MIDLAND, Pa., May 09, 2024 (GLOBE NEWSWIRE) -- Mawson Infrastructure Group Inc. (NASDAQ:MIGI) ("Mawson," or "the Company"), a digital infrastructure company, today announced that it has named Anurag Gandhi as Head of Corporate Strategy, and Vikram Murali as Head of Corporate Development, to enhance Mawson's continued focus and transformation, strategic growth initiatives, and future ecosystem consolidation opportunities. Rahul Mewawalla, CEO and President of Mawson, commented, "Following our recent announce ...

Plans to Expand Midland Facilities Capacity to 120 MW and Miner Capacity to 38,810 Miners Mawson's Total Capacity Expected to be approximately 129 MW and 41,530 miners upon Expansion MIDLAND, Pa., April 30, 2024 (GLOBE NEWSWIRE) -- Mawson Infrastructure Group Inc. (NASDAQ:MIGI) ("Mawson"), a digital infrastructure company, today announced plans for expansion of the Company's Midland, Pennsylvania digital infrastructure and bitcoin digital mining facilities to 120 MW and is expected to increase total miner c ...

Total Revenue Doubled with 100% Y/Y Growth from March of last year March Self-Mining Business Revenue up 182% Y/Y March Co-Location Business Revenue up 54% Y/Y March Total Revenue of about $5.44 million MIDLAND, Pa., April 18, 2024 (GLOBE NEWSWIRE) -- Mawson Infrastructure Group Inc. (NASDAQ:MIGI) ("Mawson" or the "Company"), a digital infrastructure company, announced today its unaudited business and operational update for March 2024. Rahul Mewawalla, CEO and President, commented, "We are very pleased wit ...

Financial Performance - Mawson Infrastructure Group Inc. reported significant growth in its blockchain and bitcoin operations, with a focus on expanding its mining capacity [20] - Mawson's total revenue for the last fiscal year reached $50 million, representing a 40% year-over-year increase [20] - The company anticipates a 25% increase in bitcoin production over the next fiscal year, driven by new hardware acquisitions and operational efficiencies [20] - The company has reported a 15% increase in its customer base, reflecting growing demand for its services in the cryptocurrency market [20] Strategic Initiatives - The company is actively pursuing strategic partnerships to enhance its market position and expand its service offerings in the cryptocurrency sector [20] - Mawson plans to invest $10 million in research and development for new technologies aimed at improving mining efficiency and reducing operational costs [20] - The company is exploring opportunities for market expansion in international regions, particularly in Europe and Asia [20] Risk Management - Mawson has identified key risk factors, including high volatility in bitcoin prices and potential regulatory changes, which could impact future performance [20] - Mawson's management is focused on maintaining compliance with financial regulations to ensure access to cost-effective capital [20] Sustainability Commitment - Mawson's operational strategy includes a commitment to sustainability, aiming to source 100% of its energy from renewable sources by 2025 [20]

November Total Revenue increased 47% M/M November Total Revenue of Bitcoin Equivalent of 132 BTC1 Completed Co-Location Customer Deployment of ~50 MW and ~15,876 miners Recently Signed Additional Co-Location Customer For ~6 MW and 1764 miners PITTSBURGH, Dec. 20, 2023 (GLOBE NEWSWIRE) -- Mawson Infrastructure Group Inc. (NASDAQ:MIGI) ("Mawson" or the "Company"), a digital infrastructure company, announced today its unaudited business and operational update for November 2023. Rahul Mewawalla, CEO and Preside ...

