Mawson Infrastructure Group Announces Financial Results for Third Quarter 2021
Mawson Infrastructure reported a remarkable Q3 2021 with revenue of $10.9 million, reflecting a significant 1100% increase from Q3 2020. The gross profit surged to $8.4 million, up from $44,000 last year. The company successfully listed on the NASDAQ under the ticker ‘MIGI’ and raised $45 million in capital. Key expansions include a new 100MW facility in Pennsylvania and 17,352 additional ASIC bitcoin miners, expected to boost operational capacity significantly.
- Revenue increased to $10.9 million, up 1100% vs Q3 2020.
- Gross profit grew to $8.4 million.
- Successfully listed on NASDAQ under ticker MIGI.
- Raised $45 million in capital.
- Expanded operations with a new 100MW facility in Pennsylvania.
- Purchased 17,352 ASIC bitcoin miners, adding 1.5EH to operations.
- Net loss of $3.1 million in Q3 2021, although improved from $3.55 million in Q3 2020.
- Selling, general and administrative expenses rose to $5.51 million, up from $0.75 million in Q3 2020.
Revenue of
Gross Profit of
‘MIGI’ Successfully listed on NASDAQ
Additional 17,352 ASIC bitcoin miners purchased
New 100MW facility in
Phase 2 of
Hosting Co-location revenue of
Q3 2021 Financial and Business Highlights
-
Revenue of
compared to$10.9 million vs Q3 2020; up$1.1 million 1100% -
Gross profit of
, compared to$8.4 million vs Q3 2020;$44,000 - Successfully listed on Nasdaq Capital Market under the ticker ‘MIGI’
-
Completed
US underwritten capital raising in September in conjunction with Nasdaq listing$45M -
Announced new 100MW facility in
Pennsylvania, USA - Purchased an additional 17,352 ASIC bitcoin miners, adding 1.5EH to existing operations
-
Phase 2 of
Georgia expansion begins, 100MW available early Q1 2022 -
Launched additional customers under the
Luna Squares LLC hosting business, utilizing the company’sModular Data Centre (MDC) technology located inGeorgia, USA , with hosting Co-location revenue of$0.8M
Subsequent to Quarter End
- Purchased 4000 latest generation ASIC bitcoin miners for delivery late 2021, and upgrade of guidance from 3.00 EH to 3.35 EH by Q2 2022
-
Signed partnership with
Global Green Energy Infrastructure Fund ,Quinbrook Infrastructure Partners , with first site now operational inAustralia
Revenue
Revenue was
Cryptocurrency mining revenues for the third quarter of 2021 were
Cost of Revenues
Cost of revenues were
Selling, general and administrative expense
Selling, general and administrative expenses for the third quarter of 2021 were
Net Loss
As a result of the foregoing, the Company recognized a net loss of
Cash
Cash and cash equivalents was
About
For more information, visit: 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 that 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 cryptocurrencies and further or new regulation of digital assets. 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
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Investor Contact:
646-536-7331
brett@haydenir.com
www.haydenir.com
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