Mawson Infrastructure Group Inc. Reports Q3 2024 Unaudited Financial Results

Core Insights - Mawson Infrastructure Group Inc. reported a significant increase in revenue across its digital colocation and energy management businesses, with a 222% year-over-year growth in digital colocation and a 33% year-over-year growth in energy management [1][2][3] - The company's total revenue increased by 50% year-to-date for the first nine months of 2024, with a total revenue of $12.32 million in Q3 2024, reflecting a 9% year-over-year increase [1][3] Financial Performance - Q3 2024 digital colocation business revenue reached $9.52 million, marking a 222% increase year-over-year [3] - Energy management business revenue for Q3 2024 was $1.96 million, a 33% increase year-over-year [3] - Digital assets mining revenue for Q3 2024 was $0.83 million [3] - Total revenue for the first nine months of 2024 increased by 50% year-to-date [3] Strategic Developments - The company is expanding its offerings into artificial intelligence (AI) and high-performance computing (HPC) markets [2][3] - Mawson signed a 20 MW agreement to colocate NVIDIA GPUs, which could generate approximately $92 million in the first two years and a cumulative revenue potential of $285 million over the six-year contract term [3] - The company has extended its lease for Perry County, Ohio, for a total of 24 MW and completed Phase 1 construction, advancing toward a total planned capacity of 153 MW [3] Operational Highlights - Mawson's current operating capacity is 129 MW, with plans to increase to 153 MW upon completion of ongoing projects [2][3] - The company emphasizes a carbon-free and sustainable energy approach, including the use of nuclear power, to meet the compute capacity needs of enterprise customers [2]