Big Digital Energy, Inc. BGDE

The business

Big Digital Energy sells datacenter capacity: it hosts computing hardware at powered industrial sites, historically Bitcoin miners at its Pennsylvania and Ohio facilities, with a mix of third-party colocation, some self-mining, and energy-market participation (curtailment and grid-services revenue in ERCOT and PJM). The heavy-lifting slice today is hosting and colocation of digital-asset infrastructure; FY2025 revenue was $39.75M against $22.41M of cost of revenue, a 43.6% gross margin, but the trajectory is what matters, since preliminary Q4 2025 revenue was disclosed at roughly $3.2M versus $15.1M a year earlier, a run-rate collapse as hosting contracts rolled off. The real underlying asset is power: the company reports roughly 129 MW of existing operational capacity across its sites, and megawatts under control are the scarce input every AI-hosting buyer wants.

What the financials do not show is that this is a governance-reset turnaround wearing a new name. Mawson terminated CEO Rahul Mewawalla for cause in July 2025, settled customer disputes with Ionic Digital and litigation tied to the Celsius bankruptcy co-location agreement, executed a 1-for-20 reverse split effective November 20, 2025 to hold its Nasdaq listing, and reconstituted its board in April 2026 after a cooperation agreement with the Endeavor Investor Group, which held roughly 48% at the end of 2025. The rebrand to Big Digital Energy closed in late April 2026 with the ticker change to BGDE on April 30. The event driving the stock is dated July 6, 2026: a 50/50 joint venture with 10NetZero and a signed letter of intent to acquire a live-powered ≈50-acre site in Hood County, Texas carrying 17 MW operational now, expandable to 111 MW of grid power and up to 311 MW with on-site natural-gas pipelines, targeting AI tenants. The company also disclosed a ≈$15M insider-led preferred raise and engaged Northland Capital Markets to advise on AI/HPC uses.