Mawson Infrastructure Group Inc. Announces Monthly Operational Update for July 2024
August 22 2024 - 8:50AM
Mawson Infrastructure Group Inc. (NASDAQ: MIGI) (“Mawson” or “the
Company”), a publicly-traded digital infrastructure provider
serving the AI, HPC and Digital Assets markets and headquartered in
the United States, today announced its unaudited business and
operational update for July 2024.
Rahul Mewawalla, CEO and
President, stated, “We are pleased to deliver
another month of significant progress across several key areas that
are expected to contribute to future growth opportunities for our
digital infrastructure platforms, including delivering 54%
year-over-year growth in our digital assets colocation revenue. We
also have been ramping up our recent digital assets enterprise
colocation customer deployment post the 20 MW expansion, which has
grown our current operational capacities at our Midland Facility to
120MW, and increased our overall current operating capacity to
129MW. In addition, we have expanded our digital colocation
business into new digital assets with this ramp up of our latest
customer deployment. Moreover, the recent expansion of our business
into AI (artificial intelligence) and HPC (high-performance
computing) colocation services marks a significant step forward in
our long-term growth strategy. This expansion not only broadens our
revenue streams but also positions Mawson as a rising player in the
AI and HPC infrastructure space, while expanding our growth and
innovation initiatives, as we continue to position ourselves
strategically in the overall digital infrastructure space.”
Unaudited financial and operational highlights for July
2024:
- Company executed on key long-term growth strategy and entered
the AI (artificial intelligence) and HPC (high-performance
computing) colocation markets, recently signing an AI/HPC
colocation agreement for 20 MW to host NVIDIA GPUs.
- New 20 MW AI/HPC colocation business agreement has Mawson
providing AI/HPC colocation services for the customer’s AI
deployment. The initial 20 MW of capacity is expected to be
deployed in the first quarter of 2025 and could generate
approximately $92 million2 of potential revenue to Mawson
during the first 2-years of the Agreement and approximately $285
million3 of total cumulative revenue over the 6-year initial
contract term of the Agreement.
- In addition, Mawson and the customer have also signed a
non-binding letter of intent (LOI) to increase the initial 20 MW
for AI/HPC colocation services to a total of 144 MW over time,
which has the long-term potential to increase the total AI and HPC
colocation capacity and services by 6x.
- Ramping up colocation services at recently completed 20 MW
expansion of the Midland facility that increased the Company’s
total capacity to about 129 MW and about 41,530 miners.
- Overall monthly revenue of about $3.94 million, monthly digital
asset colocation business revenue up 54% Y/Y to $2.75 million,
monthly energy management business revenue of $0.75 million,
monthly Bitcoin self mining business revenue of $0.44 million, and
recently expanded into AI and HPC Markets.
- Expanding into AI and HPC colocation services business, coupled
with Mawson’s established digital assets operations, creates a
powerful digital infrastructure platform enabling sustainable
growth while increasing shareholder value in the rapidly evolving
digital infrastructure landscape across AI, HPC, and digital
assets.
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. Mawson’s CEO and President, Rahul Mewawalla, will be
presenting and speaking on September 5th 2024 during the Artificial
Intelligence, Blockchain and Digital Infrastructure Track.
- 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 (Artificial Intelligence) Live in November 2024
in New York, NY
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, August 19,2024, 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/
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Investor Contact: Investor Relations
TeamIR@mawsoninc.com
Partnerships Contact:Partnerships
TeamPartnerships@mawsoninc.com
Media Contact:Media Relations
Teammediarelations@mawsoninc.com
1 Revenue subject to change depending on AI/HPC operating
capacity ramp up timeframes as well as AI/HPC potential colocation
rate updates every two years as per the AI/HPC Agreement2,3 Revenue
subject to change depending on AI/HPC operating capacity ramp up
timeframes as well as potential AI/HPC colocation rate updates
every two years as per the Agreement
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