Revenue Performance - Digital currency mining revenue for Q3 2023 was $6.90 million, a 17% increase from $5.91 million in Q3 2022, driven by a 32% increase in the average price of bitcoin[154]. - Total revenues for Q3 2023 were $11.33 million, down from $28.33 million in Q3 2022[152]. - Digital currency mining revenue for the nine months ended September 30, 2023, was $14.55 million, a decrease of 64% from $40.91 million in 2022, attributed to a 55% decrease in bitcoin production[169]. - Total revenues for the nine months ended September 30, 2023, were $29.55 million, down from $67.53 million in 2022, reflecting a significant decline in mining-related revenues[168]. - Co-location revenue decreased to $2.96 million in Q3 2023 from $5.73 million in Q3 2022 due to the expiration of the co-location agreement with Celsius Mining LLC[155]. - Co-location revenue increased to $11.88 million for the nine months ended September 30, 2023, compared to $9.84 million in 2022, due to more miners being co-located[170]. Expenses and Losses - Cost of revenues decreased to $7.72 million in Q3 2023 from $18.18 million in Q3 2022, primarily due to reduced power costs[158]. - Selling, general and administrative expenses were $3.66 million in Q3 2023, down from $5.00 million in Q3 2022, reflecting a $1.16 million reduction in payroll costs[160]. - The company reported a loss from operations of $16.22 million in Q3 2023, compared to a loss of $8.24 million in Q3 2022[152]. - The net loss attributed to Mawson Infrastructure Group stockholders for Q3 2023 was $19.05 million, compared to a net loss of $20.86 million in Q3 2022[152]. - The company incurred a loss after tax of $47.49 million for the nine months ended September 30, 2023, compared to a loss of $34.32 million for the same period in 2022[203]. - For the nine months ended September 30, 2023, the net loss increased to $48,361,138 from $35,227,490 in the same period of 2022[210]. Cash Flow and Financial Position - Net cash used by operating activities for the nine months ended September 30, 2023, was $4.82 million, a significant decrease from $25.14 million provided in the same period of 2022[195]. - As of September 30, 2023, the company had $17.78 million in outstanding short-term borrowings, down from $23.61 million as of December 31, 2022[194]. - The company reported negative working capital of $32.98 million as of September 30, 2023, compared to negative working capital of $15.17 million as of December 31, 2022[195]. - Cash and cash equivalents increased to $1.50 million as of September 30, 2023, from $0.95 million as of December 31, 2022[192]. - For the nine months ended September 30, 2023, net cash provided by investing activities was $10.51 million, a turnaround from net cash used of $55.47 million in the same period of 2022[196]. Stock and Compliance Issues - The company received a notice from Nasdaq regarding non-compliance with the $1.00 minimum bid price requirement, with a compliance period until April 1, 2024[147]. - Stock-based compensation expenses for the three months ended September 30, 2023, were $3.78 million, up from $0.80 million in the same period of 2022[161]. - The company raised $4.60 million through a registered direct offering of 2,083,336 shares at a price of $2.40 per share on May 3, 2023[4]. - The company has $15.33 million in dispute related to a deposit with Celsius Mining LLC[190]. Depreciation and Amortization - Depreciation and amortization for the nine months ended September 30, 2023, was $28.63 million, a decrease of 37.6% from $46.06 million in 2022, primarily due to fewer miners owned[179]. - Depreciation and amortization expenses for the three months ended September 30, 2023, were $11,875,618, down from $16,252,106 in the same period of 2022[210]. Other Financial Metrics - The average price of bitcoin increased from $21,293 in Q3 2022 to $28,109 in Q3 2023, despite a 13% decrease in total bitcoin produced[154]. - The loss on the fair value of the derivative asset for the nine months ended September 30, 2023, was $6.65 million, compared to a gain of $21.38 million in 2022[180]. - Selling, general and administrative expenses decreased to $14.90 million for the nine months ended September 30, 2023, from $20.88 million in 2022, a reduction of 28.6%[176]. - The company reported unrealized and realized losses of $600,619 for the three months ended September 30, 2023, compared to losses of $7,320,412 in the same period of 2022[210]. Accounting Policies - There were no material changes to critical accounting policies and estimates as disclosed in the Annual Report for the year ended December 31, 2022[211]. - The company, as a smaller reporting entity, has opted not to provide disclosures regarding market risk[212].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission File Number: 001-40849 Mawson Infrastructure Group Inc. (Exact name of registrant as specified in its charter) ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number 001-40849 Mawson Infrastructure Group Inc. (Exact name of registrant as specified in its charter) ...

