Mawson Infrastructure Group Reports Significant Growth in Digital Colocation Business for August 2024

Mawson reports robust growth in digital colocation By Investing.com

MIDLAND, Pa. - Mawson Infrastructure Group Inc. (NASDAQ:MIGI), a technology company specializing in digital infrastructure for artificial intelligence (AI), high-performance computing (HPC), and digital assets, has reported significant revenue growth and business expansion in its unaudited operational update for August 2024. The company's digital colocation business revenue soared by 166% year-over-year and 25% month-over-month to $3.43 million. Overall, monthly revenue increased by 27% from July 2024, reaching approximately $4.44 million. This growth is attributed to Mawson's recent foray into AI and HPC colocation markets. A landmark development in this expansion is a 6-year AI customer colocation agreement to colocate NVIDIA (NASDAQ:NVDA) GPUs, which is expected to generate a cumulative revenue potential of $285 million. Additionally, the company has signed a non-binding letter of intent (LOI) with the same customer to potentially expand to 144 MW. Furthering its market presence, Mawson has secured a lease amendment on a 24 MW facility in Ohio, with construction already underway. This expansion is expected to elevate the company's total capacity to 153 MW upon completion. The Ohio facility, coupled with an extended lease on a 120 MW facility in Midland, Pennsylvania, strengthens Mawson's foothold in the PJM market, the largest competitive wholesale power market in North America. Mawson's CEO and President, Rahul Mewawalla, expressed enthusiasm for the company's growth trajectory and its commitment to a carbon-free and sustainable energy approach, including the use of nuclear energy. Mewawalla anticipates a surge in demand for digital infrastructure platforms driven by AI in the next five years. The company's strategic approach and business operations are detailed in an updated presentation available on their corporate website. Mawson is also actively engaging in industry conferences and events to further its reach and partnerships. This business update is based on a press release statement from Mawson Infrastructure Group Inc. and reflects the company's performance and strategic initiatives as of August 2024. The forward-looking statements included in the original press release are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. In other recent news, Mawson Infrastructure Group has been active with key developments. The company has extended its lease agreement with Jewel Acquisition, LLC, ensuring continued use of an 8-acre land in Midland, Pennsylvania, until 2027. Additionally, Mawson Infrastructure has inked a marketing deal with Outside The Box Capital Inc. for a six-month tenure, which aims to bolster the company's visibility and distribution capabilities. Furthermore, Mawson Infrastructure reported a 56% increase in digital colocation business revenue and a 262% surge in energy management revenue. The company has also secured a potentially lucrative deal with BE Global Development Limited to supply AI and high-performance computing colocation services, which could generate approximately $285 million in revenue. In terms of executive changes, CEO Rahul Mewawalla was granted 2,500,000 restricted stock units as part of the company's 2024 Omnibus Equity Incentive Plan. Meanwhile, the company announced the departure of Chief Development Officer Craig Hibbard. Kaliste Saloom has been named General Counsel and Corporate Secretary, and former U.S. Congressman Ryan Costello has been appointed as the new Chair of the Board of Directors. Lastly, Mawson Infrastructure has embarked on a 20 MW facility expansion in Midland, Pennsylvania, increasing its total capacity to 129 MW. These are the recent developments within Mawson Infrastructure Group. As Mawson Infrastructure Group Inc. (NASDAQ:MIGI) continues to make headway in the digital infrastructure sector, their financial metrics and market performance provide a nuanced view of the company's current standing. According to InvestingPro data, Mawson Infrastructure Group Inc. boasts a market capitalization of $23.19 million, indicating its size in the competitive technology market. Despite experiencing a revenue decline of 9.73% over the last twelve months as of Q2 2024, the company has witnessed a quarterly revenue growth of 24.27% in Q1 2024, showcasing a potential rebound in sales. InvestingPro Tips suggest that analysts are expecting sales growth in the current year, which aligns with the company's recent business expansions and agreements. Additionally, the valuation of MIGI implies a strong free cash flow yield, which could be an attractive point for investors looking for companies with the potential to generate cash. However, potential investors should be aware that the stock is known to trade with high price volatility, which is reflected in the price's significant fluctuations over various time frames. For those interested in further insights, there are additional InvestingPro Tips available at https://www.investing.com/pro/MIGI, which delve deeper into the company's financial health and market performance.

Mawson Infrastructure reports Aug revenue $4.44M; digital colocation business up 166% Y/Y

Mawson Infrastructure (NASDAQ:MIGI) said Monday that its digital co-location business revenue was $3.43 million in August, up 166% Y/Y and up 25% sequentially. Total monthly revenue was up 27% M/M from July 2024 to about $4.44 million, attributed to Mawson's recent foray into AI and HPC colocation markets. Energy management business revenue of $0.79 million and self-mining bitcoin monthly business revenue of $0.22 million. Mawson's CEO and President, Rahul Mewawalla, said, "We are pleased with the recent expansion of our business into artificial intelligence (AI) and high-performance computing (HPC) colocation markets and our recent announcement of our signing a 6-year AI customer colocation agreement to enable the future acceleration of AI and HPC. Our expansion into Ohio further enhances our footprint in the PJM market, the largest wholesale competitive electric market in North America, and amongst the most attractive markets in our view for AI and HPC." More on Mawson Infrastructure Group: Mawson Infrastructure says digital co-location business revenue up 85% in May Seeking Alpha's Quant Rating on Mawson Infrastructure Group Historical earnings data for Mawson Infrastructure Group

Mawson Infrastructure Group Inc. Announces Monthly Operational Update for August 2024 - Mawson Infra Gr (NASDAQ:MIGI)

