Mawson Infrastructure Group Reports Strong Q2 2024 Results
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Mawson Infrastructure Group Inc. Reports Strong Q2 2024 Results
Digital Colocation Business Revenue Surges 77% Year-Over-Year
Energy Management Business Revenue Rises 70% Year-Over-Year
Company Optimizes and Reduces SG&A Expenses by 42% Year-Over-Year
Total Revenue for Q2 2024 Increased 24% Year-Over-Year, up 75% Year-to-Date
Mawson Infrastructure Group Inc. (NASDAQ: MIGI), a leading digital infrastructure provider based in the United States, has announced its unaudited financial and operational results for the second quarter of fiscal year 2024, which ended June 30, 2024. The company has shown remarkable growth across its divisions, specifically in digital colocation and energy management.
CEO and President Rahul Mewawalla expressed satisfaction with the quarter's achievements, highlighting a 77% increase in revenue within the digital colocation segment and a 70% increase in the energy management sector when compared to the previous year. "Our long-term growth strategy is proven by our operational expansion, which has successfully enhanced our facilities’ capacity and paved the way for us to become a leader in the market among North American public Bitcoin mining companies," he stated. Mewawalla also noted the recent entry into AI (artificial intelligence) and HPC (high-performance computing) markets as significant steps forward.
Financial and Operational Highlights for Q2 2024
The financial performance of Mawson Infrastructure during the second quarter of 2024 indicates substantial growth and operational improvements:
- Digital colocation business revenue surged to $8.13 million, reflecting a 77% year-over-year increase.
- Energy management segment reported revenue of $1.73 million, marking a 70% year-over-year gain.
- Bitcoin production totaled 49 BTC, generating self-mining revenue of $3.25 million.
- Total revenue for Q2 hit $13.11 million, representing a 24% increase year-over-year and a striking 75% increase year-to-date.
- The operational capacity at the Midland facilities expanded by 20%, bringing it to 120 MW, solidifying its status as one of the largest operating sites in the PJM market.
- Mawson's total combined capacity now stands at approximately 129 MW across all facilities.
- Execution of additional colocation agreements with enterprise customers has diversified the business offerings.
- Expansion into new digital asset services, such as KAS mining colocation, has broadened Mawson's portfolio.
- The team was reinforced with key hires in sales, operations, and finance to further drive growth.
- A significant 20 MW AI/HPC colocation agreement was executed for hosting NVIDIA GPUs.
Conferences and Upcoming Events
Mawson Infrastructure has scheduled participation in several prominent conferences and events. For further information, please contact IR@mawsoninc.com.
- Gateway Conference, September 2024, San Francisco
- H.C. Wainwright 26th Annual Global Investment Conference, September 2024, New York City
- Token 2049, September 2024, Singapore
- World Summit on Artificial Intelligence, October 2024, Amsterdam
- Bitcoin Europe, October 2024, Amsterdam
- Money 20/20, October 2024, Las Vegas
- Pacific Bitcoin, October 2024, Los Angeles
- Tech & AI Live, November 2024, New York
About Mawson Infrastructure
Mawson Infrastructure Group (NASDAQ: MIGI) is focused on developing Next-Generation Infrastructure Platforms tailored for AI, HPC, and Digital Assets. The company leverages innovation, technology, and operational expertise to optimize digital infrastructure while contributing to the acceleration of the digital economy. Their approach involves utilizing carbon-free energy solutions to support advancements in artificial intelligence and high-performance computing.
Frequently Asked Questions
1. What financial results did Mawson Infrastructure announce for Q2 2024?
Mawson Infrastructure reported a 24% increase in total revenue for Q2 2024, totaling $13.11 million. Digital colocation business revenue surged by 77% year-over-year.
2. How did the company improve its operational efficiency?
The company achieved a 42% reduction in SG&A expenses while successfully expanding its operational capacity to meet growing demands.
3. What new markets is Mawson Infrastructure exploring?
Mawson is venturing into AI and high-performance computing colocation markets, reflecting its commitment to innovation.
4. What significant events is Mawson participating in?
Mawson has planned attendance at key events such as the Gateway Conference and the World Summit on Artificial Intelligence.
5. How can investors get in touch with Mawson Infrastructure?
Investors can contact Mawson’s Investor Relations Team at IR@mawsoninc.com.
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