Mawson Infrastructure Group Inc. - MIGI STOCK NEWS

Mawson Infrastructure Group Inc. (NASDAQ: MIGI) has successfully completed the sale of its greenfield sites in Midland, TX for $8.5 million in cash and stablecoins, effective April 18, 2023. This transaction includes the sale of 100% of its subsidiary, Luna Squares Texas LLC, and 59 transformers. The proceeds will be allocated to debt reduction and expansion of operations in Pennsylvania, where Mawson currently operates 240 MW of facilities. The company aims to increase its capacity to 132 MW by Q2 2023, potentially generating up to $120 million in annual revenue, split between Mawson and its hosting clients. CEO James Manning emphasized the positive impact of this sale on Mawson's operational focus and financial health.

Mawson Infrastructure Group (NASDAQ:MIGI) announced its operational update for March 2023, reporting an installed capacity of approximately 50 MW across its Bitcoin self-mining and hosting operations. The company generated $2.65 million in revenue from self-mining ($1 million), hosting customers ($1.55 million), and its energy market program ($0.09 million). Notably, Mawson produced 42.97 BTC and achieved a revenue equivalent in BTC of 109.04. The company is in the final stages of commissioning a 120 MW site expansion in Midland, PA, aiming for significant growth in its Bitcoin operations, with a target of 4.5 Exahash by early Q2 2023 and 8.0 Exahash by Q4 2023.

Mawson Infrastructure Group (NASDAQ:MIGI) has announced significant increases in megawatt capacity and bitcoin production, positioning itself as a key player in the bitcoin mining sector. The company has pivoted operations to the U.S. to leverage financial flexibility through its Energy Markets programs, generating $13.7 million in revenue in 2022. Mawson is relocating 5,376 ASIC miners to Pennsylvania, enhancing capacity to 240 MW across its facilities, which could lead to potential annual revenues of $287 million at a bitcoin price of $28,000. Q4 2022 financial results showed record revenue of $84.3 million, marking a 92% increase year-on-year, alongside a gross profit of $36.6 million. The company remains optimistic about its growth potential as it diversifies and expands operations.

Mawson Infrastructure Group (NASDAQ: MIGI) reported exceptional financial results for FY 2022, achieving a record revenue of $84.3 million, a 92% increase from 2021. Gross profit reached $36.6 million, up 8%, while non-GAAP EBITDA soared to $30.4 million, marking a 70% rise. The company also launched a new revenue stream from energy markets, generating $13.7 million. Notably, hosting revenue skyrocketed by 1464%, amounting to $13.3 million. For Q4 2022, revenue stood at $16.8 million and gross profit at $10.1 million.

Mawson Infrastructure Group (NASDAQ:MIGI) has scheduled a conference call for March 23, 2023 at 5:00 PM ET to discuss its 2022 year-end results. This event will be available via webcast and participants can join from the U.S. by dialing 1-877-407-4018, or 1-201-689-8471 for international callers. A replay will be accessible from March 23 at 8:00 PM ET until April 6, 2023. Mawson, a digital infrastructure provider, focuses on sustainable energy solutions for Bitcoin production and aims to lead in ESG-focused digital infrastructure.

Mawson Infrastructure Group Inc. (NASDAQ:MIGI) announced that it has no historical or current banking relationships with Silvergate Bank or Silicon Valley Bank. The company has successfully transferred the majority of its assets from Signature Bank to other institutions, thereby eliminating material exposure to Signature Bank. Mawson is also initiating additional banking relationships. CEO James Manning expressed sympathy for those affected by recent banking issues but emphasized Mawson's favorable position with no exposure to the troubled banks.