MIDLAND, Pa. - Mawson Infrastructure Group Inc. (NASDAQ:MIGI), a digital infrastructure provider, has reported significant year-over-year revenue growth in its digital co-location and energy management businesses for May 2024. The unaudited business and operational update highlighted an 85% increase in digital co-location business revenue and a 139% surge in energy management revenue compared to the same period last year.
The company's overall monthly revenue also rose by 19% year-over-year to approximately $4.46 million, which is the equivalent of about 70 bitcoins based on May's average bitcoin price. The self-mining business contributed $0.74 million to the total revenue.
Mawson's current total power capacity across its facilities stands at approximately 109 megawatts, supporting around 35,650 miners. The expansion of the Midland facility, which is progressing well according to the company, is set to increase the company’s capacity by an additional 20 megawatts. This will bring the total capacity to about 129 megawatts and expand the number of miners to approximately 41,530.
CEO and President Rahul Mewawalla expressed satisfaction with the growth and expansion, attributing it to strong customer relationships and operational and technological capabilities across the company’s three main business areas: self-mining, digital co-location, and energy management.
The company has also announced its participation in several industry conferences and events over the coming months, including Mining Disrupt in Miami and Bitcoin 2024 in Nashville.
Mawson Infrastructure Group is focused on building a next-generation digital infrastructure platform, emphasizing a carbon-free energy approach to support the growth of the digital economy, including bitcoin network and other high-performance computing solutions.
Investors are advised to consider all risk factors related to uptime and future projections. The company cautions that statements about hashrate capacity typically assume ideal conditions and 100% deployment of ASIC miners, which may not reflect actual or observed hashrate due to various factors such as maintenance, repair, or infrastructure limitations.
This update is based on a press release statement from Mawson Infrastructure Group.
In other recent news, Mawson Infrastructure Group Inc. has reported several significant developments. The digital infrastructure provider has announced the appointment of Anurag Gandhi as Head of Corporate Strategy and Vikram Murali as Head of Corporate Development, a move aimed at bolstering the company's strategic growth and exploring merger and acquisition opportunities.
Furthermore, Mawson has announced plans to expand its Midland, Pennsylvania facilities by an additional 20 MW, a move expected to support approximately 38,810 miners, up from the current 32,930. The company has also named Ryan Costello, a former U.S. Congressman, as the new Chair of its Board of Directors.
In addition, Mawson has expanded its co-location services business, marking growth in its operations. The company has executed an addendum to a previous customer agreement with Consensus Technology Group LLC, adding roughly 5,880 miners or about 20 MW to its co-location services.
These recent developments underscore Mawson's ongoing efforts to enhance its digital infrastructure capabilities and position itself for future growth.
InvestingPro Insights
Mawson Infrastructure Group Inc. (NASDAQ:MIGI) has showcased impressive growth in its digital co-location and energy management segments, but a closer look at the company's financial health through InvestingPro data and tips reveals a more nuanced picture.
According to InvestingPro, analysts are optimistic about MIGI's sales growth in the current year, which aligns with the company's reported revenue surges. However, the company's high price volatility, as indicated by InvestingPro Tips, suggests that investors may experience significant swings in stock price.
InvestingPro Data further illustrates some challenges, with a negative P/E Ratio for the last twelve months as of Q1 2024, standing at -0.43, and a substantial revenue decline of 24.73% during the same period. Despite these concerns, the company has managed a remarkable quarterly revenue growth of 144.72% in Q1 2024, which may indicate a potential turnaround or a successful pivot in the company's business strategy.
For investors looking to delve deeper into Mawson Infrastructure Group's financials and future prospects, InvestingPro offers additional insights. There are 11 more InvestingPro Tips available for MIGI, providing a comprehensive analysis for those considering an investment in the company. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, enhancing your investment research with valuable data and expert analysis.
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