Mawson Infrastructure Group Inc. Reports Q2 2023 Financial Results
21 Agosto 2023 - 5:05PM
Business Wire
Selected Unaudited Financial Highlights for
Q2 FY 2023
Total Revenue of $10.6 Million
Self-Mining revenue of $4.9 Million and Hosting
revenue of $4.6 Million
Self-mined Bitcoin revenue increased 78% Q/Q
and Self-mined Bitcoin Increased 50% Q/Q to 182 BTC
Mawson Infrastructure Group Inc. (NASDAQ: MIGI) (“Mawson”), a
digital infrastructure company, today announced its unaudited
financial results and highlights for the second quarter ending June
30, 2023.
Rahul Mewawalla, CEO and President of Mawson, said, “We were
pleased to increase self-mined BTC revenue by 78% and number of
self-mined BTC by 50% in Q2 2023 over the prior quarter as we
continued a focus on driving execution and enhancing our operations
across our sites. Mawson is strategically aligned to optimize its
capabilities and resources across self-mining, hosting, and energy
markets program participation in the PJM energy markets, with the
goal of enhancing overall stakeholder value.”
Q2 2023 Financial and Business Highlights
- Total Revenue increased 38% Q/Q to $10.6 million
- Self-Mined BTC revenue increased 78% Q/Q to $4.9 million
- Increased online power at Midland PA site by 76% sequentially
to 88 MW from 50 MW
- Total installed1 self-miners increased approximately to 16,350
across sites
- Exited Q2 2023 with 96 MW of online power able to support
approximately 27,636 miners
- Announced new 8 MW (expandable to 24 MW) site in Bellefonte,
PA
- Added to the Russell Microcap® Index
BTC Hosting and Co-location Services Update
On July 25, 2023, Mawson issued a press release inviting outside
parties to provide Indications of Interest (IOI) for the Company’s
hosting and digital infrastructure services that include BTC
(Bitcoin) miner hosting, HPC (High Performance Computing)
co-location, and other potential partnerships utilizing its digital
infrastructure and hosting facilities. The Company indicated that
the Co-Location contract with Celsius Mining LLC will expire in
accordance with its terms on August 23, 2023. Discussions with
Celsius Mining LLC are ongoing. Mawson has received active interest
from a number of parties related to hosting and digital
infrastructure services.
2023 Strategic Focus
- Exploring expansion opportunities in the PJM energy markets,
especially in Pennsylvania and Ohio.
- Continue to secure a portfolio of sites in its preferred
geographies and markets for long-term digital infrastructure
capacity.
- Continue participation in the Energy Markets Program which
generates additional revenue.
- Develop strategic partnerships and commercial relationships
within industry ecosystem.
- Drive a diversified revenue mix of self-mining, hosting, and
energy markets participation.
Second Quarter 2023 GAAP Financial Results
Revenue for the second quarter 2023, ended June 30, 2023,
increased 38% sequentially to $10.6 million and decreased 47% over
the same quarter last year. The sequential increase was the result
of the continued ramp of Mawson’s self-mining capacity at its
Pennsylvania sites. The prior year period decline resulted from the
sale of the Company’s Georgia facility in October 2022.
Cost of revenue in the second quarter of 2023 increased 50%
sequentially to $7.0 million, from $4.7 million and decreased 51%
over the prior year period. Higher power costs associated with the
ramp of self-mining capacity, and lower power and facility costs
from the sale of the Georgia facility led the changes,
respectively. Gross profit increased 18% sequentially to $3.5
million or 33% of revenue and decreased 35% from $5.4 million from
the same quarter last year.
SG&A expense for the second quarter of 2023 increased
sequentially to $6.3 million from $5.0 million due to higher
facility and expenses and decreased from $9.4 million compared to
the same quarter last year. In the second quarter 2023, Mawson
incurred a net loss of $17.6 million compared to $11.4 million in
the prior period and $2.4 million for the same quarter last
year.
About Mawson Infrastructure
Mawson Infrastructure Group (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 digital infrastructure, sustainable energy,
and next-generation data center solutions, enabling efficient
Bitcoin production and on-demand deployment of digital
infrastructure assets. With a strong focus on shareholder returns
and strategic growth, Mawson Infrastructure Group is emerging as a
global leader in ESG focused digital infrastructure and Bitcoin
mining.
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 Reports on Form 10-Q
filed with the SEC on May 15, 2023, August 21, 2023; 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 “Installed” may include miners that are deployed in Mawson’s
datacenters but may not be online or hashing 100% of the time.
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version on businesswire.com: https://www.businesswire.com/news/home/20230821064801/en/
Investor Contact: Sandy Harrison Chief Financial Officer
IR@mawsoninc.com
Mawson Infrastructure (NASDAQ:MIGI)
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