Financial Data and Key Metrics Changes - Mawson generated record revenue of $84.3 million for the year, up 92% year-on-year [46] - Gross profit increased to $36.6 million, an 8% year-on-year rise [46] - Non-GAAP EBITDA reached $30.4 million, up 70% year-on-year [46] - Bitcoin production for self-mining increased by 66% to 1,343 coins [46] - Net assets at the end of 2022 were $76.1 million, with net assets per share at $5.34 compared to a share price of $2.50 [48] Business Line Data and Key Metrics Changes - Hosting revenue reached a record $13.3 million in 2022, with a margin of 24% [51] - The Energy Markets program generated $13.7 million in revenue at a gross margin of 91% [70] - The self-mining capacity is expected to ramp up significantly with the addition of 120 megawatts in Midland and 12 megawatts in Sharon [74][81] Market Data and Key Metrics Changes - The PJM market power is currently priced in the high teens to mid-$20s per megawatt [24] - Mawson's strategic focus is on the Pennsylvania region due to competitive power pricing and favorable climate conditions for mining [95][76] Company Strategy and Development Direction - Mawson is focused on building a sustainable business with recurring revenues through a combination of hosting, mining, and energy programs [29] - The company aims to optimize profitability by balancing self-mining and hosting operations [90] - Mawson is committed to maintaining a strong balance sheet and is focused on return on capital and equity [19][49] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in 2022 but emphasized a strong focus on diversified revenue models [68] - The company is optimistic about growth in 2023, supported by a secured energy pipeline and strategic relationships [77] - Mawson's ESG program is a priority, with a commitment to zero carbon power and nuclear certification [78] Other Important Information - Mawson completed the sale of its Georgia facility for over $40 million, which will support its expansion in Pennsylvania [44][58] - The company has a significant amount of equipment ready to be deployed, with 1.5 to 1.6 exahash available for immediate connection [11] Q&A Session Summary Question: Update on hosting demand and finding a hosting partner - Management noted a large pipeline of hosting customers and ongoing discussions with potential partners [85][106] Question: CapEx required for Sharon facility construction - The first 12 megawatts are fully funded, and the balance will seek a partner for execution [86][88] Question: Balancing energy sales versus consumption for mining and hosting - The company optimizes for the greatest gross profit margin, switching between energy sales and mining based on profitability [118] Question: Current debt and liability situation - Current debt is $35.5 million, with borrowings at about $23 million and trade payables at approximately $10.5 million [169] Question: Future plans for Ohio sites - Ohio sites will have a similar Energy Markets program as Pennsylvania, contributing to revenue growth [133]

PART I [Business](index=5&type=section&id=Item%201.%20Business) Mawson Infrastructure Group operates as a digital asset infrastructure business focused on Bitcoin mining in the United States - Mawson's core business is Bitcoin mining, supplemented by hosting services and participation in energy markets to optimize profitability[22](index=22&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk) Miner Fleet Status as of December 31, 2022 | Category | Count | | :--- | :--- | | Total miners online | 8,792 | | Total miners on order | 0 | | Total miners in storage | 15,010 | | **Total miners** | **23,802** | - The company operates a **100MW** facility in Midland, PA, and is developing a **120MW** facility in Sharon, PA, scheduled to come online through 2023/24[36](index=36&type=chunk) FY 2022 Bitcoin Mining Performance | Metric | Value | | :--- | :--- | | Bitcoin Mined | 1,342.59 | | Revenue from Mining | $43.11 million | - Mawson's strategy is to **liquidate mined Bitcoin regularly** rather than holding it, positioning itself as a mining operator[39](index=39&type=chunk) [Risk Factors](index=12&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks related to operations, cryptocurrency volatility, regulatory changes, and stock ownership - The company has a history of net losses and its ability to **raise additional capital is