MGT is sitting on $232,000 in cash. Over a span of just over seven months, it tacked roughly 1.65 billion common shares onto its count. The two figures appear in the same filing, and the share issuance is the only reason the cash line hasn’t gone to zero.
Filed Aug. 7, the quarterly report lists 6.29 billion shares of common stock outstanding as of Aug. 6, versus 4.64 billion at the close of 2025 — a 35.6% jump in share count at a business that booked no revenue whatsoever in the first half of 2026.
Nothing from mining. Nothing from hosting. Zero.
Those shares fetched less than you’d assume
This is where the dilution starts looking uglier instead of more palatable. Out of the 1.65 billion, just 800 million shares were actually sold for cash, and the proceeds totaled $700,000. Divide it out and you land near a tenth of a cent per share.
A further 100 million shares were handed over to clear $262,000 in payables. Call that settling invoices with stock rather than raising money.
The biggest tranche of all wasn’t a capital raise. MGT issued 750.1 million common shares along with 3.25 million Series E convertible preferred shares on June 30, swapping them for a retired $1.22 million secured convertible note. Note that the 6.29 billion tally counts outstanding common stock only — the preferred sits outside that number and remains convertible down the road.
An accounting-driven loss, which is no consolation
The first-half net loss landed at $2.96 million, and $2.81 million of that was a non-cash charge on debt extinguishment stemming from the June 30 swap.
A non-cash loss leaves the bank account untouched. Operating burn does not, and MGT consumed $531,000 in cash from operating activities across the six months. Weigh that against the $232,000 still on hand and the math runs out fast.
Total assets came to $232,000 — identical to the cash figure — against current liabilities of $693,000. The gap is a $461,000 working-capital deficit, and a stockholders’ deficit of the same size is reported separately.
How the company stopped mining
MGT’s main hosting agreement lapsed in March 2025, and self-mining ceased at that point too. Its mining facility in LaFayette, Georgia was sold on May 13, 2025.
All that remains are 35 Antminer S19 Pro units sitting in storage. Over the most recent six-month stretch they produced no mining or hosting revenue — precisely what boxed hardware in a warehouse tends to produce.
An S19 Pro is hardly scrap. It’s a previous-generation rig that will still hash away wherever power is cheap enough. But 35 of them don’t add up to a mining operation, and MGT has given no indication of where they might end up.
The money that hasn’t landed yet
According to MGT, equity offerings running from December 2025 through the first half of 2026 brought in $975,000. After the quarter ended, its ongoing $500,000 private placement had added a further $25,000, leaving $225,000 of remaining capacity earmarked for near-term working capital.
Capacity is not the same as cash. The $225,000 represents headroom to issue more stock, not an asset on the balance sheet, and the company said it cannot assure investors that additional capital will be available when needed or on acceptable terms.
Those circumstances raised substantial doubt about MGT’s ability to sustain operations for at least one year from issuance of the financial statements — going-concern language, spelled out without euphemism.
What restarting would really take
MGT said in a July 20 update that it was weighing growth opportunities and wrapping up engagements with outside advisers. Absent from that update: any signed acquisition, any restarted operation, any other revenue-generating business.
Fundraising can keep a shell breathing for a stretch. It cannot conjure a customer, and each dollar raised at these levels hands over a larger slice of the company than the dollar before it.
Come the next filing, the figure to watch isn’t the adviser talk or the growth language. It’s whether 6.29 billion is still 6.29 billion — and whether those 35 machines have found somewhere to go.