Big Digital Energy, Inc. Common Stock (NASDAQ:BGDE) outlined its strategy to expand from its existing power and mining-related operations into AI and high-performance computing infrastructure during its second-quarter 2026 earnings call, its first call since new management assumed leadership in April.
Chief Executive Officer Phil Stanley said the company, formerly Mawson Infrastructure Group, reconstituted its board, changed its name and began trading under the BGDE ticker during the quarter. Stanley, Executive Chairman Josh Kilgore and Chief Operating Officer Cody Smith collectively beneficially own about 29% of the company’s common stock, according to management.
Second-Quarter Operations and Asset Utilization
Smith said Big Digital’s Pennsylvania facilities generated total second-quarter revenue of $6.2 million, up 28% from the first quarter of 2026. Colocation revenue was $3.5 million, broadly consistent with the preceding quarter, while energy-management revenue rose 120% to $2.6 million.
The company operates in three primary segments: colocation, energy management and self-mining. AI infrastructure does not yet represent a material source of revenue, Smith said, as the company is still developing that platform.
Management highlighted its agreement with 630 AI as a way to place previously underutilized capacity into service. Smith said approximately 75 megawatts of capacity is being deployed under the arrangement, which he said required no capital investment or debt from Big Digital and provides the company with all operating cash flows. The company views Bitcoin mining as a source of cash flow while it pursues potentially higher-return AI and HPC uses for its power capacity.
“We don’t view Bitcoin mining as the end destination for these assets,” Smith said. “We view it as the highest and best use of that capacity today.”
Management also said it reviewed vendor relationships, service agreements, operating expenses and internal processes during the quarter. Actions included decommissioning older unprofitable machines, reducing headcount and renegotiating contracts, according to Smith.
Governance, Balance Sheet and Legacy Matters
Kilgore said Big Digital regained compliance with Nasdaq’s stockholders’ equity listing requirement on June 17. The company reported stockholders’ equity of $12.4 million as of June 30, above Nasdaq’s $5 million minimum requirement. Nasdaq requires the company to maintain at least $5 million in stockholders’ equity in each quarter for 12 months beginning with the recently completed quarter, he said.
The board also terminated the company’s stockholder rights agreement, or poison pill, on June 8, eight months before its scheduled expiration. Kilgore said the company had also resolved its dispute with CleanSpark through a confidential settlement agreement and formally ended the legacy BE Global AI HPC agreement after determining the project would not proceed.
During the quarter, Big Digital completed a $15 million Series D preferred investment that was funded substantially by management team members and affiliated investors, according to Kilgore. He said the transaction was reviewed and approved under the company’s related-party transaction policies.
Stanley addressed concerns about liquidity and the company’s going-concern disclosure, saying first-quarter cash burn included legacy matters and one-time items that he said are not representative of the current business. He said the company has strengthened its balance sheet, raised Series D capital and increased cash generation from previously underutilized assets. However, Stanley said the going-concern language would remain in the company’s filing because accounting standards require management to assess conditions over a defined period.
Texas Development Plans and Tensor IQ LOI
Big Digital expanded its portfolio through the acquisition of a property in Cleburne, Texas, and through a 50/50 joint venture with 10NetZero that acquired a Hood County, Texas, site. The Hood County campus, located less than 40 miles from Dallas-Fort Worth, has about 17 megawatts of energized capacity today, management said.
Stanley said the site could have a path to approximately 111 megawatts of utility power, subject to ERCOT validation and other approvals. The company also sees potential for total campus capacity of about 300 megawatts through behind-the-meter generation, subject to engineering, permitting and commercial considerations. Because Hood County is jointly owned, Big Digital participates economically through its 50% interest, he noted.
The company recently announced a non-binding letter of intent between Texas Load House, the joint venture with 10NetZero, and Tensor IQ for the Hood County campus. The framework contemplates an initial deployment of 7,748 Nvidia B200 GPUs, with current planning assumptions targeting availability in the second quarter of 2027.
Based on the LOI’s indicative terms and assumed full utilization, Stanley said the proposed arrangement is expected to generate approximately $546 million in aggregate power lease-related revenue to Texas Load House during an initial 15-year term. It could reach about $1.07 billion over 25 years if both extension options are exercised on the same indicative terms.
Management emphasized that the LOI is not a completed customer contract or committed revenue stream. Stanley said the parties must still complete design and engineering work, secure financing, obtain approvals, and negotiate and execute definitive agreements.
Financing Approach
Big Digital has engaged Northland Capital Markets to evaluate financing alternatives across its portfolio, including site-level financing structures. Stanley said management intends to consider project-level financing, strategic partnerships, customer-backed development and other asset-level funding structures where appropriate.
Kilgore said the company will provide a reconciliation of its share count in its filing, including at-the-market activity, Series D financing and securities issued under commercial agreements. Management said its goal is to fund growth while protecting long-term per-share value and avoiding unnecessary dilution.
About Big Digital Energy, Inc. Common Stock (NASDAQ:BGDE)
Mawson Infrastructure Group, Inc is a special purpose acquisition company formed to identify, acquire and operate businesses in the digital infrastructure sector. Incorporated in Delaware, the company focuses on high-growth areas such as data centers, fiber-optic networks, wireless towers and other critical infrastructure that supports the global digital economy.
The company completed its initial public offering in July 2021, raising capital to pursue its business combination objectives.
