Mawson Infrastructure Group Inc. Announces Monthly Operational Update for May 2024
Mawson Infrastructure Group (NASDAQ:MIGI) reported a significant operational update for May 2024. The digital infrastructure company spotlighted an 85% year-over-year revenue growth in its digital co-location business, reaching $2.76 million. Its energy management segment saw an impressive 139% Y/Y increase, amassing $0.97 million. Overall, the company recorded a 19% Y/Y rise in total revenue, totaling approximately $4.46 million, equivalent to about 70 BTC.
The Midland facility expansion is on track, with an expected increase in capacity by 20 MW, bringing the total to approximately 129 MW and 41,530 miners. Mawson’s current total power capacity stands at around 109 MW, sufficient for about 35,650 miners.
CEO Rahul Mewawalla expressed satisfaction with the company’s growth and plans to participate in several high-profile conferences from June to October 2024, including Mining Disrupt, Bitcoin 2024, and Blockchain Futurist, among others.
- Digital Co-location Business Revenue up 85% Y/Y to $2.76 million.
- Energy Management Revenue increased 139% Y/Y to $0.97 million.
- Overall Monthly Revenue increased 19% Y/Y to $4.46 million, equating to about 70 BTC.
- Midland facility expansion progressing well, expected to increase capacity by 20 MW to 129 MW and 41,530 miners.
- None.
Insights
Mawson's operational update for May 2024 showcases robust growth across its business segments, with impressive year-over-year revenue increases. The digital co-location business grew by
The energy management business also saw a significant rise in revenue, up
Overall, Mawson's total monthly revenue increased by
The expansion of the Midland facility, adding 20 MW of capacity, is progressing well. Upon completion, this will bring Mawson’s total capacity to 129 MW and approximately 41,530 miners. While this is a positive development, the capital expenditure associated with such expansions should be weighed against the expected revenue generation capability to ensure long-term profitability.
Rating Score: 1
Mawson's diverse business growth highlights its strategic approach to capturing different market segments within digital infrastructure. The surge in the digital co-location business revenue mirrors industry trends where demand for high-performance computing and data center services is rising. This growth in demand can be attributed to increased digitalization, cloud adoption and the proliferation of IoT devices.
The energy management business showing a
However, the self-mining business revenues have not shown comparable growth, indicating potential challenges in this area. The crypto mining industry is highly volatile and subject to regulatory changes, which could pose a risk to sustained growth in this segment. Investors should be cautious and consider the regulatory landscape and market volatility when evaluating this aspect of Mawson's business.
The facility expansion to increase capacity to 129 MW is a strategic move to scale operations. This expansion could significantly enhance Mawson’s ability to service growing demand, but it also involves substantial investment. Investors should look at the funding strategies for this expansion and the potential time frame for return on investment.
Rating Score: 1
Digital Co-Location Business Revenue up
Energy Management Revenue up
Total Overall Revenue up
20 MW Facility Expansion Progressing Well and Total Capacity Expected to
Increase to 129 MW and 41,530 miners
MIDLAND, Pa., June 20, 2024 (GLOBE NEWSWIRE) -- Mawson Infrastructure Group Inc. (NASDAQ:MIGI) (“Mawson” or “the Company”), a digital infrastructure company, announced today its unaudited business and operational update for May 2024.
Rahul Mewawalla, CEO and President, commented, “We are pleased with the growth of our digital platforms with
Unaudited May Monthly Operating Results Summary
- Digital Co-location Business Revenue increased
85% Y/Y to$2.76 million . - Energy Management Business Revenue increased
139% Y/Y to$0.97 million . - Self-Mining Business Revenue of
$0.74 million and Overall Monthly Revenue increased19% Y/Y to about$4.46 million and the equivalent of about 70 BTC1. - Current Total Power Capacity across Company’s facilities approximately 109 MW with capacity for approximately 35,650 miners.
- Expansion of the Midland facility is progressing well and will increase the Company’s capacity by 20 MW to approximately a total of 129 MW and about 41,530 miners.
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.
- Mining Disrupt in June 2024 in Miami, Florida
- Bitcoin 2024 in July 2024 in Nashville, Tennessee
- Blockchain Futurist in August 2024 in Toronto, Canada
- Gateway Conference in September 2024 in San Francisco, California
- Token 2049 in September 2024 in Singapore
- Bitcoin Europe in October 2024 in Amsterdam, Netherlands
- World Summit Artificial Intelligence (AI) in October 2024 in Amsterdam, Netherlands
- Money 20/20 in October 2024 in Las Vegas, Nevada
About Mawson Infrastructure Group, Inc.
Mawson Infrastructure Group (NASDAQ: MIGI) is building the next generation digital infrastructure platform. Our innovation, technology, and operational expertise enables us to operate and optimize digital infrastructure to accelerate the digital economy including the growth of the bitcoin network, digital assets and other high-performance computing solutions using a carbon-free energy approach.
For more information, visit: https://mawsoninc.com/
Statements about hashrate capacity
Statements in the press release about hashrate capacity (including ‘installed capacity’ or ‘nameplate capacity’), will often differ from the actual or observed hashrate. These terms generally make certain assumptions about the efficiency of the ASIC miners that are in use. Some ASIC miner models will consume less power to create the same amount of hashing power than other ASIC miner models (typically more recent models are more efficient). Many ASIC miner fleets are blended fleets, including various ASIC miner models each with different efficiency ratings. Hashrate capacity figures typically assume
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 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 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, and 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: https://mawsoninc.com/
Twitter: Mawson (@Mawsoninc) / X (twitter.com)
LinkedIn: https://www.linkedin.com/company/mawsoninc/
Facebook: Mawson Inc | Pittsburgh PA | Facebook
Investor Contact:
Investor Relations Team
IR@mawsoninc.com
Media Contact:
Media Relations Team
MediaRelations@mawsoninc.com
1 Revenue equivalent BTC is the total revenue of the Company for the period divided by the average BTC price. For the month of May, the figure used is
FAQ
What is Mawson Infrastructure Group's revenue growth from its digital co-location business in May 2024?
How much did Mawson Infrastructure Group's energy management revenue grow in May 2024?
What is the total revenue for Mawson Infrastructure Group in May 2024?
How is the Midland facility expansion progressing for Mawson Infrastructure Group?