Mawson Infrastructure Group Inc. Reports Q2 2024 Financial Results
August 19 2024 - 5:15PM
Mawson Infrastructure Group Inc. (NASDAQ: MIGI) (“Mawson”, “the
Company”), a publicly traded digital infrastructure provider
headquartered in the United States, today announced its unaudited
financial and operational results for the second quarter of fiscal
year 2024 ended June 30, 2024.
Rahul Mewawalla, CEO and President of Mawson,
said, "We are pleased to deliver another solid quarter, including
growth of our digital colocation business with revenue increasing
by 77% this quarter, and growth of our energy management business
with revenue increasing by 70% this quarter, compared to the same
quarter last year. In line with our long-term growth strategy, we
are also delighted to continue to make significant strategic
strides and have achieved several major milestones. We have
successfully completed the operational expansion of our Midland
facilities by 20% to 120 MW, which is expected to be amongst the
largest operating sites in the PJM market amongst all the North
American Public Bitcoin mining companies. We also further
strengthened our market presence by signing and executing an
additional colocation agreement with an enterprise customer. In
addition, we expanded our digital colocation business into new
digital assets. Moreover, we recently broadened our business to
include AI (artificial intelligence) and HPC (high-performance
computing) colocation markets, reflecting our continued focus on
innovation and evolving market and customer needs. We are excited
about the future of our digital infrastructure platforms and our
computing infrastructure to provide solutions across digital
assets, AI, and HPC markets.”
Financial and operational highlights for the quarter
ended June 30, 2024 and to-date, includes:
- Q2 2024 Digital colocation business revenue increased 77% Y/Y
to $8.13 million.
- Q2 2024 Energy management business increased 70% Y/Y to $1.73
million.
- Q2 2024 Bitcoin production of 49 BTC1 and Bitcoin self-mining
revenue of $3.25 million.
- Q2 2024 Total Revenue increased 24% Y/Y to $13.11 million, and
increased 75% YTD (6 months) in 2024.
- Completed 20 MW expansion of its Midland facilities, increasing
Midland’s operating capacity by 20% to 120 MW, growing to be
amongst the largest operating sites in the PJM market amongst all
the North American Public Bitcoin mining companies. The Midland
site is located near Pittsburgh, a growing hub of innovation around
digital infrastructure, digital assets, artificial intelligence and
high-performance computing.
- Increased Mawson’s total combined capacity to about 129 MW
across all its facilities.
- Executed new additional colocation agreement with an enterprise
digital asset customer.
- Expanded colocation business into new digital assets, such as
KAS mining colocation services.
- Strengthened management and operational teams with hires across
sales, operations, finance and corporate functions.
- Expanded into AI (artificial intelligence) and HPC
(high-performance computing) colocation markets.
- Executed an AI/HPC colocation agreement for 20 MW to host
NVIDIA GPUs.
Conferences and Events Update
Mawson has planned for its CEO and President, Rahul Mewawalla to
join the following upcoming conferences and events. Please
contact IR@Mawsoninc.com for further information.
- Gateway Conference in September 2024 in San Francisco,
California
- H.C. Wainwright 26th Annual Global Investment Conference in
September 2024 in New York City, New York
- Token 2049 in September 2024 in Singapore
- World Summit Artificial Intelligence (AI) in October 2024 in
Amsterdam, Netherlands
- Bitcoin Europe in October 2024 in Amsterdam, Netherlands
- Money 20/20 in October 2024 in Las Vegas, Nevada
- Pacific Bitcoin in October 2024 in Los Angeles, California
- Money 20/20 in October 2024 in Las Vegas, Nevada
- Tech & AI Live in November 2024 in New York, New York
About Mawson Infrastructure
Mawson Infrastructure Group (NASDAQ: MIGI) is building
Next-Generation Infrastructure Platforms for AI, HPC, and Digital
Assets. Our innovation, technology, and operational expertise
enables us to operate and optimize digital infrastructure to
accelerate the digital economy including artificial intelligence,
high-performance computing solutions, and digital assets using a
Carbon-Free energy approach.
For more information, visit: https://www.mawsoninc.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
Mawson cautions that statements in this press release that are
not a description of historical fact are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements may be identified by the use of
words referencing future events or circumstances such as “expect,”
“intend,” “plan,” “anticipate,” “believe,” and “will,” among
others. Because such statements are subject to risks and
uncertainties, actual results may differ materially from those
expressed or implied by such forward-looking statements. These
forward-looking statements are based upon Mawson’s current
expectations and involve assumptions that may never materialize or
may prove to be incorrect. Actual results and the timing of events
could differ materially from those anticipated in such
forward-looking statements as a result of various risks and
uncertainties, which include, without limitation, the possibility
of Mawson’s need and ability to raise additional capital, the
development and acceptance of digital asset networks and digital
assets and their protocols and software, the reduction in
incentives to mine digital assets over time, the costs associated
with digital asset mining, the volatility in the value and prices
of digital assets and cryptocurrencies, further or new regulation
of digital assets, the evolution of AI and HPC market and changing
technologies, the slower than expected growth in demand for AI, HPC
and other accelerated computing technologies than expected, the
ability to timely implement and execute on AI and HPC digital
infrastructure, and the ability to timely complete the digital
infrastructure build-out in order to achieve its revenue
expectations for the periods mentioned. More detailed information
about the risks and uncertainties affecting Mawson is contained
under the heading “Risk Factors” included in Mawson’s Annual Report
on Form 10-K filed with the SEC on April 1, 2024, and Mawson’s
Quarterly Report on Form 10-Q filed with the SEC on August 21,
2023, November 13, 2023, May 15, 2024, and in other filings Mawson
has made and may make with the SEC in the future. One should not
place undue reliance on these forward-looking statements, which
speak only as of the date on which they were made. Because such
statements are subject to risks and uncertainties, actual results
may differ materially from those expressed or implied by such
forward-looking statements. Mawson undertakes no obligation to
update such statements to reflect events that occur or
circumstances that exist after the date on which they were made,
except as may be required by law.
For more information, visit us
at https://www.mawsoninc.com
Twitter: Mawson (@Mawsoninc) / X
(twitter.com)
LinkedIn: https://www.linkedin.com/company/mawsoninc/
Facebook: Mawson Inc | Pittsburgh PA |
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https://www.youtube.com/c/MawsonInc
Investor Contact: Investor Relations
TeamIR@mawsoninc.com
Partnerships Contact:Partnerships
TeamPartnerships@mawsoninc.com
Media Contact:Media Relations
Teammediarelations@mawsoninc.com
__________________
1 Average BTC sales price for Q2 was $65,657
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