Mawson Infrastructure Group, Inc. Announces Third Quarter 2022 Financial Results

Q3 2022 revenue of $28.3 million, up 160% from Q3 2021

Gross profit of $10.1 million in Q3 2022, up 20% from Q3 2021

Third quarter 2022 non-GAAP EBITDA of $8.8 million, up 203% from third quarter 2021

Sale of Georgia Facility to CleanSpark Inc for approximately $40 million1

ATLANTA & SYDNEY, November 14, 2022–(BUSINESS WIRE)–Mawson Infrastructure Group, Inc. (NASDAQ: MIGI) (“Mawson”), a digital infrastructure provider, is pleased to announce business highlights and financial results for the third quarter of 2022.

This press release is multimedia. Read the full press release here:

Aerial view of facility expansion in Midland, Pennsylvania (Photo: Business Wire)

James Manning, CEO of Mawsonsaid, “The third quarter saw the Mawson team focus on exiting our Georgia plant and expanding our Pennsylvania facilities, where we have both low energy costs and expansion opportunities in Exiting the Georgia facility is expected to result in an unaudited $18 million profit on the sale, to be recognized in the fourth quarter of 2022. Cash and stock proceeds from the sale were received from CleanSpark, Inc in October and November, in line with previous guidance, placing Mawson in a strong balance sheet position given the current economic environment. (including interest payments) related to the transaction are expected to be paid during the fourth quarter and during the first quarter Our energy markets program continues to perform well, generating t $6.3 million in the third quarter, our self-operated bitcoin operations generated $5.9 million in the third quarter, and our hosting colocation business generated $5.7 million in the period. the diversified business performed well in the third quarter and we look forward to an exciting fourth quarter and full year 2023.”

Third Quarter 2022 Financial and Business Highlights

  • Q3 2022 revenue of $28.3 million, up 160% from Q3 2021

  • Gross profit of $10.1 million in Q3 2022, up 20% from Q3 2021

  • Third quarter 2022 non-GAAP EBITDA of $8.8 million, up 203% from third quarter 2021

  • 282 self-mined bitcoins produced in Q3 2022 generating $5.9 million in revenue

  • Mawson Energy Markets program generates $6.3 million in revenue, up 1160% from Q2 2022

  • Colocation hosting revenue of $5.7 million, up 58% from Q2 2022

  • Sale of Georgia Facility to CleanSpark Inc (CLSK: NASDAQ) for approximately $40 million1

  • Expansion of 220 megawatt Bitcoin mining facility in Pennsylvania continues, capable of operating at approximately 8.0 Exahash of Bitcoin mining and hosting colocation by the end of 20232

After the end of the term

Strategic orientation 2023

  • Expand Bitcoin hosting self-mining and colocation operations to 4.5 Exahash by Q1 2023 and our planned 8.0 Exahash by Q4 2023.

  • Continue to expand our 220 megawatt facilities in Pennsylvania, where the company has low energy costs and large-scale expansion opportunities.

  • Continuing our Energy Markets Program, which generates revenue and reduces overall production costs.

  • Continue to place a strong emphasis on ESG across our business.

  • Secure one or more additional large-scale sites for long-term digital infrastructure capacity.

  • Explore opportunities to expand our digital infrastructure business.

  • Develop strategic partnerships and relationships with customers and communities.

  • Continue to explore other asset or development site sales to free up capital for deployment at our preferred sites/sites that best meet Mawson’s investment criteria.

Conference call information:

When: Monday, November 14, 2022
Time: 5:00 p.m. Eastern Time
Telephone number for callers in the United States: 1-877-300-8521
Telephone number for international callers: 1-412-317-6026
Please refer to Conference ID: 10172926

The call will also be accompanied live by webcast and will be accessible on:

A new investor presentation will be available on the website at prior to the call.

To participate in the live conference call, please dial the telephone numbers listed above five to ten minutes prior to the scheduled time of the conference call.

A replay will be available from November 14, 2022 at approximately 8:00 p.m. ET until November 28, 2022 at 11:59 p.m. ET. To access the replay, please dial 1-844-512-2921 in the United States and 1-412-317-6671 for international calls. The conference ID number is 10172926.

About Mawson Infrastructure

Mawson Infrastructure Group (NASDAQ: MIGI) is a digital infrastructure provider, with multiple operations in the United States and Australia. Mawson’s vertical integration model is based on a long-term strategy to promote the global transition to the new digital economy. Mawson combines sustainable energy infrastructure with next-generation mobile data center (MDC) solutions, enabling low-cost bitcoin production and on-demand deployment of infrastructure assets. With a strong focus on shareholder returns and an aligned board and management, Mawson Infrastructure Group is emerging as a global leader in ESG-focused Bitcoin mining and digital infrastructure.

For more information visit:


Mawson cautions that statements contained in this press release that are not a description of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words referring to future events or circumstances such as “expect”, “intend”, “plan”, “anticipate”, “believe” and “will”, among others. Because these statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by these forward-looking statements. These forward-looking statements are based on 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 these forward-looking statements due to various risks and uncertainties, which include, but are not limited to, 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 of incentives to mine digital assets over time, the costs associated with mining digital assets, volatility in the value and prices of cryptocurrencies and new or new regulation of digital assets. More detailed information about the risks and uncertainties affecting Mawson can be found under the heading “Risk Factors” included in Mawson’s Annual Report on Form 10-K filed with the SEC on March 21, 2022 and Mawson’s Quarterly Report on Form 10-Q filed with the SEC on May 16, 2022, August 22, 2022 and November 14, 2022 and in other documents that Mawson has filed and may file with the SEC in the future. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date they are made. Because these statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by these forward-looking statements. Mawson undertakes no obligation to update these statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

Mixture of cash and stocks. Assuming that the maximum price supplements are reached, no adjustment is made to the purchase price, the CleanSpark share price on October 7, 2022 and rounding.
2 Assuming all equipment is deployed and 100% online, and construction of all contracted sites on time, actual results may vary adversely. Construction delays are common and it is rare to have all equipment deployed and 100% online, but accurate historical downtime averages are difficult to calculate and may also not provide an accurate picture due to differences in come. Investors should consider all availability risk factors when reviewing these numbers, which are a best-case scenario. The above information is for general information purposes only and is forward-looking statements which should not be considered as necessarily indicative of future results. Mawson assumes no responsibility for the accuracy of third party information, including websites. Please see our risk factors in our Annual Report on Form 10-K filed March 21, 2022, under the heading Risks related to our business and our management for material risks related to our self-operation.

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