaluate project economics, and test market fit for their AI cloud infrastructure aspirations.

You can see the tangible assets underpinning the business through these key operational statistics:

• Total Operational Capacity: 129 MW.
• Capacity Under Development: 24 MW.
• Bellefonte Lease End Date: December 31, 2030.
• Bellefonte Facility Size: 9,918 square feet.
• GPU Pilot Initial Assessment Period: 100 days.

Finance: draft 13-week cash view by Friday.

Mawson Infrastructure Group, Inc. (MIGI) - Canvas Business Model: Value Propositions

You're looking at the core value Mawson Infrastructure Group, Inc. (MIGI) delivers to its customers and stakeholders as of late 2025. It's all about providing the foundational compute power needed for the digital economy, but doing it with an eye on sustainability and integration.

Carbon-aware digital infrastructure solutions using nuclear and other clean energy.

Mawson Infrastructure Group, Inc. positions its value around being a competitive provider of carbon-aware digital infrastructure solutions. A core part of this strategy is powering operations with carbon-free energy resources, which explicitly includes nuclear power, ensuring their compute platforms support growth sustainably. This focus on clean energy is a key differentiator in the market.

Scalable, vertically integrated platform for rapid deployment of compute capacity.

The platform is designed to be vertically integrated, which helps with efficiency and deployment speed. Operationally, Mawson Infrastructure Group, Inc. reports having 129 megawatts of capacity already online, with further expansion planned to reach 153 MW upon completion of the Ohio facility. This infrastructure supports a diversified set of high-demand compute applications.

Reliable digital colocation services for enterprise-level customers.

Mawson Infrastructure Group, Inc. offers reliable digital colocation, which involves hosting customer-owned equipment. This is evidenced by a new customer agreement executed in March 2025 for digital colocation services providing approximately 64 MW of compute capacity. The company has built its platform to be a multi-tenant environment across several enterprise-grade institutional customers.

Diversified compute services spanning AI, HPC, and digital assets.

The value proposition spans three high-growth sectors: Artificial Intelligence (AI), High-Performance Computing (HPC), and digital assets. The company has advanced its strategic initiatives by launching a GPU pilot program on a leading decentralized AI network, marking an expansion beyond just digital asset mining into advanced computing. The operating hash rate for digital assets mining saw a 31% year-over-year increase, reaching 4.98 EH/s as of early 2025.

Here's a quick look at the revenue breakdown from the most recent monthly data available, showing the shift in focus:

Improved operational efficiency, driving Q3 2025 gross profit to $8.6 million.

The focus on operational improvements is clearly reflected in the profitability metrics for the third quarter of 2025. Mawson Infrastructure Group, Inc. achieved a preliminary third-quarter gross profit of $8.6 million, a significant 98% increase compared to $4.3 million in Q3 2024. This profit improvement occurred even as total Q3 2025 revenue was $13.2 million.

The year-to-date figures for the nine months ending September 30, 2025, also show this efficiency gain:

• YTD 2025 Gross Profit: $18.4 million, an 18% increase versus YTD 2024.
• YTD 2025 Net Loss: Narrowed to $8.0 million from $41.6 million in YTD 2024, an improvement of approximately 81%.
• Q3 2025 Net Income: The company returned to profitability with a net income of $0.3 million.

The operational shift is clear: margin recovery is driving the bottom line, even with a year-to-date revenue decline of 17% to $36.5 million for the nine-month period.

Mawson Infrastructure Group, Inc. (MIGI) - Canvas Business Model: Customer Relationships

You're looking at how Mawson Infrastructure Group, Inc. (MIGI) manages its relationships with the enterprises and miners that use its digital infrastructure. It's a mix of long-term, high-capacity commitments and ongoing operational support.

Enterprise-focused, long-term colocation service agreements form the backbone of the predictable revenue stream. The focus here is locking in significant compute capacity for extended periods, which is key for infrastructure stability. For instance, in Q1 2025, Mawson Infrastructure Group, Inc. executed a significant 3-year digital colocation customer agreement with Canaan Inc. for approximately 64 MW of compute capacity. This deal involved hosting about 17,453 latest-generation ASICs. This single agreement represented nearly 50% of Mawson Infrastructure Group, Inc.'s then-current operational footprint of 129 MW. Upon completion of this deployment, Mawson Infrastructure Group, Inc. expected to operate approximately 5.51 exahash per second (EH/s) in combined total operating hashrate across its facilities.

