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Side-by-side financial comparison of ZW Data Action Technologies Inc. (CNET) and Mawson Infrastructure Group Inc. (MIGI). Click either name above to swap in a different company.
Mawson Infrastructure Group Inc. is the larger business by last-quarter revenue ($3.2M vs $1.7M, roughly 1.9× ZW Data Action Technologies Inc.). On growth, ZW Data Action Technologies Inc. posted the faster year-over-year revenue change (-47.0% vs -78.5%). Over the past eight quarters, ZW Data Action Technologies Inc.'s revenue compounded faster (-56.8% CAGR vs -58.5%).
ZW Data Action Technologies Inc., trading under the symbol CNET, is a China-based technology enterprise focused on delivering integrated digital marketing solutions, big data analysis services, and intelligent operation tools for enterprise clients across sectors including e-commerce, consumer goods, and internet services. Its offerings help clients optimize user acquisition efficiency, boost operational performance, and advance digital transformation, primarily serving the Chinese domestic market and select Asia-Pacific clients.
Mawson Infrastructure Group Inc. is a global digital infrastructure provider that operates sustainable, energy-efficient data centers and specialized hosting solutions for blockchain and digital asset operations. Its core segments include cryptocurrency mining, colocation services, and low-carbon infrastructure development, with primary operational footprints across North America and Australia.
CNET vs MIGI — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.7M | $3.2M |
| Net Profit | $-108.0K | — |
| Gross Margin | 5.7% | — |
| Operating Margin | -8.9% | — |
| Net Margin | -6.3% | — |
| Revenue YoY | -47.0% | -78.5% |
| Net Profit YoY | 94.4% | -246.2% |
| EPS (diluted) | — | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $3.2M | ||
| Q3 25 | $1.7M | $13.2M | ||
| Q2 25 | — | $9.5M | ||
| Q1 25 | $1.7M | $13.8M | ||
| Q4 24 | $2.2M | $15.1M | ||
| Q3 24 | $3.2M | $12.3M | ||
| Q2 24 | $6.4M | $13.1M | ||
| Q1 24 | $3.5M | $18.8M |
| Q4 25 | — | — | ||
| Q3 25 | $-108.0K | $327.7K | ||
| Q2 25 | — | $-8.0M | ||
| Q1 25 | $-531.0K | $-310.9K | ||
| Q4 24 | $-781.0K | $-4.5M | ||
| Q3 24 | $-1.9M | $-12.2M | ||
| Q2 24 | $-216.0K | $-9.6M | ||
| Q1 24 | $-850.0K | $-19.8M |
| Q4 25 | — | — | ||
| Q3 25 | 5.7% | 65.0% | ||
| Q2 25 | — | 41.3% | ||
| Q1 25 | 9.7% | 42.9% | ||
| Q4 24 | -0.4% | 30.9% | ||
| Q3 24 | 1.7% | 35.1% | ||
| Q2 24 | 5.1% | 32.9% | ||
| Q1 24 | 2.0% | 37.2% |
| Q4 25 | — | — | ||
| Q3 25 | -8.9% | 12.0% | ||
| Q2 25 | — | -68.9% | ||
| Q1 25 | -35.0% | 4.2% | ||
| Q4 24 | -24.1% | -35.2% | ||
| Q3 24 | -61.5% | -92.6% | ||
| Q2 24 | -4.7% | -51.5% | ||
| Q1 24 | -26.1% | -41.0% |
| Q4 25 | — | — | ||
| Q3 25 | -6.3% | 2.5% | ||
| Q2 25 | — | -84.1% | ||
| Q1 25 | -32.1% | -2.3% | ||
