Mawson Infrastructure Group Reports Full Year 2022 Financial Results; Select Financial Highlights for FY 2022 compared to FY 2021
Mawson Infrastructure Group (NASDAQ: MIGI) reported exceptional financial results for FY 2022, achieving a record revenue of
- Record revenue of $84.3 million for FY 2022, up 92% compared to 2021.
- Non-GAAP EBITDA increased by 70% to $30.4 million.
- Hosting revenue surged 1464% to $13.3 million.
- Introduced a new revenue stream from energy markets, generating $13.7 million.
- None.
Record revenue of
Record gross profit of
Record non-GAAP EBITDA of
Record hosting revenue of
New revenue stream from energy markets of
Record 1343, Self-mined Bitcoin produced in FY 2022 up
Aerial view of
Q4 2022 Financial and Business Highlights
-
Revenue of
$16.8 million -
Gross profit of
$10.1 million -
Non-GAAP EBITDA of
$7.5 million -
Sold
Georgia facility for 1 (“Georgia Sale”)$40.0 million
Full Year 2022 Financial and Business Highlights
-
Record revenue of
compared to$84.3 million in 2021, up$43.8 million 92% -
Record gross profit of
, compared to$36.6 million in 2021, up$33.9 million 8% -
Record non-GAAP EBITDA of
, compared to$30.4 million in 2021, up$17.9 million 70% -
Reduction of Selling, General and Administrative (SGA) expenses by
37% from first half to second half of FY22 ( to$15.9m )$10m -
Continued the 100 MW Bitcoin mining facility expansion in
Midland, Pennsylvania . -
Started construction on 120 MW Bitcoin mining facility in
Sharon, Pennsylvania - Total infrastructure capacity of available energy at Bitcoin mining facilities reaches 220 megawatts in 2022
-
Co-location hosting business generated
revenue in 2022, up$13.3 million 1464% -
Energy Markets Revenue of
revenue, gross profit of$13.7 million 91%
Corporate Developments Subsequent to Year End
-
Expanded the
Midland facility with an additional 20 MW to a 120 MW capacity, for a total combined capacity of 240 MW inPennsylvania capable of operating up to 8 EH. -
Commenced construction of the new 120 MW
Sharon, PA facility, with 12 MW onsite ready for energisation in Q2, 2023. -
Transferred all Australian miners to
USA to continue Mawson’s new focus in the PA region. Completed operational exit fromAustralia . -
Mawson received all CleanSpark, Inc (“CLSK”) common shares payable to it from the Georgia Sale and has liquidated approximately
90% of that stock to cash. -
Entered a contract for the sale of Mawson’s
Texas facility and assets, with deposit received. - Entered an exclusivity arrangement for 24 MW Ohio facility on long term lease.
- Submitted a Letter of Intent (LOI) for purchase of an 18 MW Ohio facility.
2023 Strategic Focus
- Expansion of Bitcoin Self-Mining and Hosting Co-location operations to 4.5 Exahash by early Q2, 2023 and to our projected 8.0 Exahash by Q4, 2023.2
-
Continue the expansion of its 240-megawatt
Pennsylvania facilities where the company has strategic relationships, favorable energy contracts and expansion opportunities. - Continue with its market leading Energy Markets Program, which creates additional high margin revenue and reduces overall costs of production.
- Continue to secure a portfolio of sites in preferred geographies and jurisdictions for long term digital infrastructure capacity.
- Develop strategic partnerships and relationships with suppliers, customers and communities.
- Continue to offer quality hosting services to miners in addition to increasing self-mining capacity.
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
1 Assumes maximum earn outs are achieved, no adjustments are made to the purchase price, and uses the CleanSpark, Inc. stock price as at
2 Based on the continued development of the
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Investor Contact:
646-536-7331
brett@haydenir.com
www.haydenir.com
Source:
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