Mawson Infrastructure Group Inc. Reports Q1 2024 Financial Results

Q1 2024 Total Revenue increased 145% Y/Y and 34% Q/Q

Q1 Co-Location Business Revenue increased 90% Y/Y and 83% Q/Q

Q1 Energy Management Business Revenue increased 461% Y/Y and 2% Q/Q

Company optimized and reduced Q1 SG&A expenses by 30% Y/Y and 19% Q/Q

MIDLAND, Pa., May 15, 2024 (GLOBE NEWSWIRE) -- Mawson Infrastructure Group Inc. (NASDAQ: MIGI) (“Mawson”, “the Company”), a digital infrastructure company, today announced its unaudited financial and operational results for the first quarter of fiscal year 2024 ended March 31, 2024.

“We are delighted with the overall revenue increase during the first quarter of 2024 —145% year-on-year growth and 34% quarter-on-quarter growth, in addition to our progressing the Company’s strategic, operational, and technological plans in Q1, 2024,” said Rahul Mewawalla, CEO and President of Mawson. “We also expanded the company’s co-location business increasing our co-location business revenue by 83% this quarter compared to the prior quarter. Moreover, we recently announced our plans to expand our digital infrastructure capacity at our Midland facilities by an additional 20 MW to grow to 120 MW, in addition to our continuing to optimize our Bellefonte facilities. We are excited to continue to drive the enhancement of our digital infrastructure platforms and to explore further growth opportunities in 2024.”

Financial and operational highlights for the quarter ended March 31, 2024, include:

• Q1 2024 revenue increased 145% Y/Y and 34% Q/Q to $18.77 million.
• Q1 2024 Co-Location business revenue increased 90% Y/Y and 83% Q/Q to $8.23 million.
• Q1 2024 Energy management business increased 461% Y/Y and 2% Q/Q to $2.47 million.
• Q1 2024 Bitcoin production of 140 BTC.
• Executed an additional co-location agreement with an enterprise customer and expanding our co-location business to a total of 82 MW.
• Company optimized and reduced Q1 2024 SG&A expenses by 30% Y/Y and 19% Q/Q to $3.46 million.

Conferences and Events Update

Mawson has planned for its CEO and President, Rahul Mewawalla to join the following upcoming conferences and events. Please contact [e-mail] for further information.

• Consensus in May 2024 in Austin, Texas
• Artificial Intelligence (AI) Summit in June 2024 in London, United Kingdom
• Fintech Week in June 2024 in London, United Kingdom
• Mining Disrupt in June 2024 in Miami, Florida
• Bitcoin 2024 in July 2024 in Nashville, Tennessee
• Blockchain Futurist in August 2024 in Toronto, Canada
• Gateway Conference in September 2024 in San Francisco, California
• Token 2049 in September 2024 in Singapore
• Bitcoin Europe in October 2024 in Amsterdam, Netherlands
• World Summit Artificial Intelligence (AI) in October 2024 in Amsterdam, Netherlands
• Money 20/20 in October 2024 in Las Vegas, Nevada