Mawson Infrastructure Group Inc. Reports Q4 and Fiscal Year 2023 Financial Results

Q4 Co-Location Business Revenue increased 52% Q/Q

Q4 Energy Management Business Revenue increased 64% Q/Q

Total Quarterly Revenue increased 24% Q/Q to $14.02 Million

MIDLAND, Pa., April 01, 2024 (GLOBE NEWSWIRE) -- Mawson Infrastructure Group Inc. (NASDAQ: MIGI) (“Mawson”, the Company), a digital infrastructure company, today announced its financial and operational results for the fourth quarter and fiscal year 2023 ended December 31, 2023.

“We are delighted with Q4 2023 being a robust quarter of growth and a significant step forward in a transformational year for Mawson,” said Rahul Mewawalla, CEO and President of Mawson. “In Q4, we signed new enterprise co-location customers and rapidly grew our co-location business revenue by 52% this quarter compared to last quarter. We also grew our energy management business revenue by 64% this quarter compared to last quarter. I am grateful to our organization, our customers, and our partners as we advanced our operational, technological, and strategic plans. We are excited about continuing to enhance our digital infrastructure platform capabilities across self-mining, co-location and energy management in 2024.”

Fiscal Year 2023 and Q4 2023 Financial and Operational Highlights

Key financial and operational highlights for the quarter ended December 31, 2023 include

• Q4 2023 revenue increased 24% Q/Q to $14.02 million
• Q4 2023 Co-Location business revenue increased 52% Q/Q to $4.49 million
• Q4 2023 Energy management business increased 64% Q/Q to $2.42 million
• Q4 2023 Bitcoin production of 193 BTC
• Executed and deployed new enterprise co-location customers
  

Key financial and operational highlights for the Fiscal Year ended December 31, 2023 include:

• FY 2023 Co-location business revenue increased 23% from FY 2022, to $16.36 million
• FY 2023 total revenue was $43.57 million (average FY 2023 price of bitcoin was approximately $29K)
• Produced 741 bitcoin in FY 2023
• Total assets of $84.77 million and cash of $4.48 million at end of FY 2023
• Enhanced strategic capabilities across digital infrastructure platform for all 3 primary businesses – bitcoin self-mining business, co-location services business, and energy management business

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