The success of these enterprise deals is reflected in the revenue growth; Digital colocation revenue increased 27% year-over-year in Q1 2025, reaching $10.4 million. Mawson Infrastructure Group, Inc.'s total operational capacity stood at 129 MW, with an additional 24 MW under development, targeting a total operating capacity of 153 MW upon completion.

Here are the key contract metrics from recent enterprise wins:

Dedicated investor relations is maintained through clear communication channels and regular financial reporting. You can reach the Investor Relations Team directly at IR@mawsoninc.com. To keep stakeholders informed, Mawson Infrastructure Group, Inc. announced it expects to resume issuing monthly business and operational updates starting in December 2025. Furthermore, the company provides detailed financial context through SEC filings, such as the Form 10-Q filed on May 15, 2025, and the Form 10-K filed on March 28, 2025. For Q3 2025, total revenue was $13.2 million, with an income from operations of $1.6 million.

The shift toward complex workloads necessitates direct sales and technical support for complex AI/HPC infrastructure needs. This is evidenced by the strategic entry into AI/HPC markets. Mawson Infrastructure Group, Inc. signed an AI/HPC colocation business agreement for an initial 20 MW deployment of NVIDIA GPUs, which carries an additional Letter of Intent (LOI) for potential expansion up to 144 MW. This focus on AI/HPC is part of a strategy to diversify beyond digital assets.

The relationship with contractual relationships with digital asset self-mining operations is managed alongside the enterprise colocation business. Mawson Infrastructure Group, Inc. delivers both self-mining and colocation/hosting services. However, the self-mining segment shows significant volatility. For the month of October 2025, digital assets mining revenue from self-mining operations was $0.1 million. This represented a decrease of 55% year-over-year from October 2024 and a 62% decrease month-over-month from September 2025.

The company's customer relationship strategy involves maintaining specific contact points for different needs:

• Investor Contact: IR@mawsoninc.com
• Partnerships Contact: Partnerships@mawsoninc.com
• Media and Press Contact: mediarelations@mawsoninc.com

Finance: draft 13-week cash view by Friday.

Mawson Infrastructure Group, Inc. (MIGI) - Canvas Business Model: Channels

You're looking at how Mawson Infrastructure Group, Inc. (MIGI) gets its digital infrastructure services-AI, HPC, and digital asset hosting-into the hands of its customers. The channels are a mix of direct enterprise engagement and public financial communication. It's all about securing those big, long-term compute contracts and keeping the market informed.

Direct sales team targeting enterprise colocation customers

Mawson Infrastructure Group, Inc. clearly focuses its direct sales efforts on securing large, multi-year digital colocation agreements with enterprise clients. This isn't about small-scale retail; it's about locking down significant power and compute capacity. For instance, in the first quarter of 2025, they executed a deal with a publicly traded enterprise customer in March 2025 for an initial term of 3 years, covering about 64 MW of compute capacity, which translates to approximately 17,453 latest-generation ASICs. This followed another agreement in January 2025 with a NASDAQ-listed company for about 20 MW on an initial 12-month term. The success of this direct approach is reflected in the Q1 2025 Digital colocation revenue hitting $10.4 million, a 27% year-over-year increase. However, the channel showed some recent softness, with October 2025 Digital colocation revenue falling to $1.6 million, down 59% Y/Y.

Corporate website and investor relations portal for financial disclosures

For the financial community, Mawson Infrastructure Group, Inc. uses its corporate website, https://www.mawsoninc.com, and dedicated investor relations channels for official disclosures. You can reach their Investor Relations team directly at IR@mawsoninc.com. Transparency is a stated goal, with management announcing plans to resume monthly business and operational updates starting in December 2025. The company provides detailed quarterly results, such as the Q3 2025 report showing total revenue of $13.2 million and net income of $0.3 million for the quarter. Year-to-date 2025 revenue was $36.5 million, with a net loss attributed to common stockholders of $8.0 million.

