Mawson Infrastructure Group Reports Full Year 2022 Financial Results; Select Financial Highlights for FY 2022 compared to FY 2021
23 Março 2023 - 5:05PM
Business Wire
Record revenue of $84.3 Million, up 92%
Record gross profit of $36.6 Million, up 8%
Record non-GAAP EBITDA of $30.4 Million, up
70%
Record hosting revenue of $13.3 Million, up
1464%
New revenue stream from energy markets of $13.7
Million
Record 1343, Self-mined Bitcoin produced in FY
2022 up 66%
Mawson Infrastructure Group Inc. (NASDAQ: MIGI) (“Mawson”), a
digital infrastructure provider, reports financial results and
highlights for the fourth quarter and full year ended December 31,
2022.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230323005164/en/
Aerial view of Midland, Pennsylvania
(Photo: Business Wire)
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 $40.0 million1 (“Georgia
Sale”)
Full Year 2022 Financial and Business Highlights
- Record revenue of $84.3 million compared to $43.8 million in
2021, up 92%
- Record gross profit of $36.6 million, compared to $33.9 million
in 2021, up 8%
- Record non-GAAP EBITDA of $30.4 million, compared to $17.9
million in 2021, up 70%
- Reduction of Selling, General and Administrative (SGA) expenses
by 37% from first half to second half of FY22 ($15.9m to $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 $13.3 million revenue in
2022, up 1464%
- Energy Markets Revenue of $13.7 million revenue, gross profit
of 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 in
Pennsylvania 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 from
Australia.
- 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.
James Manning, CEO and Founder of Mawson Infrastructure,
said, “2022 was a pivotal year for the Mawson team. We
simultaneously expanded our large scale and low cost Pennsylvania
facilities - which today stand at 240MW of capacity or
approximately 8 Exahash of computing power - and also completed the
sale of one of our non-core facilities to CleanSpark for $40M. We
intend to expand our Pennsylvanian facilities with a mixture of
self-mining and hosting throughout 2023 and into 2024. Our
infrastructure first approach to the industry has proven itself in
real time. We and look forward to sharing more information on our
further expansions in Q2.“
About Mawson Infrastructure
Mawson Infrastructure Group Inc (NASDAQ: MIGI) is a digital
infrastructure provider, with multiple operations throughout the
USA and Australia. Mawson’s vertically integrated model is based on
a long-term strategy to promote the global transition to the new
digital economy. Mawson matches sustainable energy infrastructure
with next-generation Mobile Data Center (MDC) solutions, enabling
low-cost Bitcoin production and on-demand deployment of
infrastructure assets. With a strong focus on shareholder returns
and an aligned board and management, Mawson Infrastructure Group
Inc is emerging as a global leader in ESG focused Bitcoin mining
and digital infrastructure.
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 August 22, 2022, 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 Assumes maximum earn outs are achieved, no adjustments are
made to the purchase price, and uses the CleanSpark, Inc. stock
price as at October 7, 2022, and rounding. The actual proceeds from
the transaction in the 10k may differ due to actual stock sale
proceeds and stock revaluation.
2 Based on the continued development of the Midland and Sharon
facilities to their maximum capacity.
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version on businesswire.com: https://www.businesswire.com/news/home/20230323005164/en/
Investor Contact: Brett Maas 646-536-7331
brett@haydenir.com www.haydenir.com
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