Mawson Infrastructure Group Inc. Reports Q1 2024 Financial Results
Mawson Infrastructure Group (NASDAQ: MIGI) posted robust Q1 2024 financial results with total revenue hitting $18.77 million, marking a 145% Y/Y and 34% Q/Q increase. Co-location business revenue surged by 90% Y/Y and 83% Q/Q to $8.23 million, while energy management business revenue skyrocketed 461% Y/Y and 2% Q/Q to $2.47 million. Notably, the company produced 140 BTC in Q1. Mawson also achieved a 30% Y/Y and 19% Q/Q reduction in SG&A expenses, optimizing them to $3.46 million. CEO Rahul Mewawalla announced plans to expand the Midland facilities by 20 MW, reaching a total of 120 MW. Mawson will participate in various high-profile industry conferences throughout 2024.
- Q1 2024 total revenue increased 145% Y/Y to $18.77 million.
- Q1 2024 total revenue increased 34% Q/Q.
- Co-location business revenue surged 90% Y/Y to $8.23 million.
- Co-location business revenue increased 83% Q/Q.
- Energy management business revenue soared 461% Y/Y to $2.47 million.
- Energy management business revenue increased 2% Q/Q.
- 140 BTC produced in Q1 2024.
- SG&A expenses reduced by 30% Y/Y to $3.46 million.
- SG&A expenses reduced by 19% Q/Q.
- Expansion of Midland facilities by an additional 20 MW.
- No specific mention of net income or profitability.
- Energy management business revenue growth slowed to 2% Q/Q.
- High exposure to Bitcoin market volatility.
Insights
Mawson Infrastructure Group Inc.'s Q1 2024 results reveal impressive financial performance. Key highlights include a
On the cost management front, the company managed to reduce its Selling, General and Administrative (SG&A) expenses by
In terms of Bitcoin production, the company generated 140 BTC in Q1, a metric that will interest investors tracking digital currency trends. With plans to expand their digital infrastructure capacity, Mawson seems well-positioned for future growth. Overall, these results indicate solid financial health and growth potential.
Mawson Infrastructure Group’s expansion in the digital infrastructure sector is noteworthy. The increase in their co-location capacity to 82 MW and further planned expansion to 120 MW at their Midland facilities highlights their strategic investment in scalable infrastructure. This capacity growth can significantly enhance their service offerings and meet the rising demand for digital infrastructure services.
The company’s performance in the Energy Management business with a
Investors should also consider the broader market trends in Bitcoin production and digital infrastructure, as these will influence Mawson’s long-term sustainability and growth. Overall, Mawson’s focus on expanding and optimizing its infrastructure is a positive indicator for future technological and business advancements.
Q1 2024 Total Revenue increased
Q1 Co-Location Business Revenue increased
Q1 Energy Management Business Revenue increased
Company optimized and reduced Q1 SG&A expenses by
MIDLAND, Pa., May 15, 2024 (GLOBE NEWSWIRE) -- Mawson Infrastructure Group Inc. (NASDAQ: MIGI) (“Mawson”, “the Company”), a digital infrastructure company, today announced its unaudited financial and operational results for the first quarter of fiscal year 2024 ended March 31, 2024.
“We are delighted with the overall revenue increase during the first quarter of 2024 —
Financial and operational highlights for the quarter ended March 31, 2024, include:
- Q1 2024 revenue increased
145% Y/Y and34% Q/Q to$18.77 million . - Q1 2024 Co-Location business revenue increased
90% Y/Y and83% Q/Q to$8.23 million . - Q1 2024 Energy management business increased
461% Y/Y and2% Q/Q to$2.47 million . - Q1 2024 Bitcoin production of 140 BTC.
- Executed an additional co-location agreement with an enterprise customer and expanding our co-location business to a total of 82 MW.
- Company optimized and reduced Q1 2024 SG&A expenses by
30% Y/Y and19% Q/Q to$3.46 million .
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.
- Consensus in May 2024 in Austin, Texas
- Artificial Intelligence (AI) Summit in June 2024 in London, United Kingdom
- Fintech Week in June 2024 in London, United Kingdom
- 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
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. To learn more, visit https://www.mawsoninc.com
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 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 SEC on April 1, 2024, and Mawson’s Quarterly Report on Form 10-Q filed with the SEC on May 15, 2024, 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/
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Investor Contact:
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Media Contact:
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FAQ
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