Industry conferences and presentations (e.g., Emerging Growth Conference)

Industry events serve as a key channel for Mawson Infrastructure Group, Inc. to communicate strategy and secure future interest, especially as they pivot toward AI and HPC. Management confirmed they planned to present at the Emerging Growth Conference on December 11, 2025. These presentations are vital for reaching potential enterprise customers and investors who follow the digital infrastructure space. The company also uses its press release channel, with contacts listed for Media Relations at mediarelations@mawsoninc.com.

Direct facility operation and management for service delivery

The core delivery channel is Mawson Infrastructure Group, Inc.'s direct operation and management of its digital infrastructure assets, which are strategically located in the PJM market. This vertical integration is how they control service quality for their colocation customers. As of Q1 2025, the company reported a total current operational capacity of 129 MW, with an additional 24 MW under development, targeting a total of 153 MW upon completion. The Bellefonte, PA facility, a key operational site, had its lease extended for five years, running until December 31, 2030. The Energy Management segment, which supports these operations, saw Q1 2025 revenue of $3.1 million, a 24% Y/Y increase.

Here's a quick look at the capacity and revenue mix as of the latest reported periods:

What this estimate hides is the ongoing transition; while colocation revenue is a key focus, the October 2025 Energy management revenue was $1.6 million, showing a massive 191% year-over-year increase, suggesting this segment is a growing channel for service delivery too.

You should check the latest monthly update for December 2025 when it releases, as management committed to resuming those updates then. Finance: draft 13-week cash view by Friday.

Mawson Infrastructure Group, Inc. (MIGI) - Canvas Business Model: Customer Segments

You're looking at the core groups Mawson Infrastructure Group, Inc. (MIGI) serves as they pivot toward high-value compute. Here's the hard data on who is buying capacity right now, based on late 2025 reporting.

Enterprise customers requiring large-scale digital colocation services.

This segment is driving significant revenue growth, showing a clear shift in focus from pure-play mining. Digital colocation revenue in Q1 2025 was $10.4 million, representing a 27% year-over-year increase. Mawson Infrastructure Group, Inc. has expanded its platform to serve multiple enterprise-grade institutional customers, positioning itself as one of the largest among publicly-traded peers in this area. A major contract secured in March 2025 was with a publicly traded enterprise customer for an initial term of 3 years, providing digital colocation services for about 64 MW of compute capacity.

Key capacity metrics tied to these enterprise clients include:

• Total current operational capacity: 129 MW.
• Capacity under development (Ohio facility): an initial 24 MW, growing total capacity to 153 MW upon completion.
• A January 2025 agreement with a NASDAQ-listed company for approximately 20 MW.

High-Performance Computing (HPC) and Artificial Intelligence (AI) workload clients.

Mawson Infrastructure Group, Inc. is actively building out its infrastructure for these intensive compute applications. The company signed an agreement with an AI customer for an initial 20 MW deployment of NVIDIA GPUs, with a Letter of Intent (LOI) for potential expansion up to 144 MW. This positions the company to address critical compute capacity needs in the AI and HPC markets.

Digital asset miners seeking efficient, carbon-aware hosting solutions.

While the focus is shifting, digital asset mining remains a component, with Mawson Infrastructure Group, Inc. delivering self-mining operations alongside colocation/hosting. The operating hash rate increased 31% year-over-year to 4.98 EH/s as of the end of FY2024. However, the revenue contribution from this segment shows a decline relative to other areas; digital assets mining revenue from self-mining operations in October 2025 was $0.1 million, down 55% year-over-year from October 2024. The company emphasizes powering operations with carbon-free energy resources, including nuclear power, to support these compute platforms sustainably.

Financial markets and investors (NASDAQ: MIGI).

The financial community tracks Mawson Infrastructure Group, Inc. via its listing on the NASDAQ. The company demonstrated a successful transformation to profitability in Q3 2025, posting an income from operations of $1.6 million, compared to a loss of $11.4 million in Q3 2024. For the nine months ended September 30, 2025, the net loss attributed to common stockholders improved by 81% to $8.0 million from $41.6 million in the prior year period. The basic net income per share for Q3 2025 was $0.02.

Here's a quick look at the recent financial performance relevant to investor perception:

Finance: draft 13-week cash view by Friday.