crucial** for continuing operations[72](index=72&type=chunk)[73](index=73&type=chunk) - The business is **highly sensitive to the volatile price of Bitcoin**, which fell from over $65,000 to below $17,000, directly impacting revenue[79](index=79&type=chunk)[80](index=80&type=chunk) - The company's major hosting customer, Celsius Mining LLC, filed for Chapter 11 bankruptcy, resulting in over **$1.8 million in unpaid invoices**[82](index=82&type=chunk) - **Regulatory uncertainty** poses a major threat, as future changes in laws could impose significant costs or restrictions on the business[142](index=142&type=chunk)[145](index=145&type=chunk) [Unresolved Staff Comments](index=29&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) This section is not applicable to the company - The company reports no unresolved staff comments[168](index=168&type=chunk) [Properties](index=29&type=section&id=Item%202.%20Properties) The company's principal U.S. mining facilities are located on long-term leased properties in Pennsylvania - The company's two U.S. mining facilities are located on **long-term leased properties** in Midland and Sharon, Pennsylvania[170](index=170&type=chunk) [Legal Proceedings](index=29&type=section&id=Item%203.%20Legal%20Proceedings) The company is not currently a party to any significant legal proceedings - The company reports no significant ongoing legal proceedings[172](index=172&type=chunk) [Mine Safety Disclosures](index=29&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company - The company reports that mine safety disclosures are not applicable[173](index=173&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=30&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on Nasdaq under 'MIGI', and it does not anticipate paying cash dividends - Common Stock is listed on The Nasdaq Stock Market LLC under the symbol **"MIGI"**[176](index=176&type=chunk) - The company has a policy of **not paying cash dividends** and intends to retain future earnings to fund operations[178](index=178&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Revenues increased in 2022 due to higher Bitcoin production and new services, but the company's net loss widened Revenue Breakdown (FY 2022 vs FY 2021) | Revenue Source | 2022 (USD Million) | 2021 (USD Million) | Change (%) | | :--- | :--- | :--- | :--- | | Cryptocurrency mining | 43.11 | 38.45 | +12% | | Hosting Co-Location | 13.34 | 0.85 | +1469% | | Sale of equipment | 14.24 | 2.16 | +559% | | Net energy benefits | 13.70 | 0 | N/A | Key Operating Expenses (FY 2022 vs FY 2021) | Expense Category | 2022 (USD Million) | 2021 (USD Million) | | :--- | :--- | :--- | | Cost of revenues | 47.72 | 9.90 | | SG&A | 25.85 | 16.06 | | Depreciation & amortization | 63.20 | 14.11 | Net Loss (FY 2022 vs FY 2021) | Metric | 2022 (USD Million) | 2021 (USD Million) | | :--- | :--- | :--- | | Net Loss | (52.76) | (44.96) | - On September 8, 2022, the company sold its Georgia property to CleanSpark, resulting in a **profit on sale of $8.28 million**[197](index=197&type=chunk)[225](index=225&type=chunk) - **Cash and cash equivalents decreased from $5.47 million to $0.95 million** in 2022, while short-term borrowings increased[235](index=235&type=chunk)[237](index=237&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company has elected not to provide this disclosure as a smaller reporting company - Disclosure is not provided due to the company's status as a **smaller reporting company**[264](index=264&type=chunk) [Financial Statements and Supplementary Data](index=44&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section incorporates by reference the full consolidated financial statements located in Item 15 - All required financial statements and data are located in Item 15 of the report[265](index=265&type=chunk) [Changes In and Disagreements With Accountants on Accounting and Financial Disclosure](index=44&type=section&id=Item%209.%20Changes%20In%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants - There were no disagreements with accountants reported[266](index=266&type=chunk) [Controls and Procedures](index=44&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls were not effective due to several material weaknesses in internal control - Management concluded that disclosure controls and procedures were **not effective** as of December 31, 2022, due to material weaknesses[267](index=267&type=chunk) - Identified material weaknesses include inadequate segregation of duties, poor financial closing controls, and deficient IT controls[274](index=274&type=chunk)[275](index=275&type=chunk)[276](index=276&type=chunk) - Remediation efforts are underway, including expanding the finance team and implementing new controls[280](index=280&type=chunk)[281](index=281&type=chunk) [Other Information](index=46&type=section&id=Item%209B.