Mawson Infrastructure (US:MIGI) globenewswire.comยท2024-05-15 21:15Core Insights - Mawson Infrastructure Group Inc. reported a total revenue increase of 145% year-on-year and 34% quarter-on-quarter for Q1 2024, reaching $18.77 million [3] - The co-location business revenue grew by 90% year-on-year and 83% quarter-on-quarter, amounting to $8.23 million [3] - The energy management business saw a significant increase of 461% year-on-year and 2% quarter-on-quarter, totaling $2.47 million [3] - The company optimized its selling, general and administrative (SG&A) expenses, reducing them by 30% year-on-year and 19% quarter-on-quarter to $3.46 million [3] Financial Performance - Q1 2024 total revenue was $18.77 million, reflecting a 145% increase compared to the same quarter last year and a 34% increase from the previous quarter [3] - Co-location business revenue reached $8.23 million, marking a 90% year-on-year increase and an 83% quarter-on-quarter increase [3] - Energy management business revenue was $2.47 million, showing a 461% year-on-year increase and a 2% quarter-on-quarter increase [3] - The company produced 140 BTC during Q1 2024 [3] Operational Developments - Mawson executed an additional co-location agreement with an enterprise customer, expanding its co-location business capacity to a total of 82 MW [3] - Plans to expand digital infrastructure capacity at Midland facilities by an additional 20 MW, increasing total capacity to 120 MW [2] Cost Management - The company successfully reduced Q1 2024 SG&A expenses by 30% year-on-year and 19% quarter-on-quarter, bringing the total to $3.46 million [3] Future Outlook - The CEO expressed optimism about the company's strategic, operational, and technological plans for 2024, indicating a focus on enhancing digital infrastructure platforms and exploring growth opportunities [2] Conferences and Events - Mawson's CEO is scheduled to participate in several upcoming conferences and events throughout 2024, including the Consensus in May and the Bitcoin 2024 in July [4][5]