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Side-by-side financial comparison of Mawson Infrastructure Group Inc. (MIGI) and Token Cat Ltd (TC). 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 $2.8M, roughly 1.2× Token Cat Ltd). On growth, Token Cat Ltd posted the faster year-over-year revenue change (-37.9% vs -78.5%).
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.
MIGI vs TC — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.2M | $2.8M |
| Net Profit | — | $-93.0K |
| Gross Margin | — | 79.0% |
| Operating Margin | — | -206.9% |
| Net Margin | — | -3.4% |
| Revenue YoY | -78.5% | -37.9% |
| Net Profit YoY | -246.2% | 98.3% |
| 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 | $13.2M | — | ||
| Q2 25 | $9.5M | $2.8M | ||
| Q1 25 | $13.8M | — | ||
| Q4 24 | $15.1M | — | ||
| Q3 24 | $12.3M | — | ||
| Q2 24 | $13.1M | $4.4M | ||
| Q1 24 | $18.8M | — |
| Q4 25 | — | — | ||
| Q3 25 | $327.7K | — | ||
| Q2 25 | $-8.0M | $-93.0K | ||
| Q1 25 | $-310.9K | — | ||
| Q4 24 | $-4.5M | — | ||
| Q3 24 | $-12.2M | — | ||
| Q2 24 | $-9.6M | $-5.6M | ||
| Q1 24 | $-19.8M | — |
| Q4 25 | — | — | ||
| Q3 25 | 65.0% | — | ||
| Q2 25 | 41.3% | 79.0% | ||
| Q1 25 | 42.9% | — | ||
| Q4 24 | 30.9% | — | ||
| Q3 24 | 35.1% | — | ||
| Q2 24 | 32.9% | 69.2% | ||
| Q1 24 | 37.2% | — |
| Q4 25 | — | — | ||
| Q3 25 | 12.0% | — | ||
| Q2 25 | -68.9% | -206.9% | ||
| Q1 25 | 4.2% | — | ||
| Q4 24 | -35.2% | — | ||
| Q3 24 | -92.6% | — | ||
| Q2 24 | -51.5% | -146.9% | ||
| Q1 24 | -41.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | 2.5% | — | ||
| Q2 25 | -84.1% | -3.4% | ||
| Q1 25 | -2.3% | — | ||
| Q4 24 | -30.0% | — | ||
| Q3 24 | -99.3% | — | ||
| Q2 24 | -73.4% | -125.9% | ||
| Q1 24 | -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 | $13.3M | $150.0K |
| Total DebtLower is stronger | $25.2M | $1.4M |
| Stockholders' EquityBook value | $-3.1M | $4.6M |
| Total Assets | $57.4M | $28.4M |
| Debt / EquityLower = less leverage | — | 0.30× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.3M | — | ||
| Q3 25 | $2.3M | — | ||
| Q2 25 | $3.2M | $150.0K | ||
| Q1 25 | $5.5M | — | ||
| Q4 24 | $6.1M | — | ||
| Q3 24 | $5.8M | — | ||
| Q2 24 | $6.8M | $689.0K | ||
| Q1 24 | $6.4M | — |
| Q4 25 | $25.2M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $1.4M | ||
| Q1 25 | — | — | ||
| Q4 24 | $20.9M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $393.2K | $1.8M | ||
| Q1 24 | $41.5K | — |
| Q4 25 | $-3.1M | — | ||
| Q3 25 | $-9.4M | — | ||
| Q2 25 | $-8.3M | $4.6M | ||
| Q1 25 | $-1.4M | — | ||
| Q4 24 | $-3.2M | — | ||
| Q3 24 | $-1.6M | — | ||
| Q2 24 | $4.4M | $-787.0K | ||
| Q1 24 | $13.0M | — |
| Q4 25 | $57.4M | — | ||
| Q3 25 | $52.0M | — | ||
| Q2 25 | $52.7M | $28.4M | ||
| Q1 25 | $57.9M | — | ||
| Q4 24 | $61.4M | — | ||
| Q3 24 | $60.8M | — | ||
| Q2 24 | $65.6M | $12.5M | ||
| Q1 24 | $67.7M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.30× | ||
| 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 | $-6.9M | $-23.7M |
| Free Cash FlowOCF − Capex | $-7.0M | — |
| FCF MarginFCF / Revenue | -218.1% | — |
| Capex IntensityCapex / Revenue | 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 | $-844.5K | — | ||
| Q2 25 | $-2.1M | $-23.7M | ||
| Q1 25 | $-510.4K | — | ||
| Q4 24 | $3.6M | — | ||
| Q3 24 | $-1.2M | — | ||
| Q2 24 | $2.5M | $-1.5M | ||
| Q1 24 | $1.9M | — |
| Q4 25 | $-7.0M | — | ||
| Q3 25 | $-859.7K | — | ||
| Q2 25 | $-2.1M | — | ||
| Q1 25 | $-516.9K | — | ||
| Q4 24 | $1.6M | — | ||
| Q3 24 | $-1.3M | — | ||
| Q2 24 | $592.4K | $-1.5M | ||
| Q1 24 | $1.9M | — |
| Q4 25 | -218.1% | — | ||
| Q3 25 | -6.5% | — | ||
| Q2 25 | -22.3% | — | ||
| Q1 25 | -3.7% | — | ||
| Q4 24 | 10.7% | — | ||
| Q3 24 | -10.4% | — | ||
| Q2 24 | 4.5% | -34.4% | ||
| Q1 24 | 9.9% | — |
| Q4 25 | 4.6% | — | ||
| Q3 25 | 0.1% | — | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 13.0% | — | ||
| Q3 24 | 0.3% | — | ||
| Q2 24 | 14.3% | 0.0% | ||
| 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.
