Mawson Infrastructure Group Reports Q1 2023 Financial Results; Selected Unaudited Financial Highlights for Q1 FY 2023
Total Revenue of
Group Gross profit of
Record Hosting revenue of
Energy Markets Revenue of
121 Self-mined Bitcoin
Aerial view of Midland Expansion Deployment,
Q1 2023 Financial and Business Highlights
-
Revenue of
$7.67 million -
Gross profit of
$2.99 million -
Signed an expansion amendment for an additional 20MW at the
Midland, PA facility, increasing the total facility to 120 MW of power available in Q2, 2023 -
Commenced construction of the final 70 MW of the 120 MW
Midland, PA facility -
Started construction of the new 120 MW
Sharon, PA facility, with 12 MW onsite available for energization in Q2, 2023.
Corporate Developments Subsequent to Quarter End
-
Sold greenfield
Texas leases and transformers for in cash and stablecoin.$8.5 million -
Acquired new 24 MW facility in
Corning, OH on long term lease. -
Commenced energization of final 70 MW for the
Midland, PA facility. -
Raised circa
equity capital in a registered direct offering to advance new site infrastructure, further development, potential acquisitions, miner acquisitions and working capital.$5 million - Increased self mining machine count from 5,880 in March to 13,500 machines deployed as of May 10
2023 Strategic Focus
- Expansion of Bitcoin Self-Mining and Hosting Co-location operations to our projected 7.0 Exahash by Q4, 2023 with the potential to power up to 50,000 hosted and self mining machines.1
-
Continue the expansion of our
Pennsylvania andOhio region facilities where the company has strategic relationships, favorable energy contracts and expansion opportunities. - Continue with our market leading Energy Markets Program, which offers additional high margin revenue, provides financial flexibility and reduces overall costs of production.
- Expand upon 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.
- Continue to research the market for attractive buying opportunities for the latest generation ASIC hardware
- Continue the research and development of ASIC hardware to ensure the most efficient and well performed units are deployed at our locations
James Manning, CEO and Founder of Mawson Infrastructure, said, “The first quarter results reflect the transition of our business to the
Liam Wilson, COO of Mawson Infrastructure, said, “Mawson has hit the ground running in 2023. Our operational team has been busy deploying units ahead of their scheduled Q2, 2023 turn on dates. We were also very pleased with the outcome from the sale of the
About Mawson Infrastructure
Mawson Infrastructure Group Inc (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 Report on Form 10-Q filed with the SEC on May 11, 2023, November 14, 2022 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 Based on the continued development of the
View source version on businesswire.com: https://www.businesswire.com/news/home/20230515005546/en/
Investor Contact:
Brett Maas
646-536-7331
brett@haydenir.com
www.haydenir.com
Source: Mawson Infrastructure Group Inc.