Mawson Infrastructure Group, Inc. (MIGI) - Canvas Business Model: Cost Structure

The Cost Structure for Mawson Infrastructure Group, Inc. centers heavily on the operational expenses required to power and maintain its high-density digital infrastructure assets across its U.S. footprint.

Significant power and energy costs are inherent to the business, given the operation of 129 MW of capacity already online as of early 2025, with further expansion planned to 153 MW. Mawson Infrastructure Group, Inc. emphasizes powering these operations with carbon-free energy resources, including nuclear power, which influences the structure of these energy-related expenditures.

The direct costs associated with generating revenue are substantial. Preliminary estimated Cost of Revenues for the nine months ended September 30, 2025, was approximately $18.1 million. This cost base resulted in a preliminary Gross Profit for the nine months ended September 30, 2025, of $18.4 million.

You should note the following key financial metrics that frame the overall cost environment for the nine months ended September 30, 2025:

• Preliminary Estimated Cost of Revenues (9 Months): $18.1 million
• Preliminary Gross Profit (YTD): $18.4 million
• Preliminary Net Loss (YTD): Narrowed to $8.0 million from $41.6 million in the prior year period
• Preliminary Net Loss (9 Months): Approximately $9.8 million

The table below summarizes the known financial components impacting the Cost Structure as of the nine months ended September 30, 2025:

Capital expenditure for building and maintaining digital infrastructure is an ongoing requirement to support the company's growth in AI and HPC. While specific CapEx figures for the period aren't explicitly detailed in the preliminary results, the expansion from 129 MW to a total operating capacity of 153 MW upon completion of development implies significant ongoing investment in physical assets.

Lease payments for facilities, such as the Bellefonte extension, represent fixed or semi-fixed commitments. The successful lease extension at Bellefonte, PA, running to December 31, 2030, locks in a cost component for the medium term, supporting the infrastructure for AI and digital assets.

General and administrative expenses, including technology and personnel costs, are part of the operating expenses Mawson Infrastructure Group, Inc. manages. Management noted that the reduction in overall operating expenses for the nine months ended September 30, 2025, was partially offset by an increase in selling, general and administrative costs. Technology costs are implicitly high due to the focus on next-generation platforms for AI and HPC workloads.

The cost structure is actively managed through operational efficiency, as evidenced by the preliminary gross profit margin improvement to 48% for the nine months of 2025, up from 35% in the prior year period. Finance: draft 13-week cash view by Friday.

Mawson Infrastructure Group, Inc. (MIGI) - Canvas Business Model: Revenue Streams

You're looking at how Mawson Infrastructure Group, Inc. (MIGI) is bringing in money as of late 2025. The revenue picture for October 2025 shows a mix, with some legacy segments softening but others showing significant upside as the company pivots its focus.

For the month of October 2025, the total unaudited revenue Mawson Infrastructure Group, Inc. reported was $3.3 million. This figure reflects a transitional period, as the company actively works to shift its revenue mix toward higher-growth computing sectors.

Here is the breakdown of the key revenue components for October 2025:

Looking at the longer-term performance, the total revenue for the nine months of 2025 was $36.5 million. This compares to $44.2 million for the same period in 2024, representing a year-to-date decrease of 17%.

The shift in the business model is evident in the performance of the individual streams. While digital colocation revenue for October 2025 was $1.6 million, the energy management revenue also totaled $1.6 million for the same month, showing a substantial year-over-year increase of 191%. Self-mining revenue was the smallest contributor at $0.1 million for October 2025.

Mawson Infrastructure Group, Inc. is actively pursuing new sources to stabilize and grow its top line, moving beyond its historical reliance on digital asset mining. This strategic pivot is centered on leveraging its existing infrastructure, which includes operating with 129 megawatts of capacity.

The primary focus for new revenue generation involves the advancement of its AI/HPC services:

• New revenue from the GPU pilot program for Artificial Intelligence/High-Performance Computing services.
• The pilot program is an aggressive 100-day plan to gather performance data.
• The objective is to build a repeatable, scalable framework for AI cloud services.
• This diversification is intended to capture opportunities in the burgeoning AI and HPC markets.

The success of the GPU pilot program is critical; it is designed to build a path for Mawson Infrastructure Group, Inc. to expand its role as an infrastructure provider for these intensive compute applications.