| Q4 24 | -34.7% | -30.0% | ||
| Q3 24 | -59.1% | -99.3% | ||
| Q2 24 | -3.4% | -73.4% | ||
| Q1 24 | -24.1% | -105.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | $0.01 | ||
| Q2 25 | — | $-0.40 | ||
| Q1 25 | — | $-0.02 | ||
| Q4 24 | — | $-49.35 | ||
| Q3 24 | — | $-0.66 | ||
| Q2 24 | — | $-0.55 | ||
| Q1 24 | — | $-1.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.8M | $13.3M |
| Total DebtLower is stronger | — | $25.2M |
| Stockholders' EquityBook value | $3.3M | $-3.1M |
| Total Assets | $9.7M | $57.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $13.3M | ||
| Q3 25 | $1.8M | $2.3M | ||
| Q2 25 | — | $3.2M | ||
| Q1 25 | $807.0K | $5.5M | ||
| Q4 24 | $812.0K | $6.1M | ||
| Q3 24 | $1.1M | $5.8M | ||
| Q2 24 | $510.0K | $6.8M | ||
| Q1 24 | $467.0K | $6.4M |
| Q4 25 | — | $25.2M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $20.9M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $393.2K | ||
| Q1 24 | — | $41.5K |
| Q4 25 | — | $-3.1M | ||
| Q3 25 | $3.3M | $-9.4M | ||
| Q2 25 | — | $-8.3M | ||
| Q1 25 | $3.1M | $-1.4M | ||
| Q4 24 | $3.7M | $-3.2M | ||
| Q3 24 | $4.8M | $-1.6M | ||
| Q2 24 | $5.2M | $4.4M | ||
| Q1 24 | $5.4M | $13.0M |
| Q4 25 | — | $57.4M | ||
| Q3 25 | $9.7M | $52.0M | ||
| Q2 25 | — | $52.7M | ||
| Q1 25 | $9.5M | $57.9M | ||
| Q4 24 | $9.7M | $61.4M | ||
| Q3 24 | $11.0M | $60.8M | ||
| Q2 24 | $10.8M | $65.6M | ||
| Q1 24 | $11.4M | $67.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.09× | ||
| Q1 24 | — | 0.00× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-482.0K | $-6.9M |
| Free Cash FlowOCF − Capex | — | $-7.0M |
| FCF MarginFCF / Revenue | — | -218.1% |
| Capex IntensityCapex / Revenue | 0.0% | 4.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-10.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-6.9M | ||
| Q3 25 | $-482.0K | $-844.5K | ||
| Q2 25 | — | $-2.1M | ||
| Q1 25 | $-984.0K | $-510.4K | ||
| Q4 24 | $-830.0K | $3.6M | ||
| Q3 24 | $-198.0K | $-1.2M | ||
| Q2 24 | $-677.0K | $2.5M | ||
| Q1 24 | $-353.0K | $1.9M |
| Q4 25 | — | $-7.0M | ||
| Q3 25 | — | $-859.7K | ||
| Q2 25 | — | $-2.1M | ||
| Q1 25 | $-1.0M | $-516.9K | ||
| Q4 24 | — | $1.6M | ||
| Q3 24 | — | $-1.3M | ||
| Q2 24 | — | $592.4K | ||
| Q1 24 | — | $1.9M |
| Q4 25 | — | -218.1% | ||
| Q3 25 | — | -6.5% | ||
| Q2 25 | — | -22.3% | ||
| Q1 25 | -61.8% | -3.7% | ||
| Q4 24 | — | 10.7% | ||
| Q3 24 | — | -10.4% | ||
| Q2 24 | — | 4.5% | ||
| Q1 24 | — | 9.9% |
| Q4 25 | — | 4.6% | ||
| Q3 25 | 0.0% | 0.1% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | 2.2% | 0.0% | ||
| Q4 24 | — | 13.0% | ||
| Q3 24 | 0.0% | 0.3% | ||
| Q2 24 | — | 14.3% | ||
| Q1 24 | — | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | -2.58× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CNET
| Online Advertising Placement | $1.6M | 95% |
| Other | $83.0K | 5% |
MIGI
Segment breakdown not available.
