Mawson Infrastructure Group Inc. Reports Q2 2023 Financial Results
- Total revenue increased by 38% Q/Q to $10.6 million
- Self-mined Bitcoin revenue increased by 78% Q/Q to $4.9 million
- Increased number of self-mined Bitcoin by 50% Q/Q to 182 BTC
- Strategic focus on expansion opportunities in PJM energy markets
- Net loss of $17.6 million in Q2 2023
Selected Unaudited Financial Highlights for Q2 FY 2023
Total Revenue of
Self-Mining revenue of
Self-mined Bitcoin revenue increased
Rahul Mewawalla, CEO and President of Mawson, said, “We were pleased to increase self-mined BTC revenue by
Q2 2023 Financial and Business Highlights
-
Total Revenue increased
38% Q/Q to$10.6 million -
Self-Mined BTC revenue increased
78% Q/Q to$4.9 million -
Increased online power at
Midland PA site by76% sequentially to 88 MW from 50 MW - Total installed1 self-miners increased approximately to 16,350 across sites
- Exited Q2 2023 with 96 MW of online power able to support approximately 27,636 miners
-
Announced new 8 MW (expandable to 24 MW) site in
Bellefonte, PA - Added to the Russell Microcap® Index
BTC Hosting and Co-location Services Update
On July 25, 2023, Mawson issued a press release inviting outside parties to provide Indications of Interest (IOI) for the Company’s hosting and digital infrastructure services that include BTC (Bitcoin) miner hosting, HPC (High Performance Computing) co-location, and other potential partnerships utilizing its digital infrastructure and hosting facilities. The Company indicated that the Co-Location contract with Celsius Mining LLC will expire in accordance with its terms on August 23, 2023. Discussions with Celsius Mining LLC are ongoing. Mawson has received active interest from a number of parties related to hosting and digital infrastructure services.
2023 Strategic Focus
-
Exploring expansion opportunities in the PJM energy markets, especially in
Pennsylvania andOhio . - Continue to secure a portfolio of sites in its preferred geographies and markets for long-term digital infrastructure capacity.
- Continue participation in the Energy Markets Program which generates additional revenue.
- Develop strategic partnerships and commercial relationships within industry ecosystem.
- Drive a diversified revenue mix of self-mining, hosting, and energy markets participation.
Second Quarter 2023 GAAP Financial Results
Revenue for the second quarter 2023, ended June 30, 2023, increased
Cost of revenue in the second quarter of 2023 increased
SG&A expense for the second quarter of 2023 increased sequentially to
About Mawson Infrastructure
Mawson Infrastructure Group (NASDAQ: MIGI) is a digital infrastructure provider with multiple operations throughout the
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 SEC on March 23, 2023, and Mawson’s Quarterly Reports on Form 10-Q filed with the SEC on May 15, 2023, August 21, 2023; 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.
1 “Installed” may include miners that are deployed in Mawson’s datacenters but may not be online or hashing
View source version on businesswire.com: https://www.businesswire.com/news/home/20230821064801/en/
Investor Contact:
Sandy Harrison
Chief Financial Officer
IR@mawsoninc.com
Source: Mawson Infrastructure Group Inc.