Mawson Infrastructure Group Inc. Reports Q2 2023 Financial Results

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

1. Exploring expansion opportunities in the PJM energy markets, especially in Pennsylvania and Ohio.
2. Continue to secure a portfolio of sites in its preferred geographies and markets for long-term digital infrastructure capacity.
3. Continue participation in the Energy Markets Program which generates additional revenue.
4. Develop strategic partnerships and commercial relationships within industry ecosystem.
5. Drive a diversified revenue mix of self-mining, hosting, and energy markets participation.

Second Quarter 2023 GAAP Financial Results