%20Other%20Information) There is no other information to report under this item - The company reports no other information[285](index=285&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=46&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This section is not applicable to the company - The company reports this disclosure is not applicable[286](index=286&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=47&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Required information is incorporated by reference from the company's 2023 annual stockholder meeting proxy statement - Information regarding directors, executive officers, and corporate governance will be provided in the forthcoming 2023 proxy statement[289](index=289&type=chunk) [Executive Compensation](index=47&type=section&id=Item%2011.%20Executive%20Compensation) Required information is incorporated by reference from the company's 2023 annual stockholder meeting proxy statement - Information regarding executive compensation will be provided in the forthcoming 2023 proxy statement[290](index=290&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=47&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Required information is incorporated by reference from the company's 2023 annual stockholder meeting proxy statement - Information regarding security ownership will be provided in the forthcoming 2023 proxy statement[291](index=291&type=chunk) [Certain Relationships and Related Transactions, Director Independence](index=47&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20Director%20Independence) Required information is incorporated by reference from the company's 2023 annual stockholder meeting proxy statement - Information regarding related transactions and director independence will be provided in the forthcoming 2023 proxy statement[292](index=292&type=chunk) [Principal Accountant Fees and Services](index=47&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Required information is incorporated by reference from the company's 2023 annual stockholder meeting proxy statement - Information regarding accountant fees and services will be provided in the forthcoming 2023 proxy statement[293](index=293&type=chunk) PART IV [Exhibits, Financial Statement Schedules](index=48&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section indexes the consolidated financial statements and lists all exhibits filed with the Annual Report [Financial Statements](index=49&type=section&id=Financial%20Statements) The company's 2022 net loss was $54.0 million on total assets of $133.3 million, with bitcoin revenue recognition noted as a critical audit matter Consolidated Balance Sheet Summary (as of Dec 31) | Metric (USD Million) | 2022 | 2021 | | :--- | :--- | :--- | | Total Current Assets | 20.3 | 11.4 | | Total Assets | 133.3 | 145.3 | | Total Current Liabilities | 35.5 | 20.1 | | Total Liabilities | 57.2 | 30.7 | | Total Stockholders' Equity | 77.1 | 114.7 | Consolidated Statement of Operations Summary (Year Ended Dec 31) | Metric (USD Million) | 2022 | 2021 | | :--- | :--- | :--- | | Total Revenues | 84.4 | 43.9 | | Gross Profit | 36.7 | 34.0 | | Loss from Operations | (44.1) | (42.7) | | Net Loss | (54.0) | (45.5) | | Net Loss per Share | $(4.16) | $(4.79) | Consolidated Statement of Cash Flows Summary (Year Ended Dec 31) | Metric (USD Million) | 2022 | 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | 14.3 | 23.0 | | Net cash used in investing activities | (32.5) | (128.2) | | Net cash provided by financing activities | 14.0 | 109.9 | - The independent auditor's report highlights the **recognition and measurement of bitcoin mining revenue as a critical audit matter**[308](index=308&type=chunk)[310](index=310&type=chunk) [Form 10-K Summary](index=89&type=section&id=Item%2016.%20Form%2010-K%20Summary) No summary is provided under this item - The company reports no Form 10-K summary[491](index=491&type=chunk)