Mawson Infrastructure Group Reports Q1 2023 Financial Results; Selected Unaudited Financial Highlights for Q1 FY 2023
15 Maio 2023 - 05:00PM
Business Wire
Total Revenue of $7.67 Million
Group Gross profit of $2.99 Million
Record Hosting revenue of $4.32 Million
Energy Markets Revenue of $0.44 Million
121 Self-mined Bitcoin
Mawson Infrastructure Group Inc. (NASDAQ: MIGI) (“Mawson”), a
digital infrastructure provider, is pleased to report unaudited
financial results and highlights for the first quarter ending March
31, 2023.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230515005546/en/
Aerial view of Midland Expansion
Deployment, Pennsylvania (Photo: Business Wire)
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 $8.5 million
in cash and stablecoin.
- 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 $5 million equity capital in a registered direct
offering to advance new site infrastructure, further development,
potential acquisitions, miner acquisitions and working
capital.
- 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 and Ohio 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 Midland facility. We are excited as we start
turning on the additional capacity in Q2 and securing new
facilities to facilitate Mawson’s growth through 2023.”
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 Texas leases and transformers, and equally as excited about the
new opportunity in Corning, Ohio. This is our first site in Ohio,
and we look forward to bringing the initial 24 MW online ASAP. Our
20 MW expansion amendment in Midland, PA is a testament to our
existing relationships.”
About Mawson Infrastructure
Mawson Infrastructure Group Inc (NASDAQ: MIGI) is a digital
infrastructure provider, with multiple operations throughout the
USA. 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 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 Midland and Sharon
facilities to their maximum capacity. Statements about ASIC miner
capacity and Exahash forecasts or goals in this document are not an
assurance that Mawson will have that many ASIC miners available to
deploy (whether self-mining or hosted units), or that Mawson will
be able to achieve that EH goal. Mawson’s ability to deploy units
and achieve EH goals will depend on many factors such as Mawson’s
future ASIC miner purchases and sales, our ability to attract
future hosting customers, and the number of ASIC miners’ customers
have to deploy, and the efficient and hash rate of those
miners.
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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
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