Digital Colocation Revenue up 166% Y/Y from August 2023 and 25% M/M from July 2024 Total Monthly Revenue up 27% M/M from July 2024 Expanded into Artificial Intelligence (AI) and High-Performance Computing (HPC) Colocation Business Executed AI Customer Colocation Agreement for 20 MW for 6-years to colocate NVIDIA GPUs, Expected to Generate Cumulative Revenue Potential of $285 Million1 Signed AI Customer Colocation LOI for AI and HPC Expansion to 144 MW Expanded to Ohio with 24 MW Planned Capacity, Expected to Increase Total Capacity to 153 MW Upon Completion MIDLAND, Pa., Sept. 16, 2024 (GLOBE NEWSWIRE) -- Mawson Infrastructure Group Inc. MIGI ("Mawson" or "the Company"), a publicly-traded technology company focused on digital infrastructure platforms for artificial intelligence (AI), high-performance computing (HPC), and digital assets markets, today announced its unaudited business and operational update for August 2024. Rahul Mewawalla, CEO and President said, "We are excited about another month of significant progress, including delivering 166% year-over-year revenue growth and 25% month-on-month revenue growth in our digital colocation business, along with delivering 27% month-on-month growth in our overall business revenue. We are pleased with the recent expansion of our business into artificial intelligence (AI) and high-performance computing (HPC) colocation markets, and our recent announcement of our signing a 6-year AI customer colocation agreement to enable the future acceleration of AI and HPC. Our expansion into Ohio further enhances our footprint in the PJM market, the largest wholesale competitive electric market in North America, and amongst the most attractive markets in our view for AI (artificial intelligence) and HPC (high-performance computing). Moreover, we are extremely proud of our carbon-free and sustainable energy approach, including nuclear energy. We expect AI to drive a surge of demand for digital infrastructure platforms over the next 5 years, and for increased compute capacity to be a critical driver and a strategic imperative for the broader technology industry moving forward." Unaudited financial and operational highlights for August 2024: Digital Colocation Monthly Business Revenue up 166% Y/Y and up 25% M/M to $3.43 millionOverall Monthly Revenue up 27% M/M from July 2024 to about $4.44 millionEnergy Management Monthly Business Revenue of $0.79 million and Self Mining Bitcoin Monthly Business Revenue of $0.22 millionExpanded into AI (artificial intelligence) and HPC (high-performance computing) colocation marketsRecently executed an AI / HPC colocation agreement for 20 MW to colocate AI customer NVIDIA GPUs, Expected to Generate Cumulative Revenue Potential of $285 Million1Signed separate non-binding LOI with the AI / HPC colocation customer to potentially expand to 144 MWSecured lease amendment on 24 MW facility in Ohio for an extended total term of 9 years, including elective options, through April 2033 and commenced construction on the 24 MW facility in Ohio, and extended lease on 120 MW facility in Midland, Pennsylvania expanding presence across Pennsylvania and Ohio, and the PJM market which is North America's largest competitive and deregulated wholesale power marketMawson is inviting AI/HPC partners to discuss opportunities to collaborate on the deployment of NVIDIA GPUs and other high-performance and accelerated computing solutions 1 Revenue subject to change depending on operating capacity ramp up timeframes as well as potential colocation rate updates every two years as per the Agreement Company Presentation Update Mawson has made available an updated Company Overview Presentation about the company's strategic approach and its businesses at its corporate website at https://www.mawsoninc.com Conferences and Events Update Mawson has planned for its CEO and President, Rahul Mewawalla to join the following upcoming conferences and events. Please contact [email protected] for further information. Token 2049 in September 2024 in SingaporeWorld Summit Artificial Intelligence (AI) in October 2024 in Amsterdam, NetherlandsBitcoin Europe in October 2024 in Amsterdam, NetherlandsMoney 20/20 in October 2024 in Las Vegas, NevadaPacific Bitcoin in October 2024 in Los Angeles, CaliforniaMoney 20/20 in October 2024 in Las Vegas, NevadaTech & AI Live in November 2024 in New York, NY About Mawson Infrastructure Mawson Infrastructure Group MIGI is a technology company providing next-generation infrastructure platforms for AI, HPC, and digital assets. Our innovation, technology, and operational expertise enables us to operate and optimize digital infrastructure to accelerate the digital economy including artificial intelligence, high-performance computing solutions, and digital assets using a Carbon-Free energy approach. For more information, visit: https://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 of 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 digital assets and cryptocurrencies, further or new regulation of digital assets, the evolution of AI and HPC market and changing technologies, the slower than expected growth in demand for AI, HPC and other accelerated computing technologies than expected, the ability to timely implement and execute on AI and HPC digital infrastructure, and the ability to timely complete the digital infrastructure build-out in order to achieve its revenue expectations for the periods mentioned. 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 April 1, 2024, and Mawson's Quarterly Report on Form 10-Q filed with the SEC on August 21, 2023, November 13, 2023, May 15, 2024, August 19,2024, 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. For more information, visit us at https://www.mawsoninc.com LinkedIn: https://www.linkedin.com/company/mawsoninc/ Twitter: Mawson (@Mawsoninc) / X (twitter.com) Facebook: Mawson Inc | Pittsburgh PA | Facebook YouTube: https://www.youtube.com/c/MawsonInc Vimeo: https://vimeo.com/mawsoninc Investor Contact: Investor Relations Team [email protected] Partnerships Contact: Partnerships Team [email protected] Media Relations Team [email protected] This press release was published by a CLEAR® Verified individual. Market News and Data brought to you by Benzinga APIs