MIGI Announces Record Revenue Of $43.9 Million, Up 886%; Record Gross Profit Of $34.0 Million, Up 2,526% And Record Non-GAAP EBITDA Of $17.9 Million

Image credit: Annual financial report by Nick Youngson CC BY-SA 3.0 Pix4free

This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.

Mawson Infrastructure Group Inc. MIGI announced financial highlights and financial results, for the fourth quarter and full year ended December 31, 2021. 

Q4 2021 Financial and Business Highlights

• Revenue of $19.6 million compared to $10.9 million in Q3 2021, up 79%
• Gross profit of $16.0 million, compared to $8.4 million in Q3 2021, up 89%
• Non-GAAP EBITDA of $10.0 million, compared to $3.3 million in Q3 2021, up 203%
• Record 0.83 Exahash online reached on 22nd December 2021
• Stage 2 of 100 megawatt expansion at Georgia Bitcoin mining facility ongoing
• First Australian Bitcoin mining facility operational, in partnership with Quinbrook Infrastructure Partners
• Purchased an additional 4,000 latest generation ASIC bitcoin miners
• Mawson’s Luna Squares LLC hosting co-location business, utilizing the company’s Modular Data Centre (MDC) technology continues to expand
• Mawson joins the Bitcoin Mining Council
• Cosmos Asset Management launches ‘DIGA’ – The Cosmos Global Digital Miners Access ETF in Australia

Full Year 2021 Financial and Business Highlights

• Full year record revenue of $43.9 million compared to $4.4 million in 2020; up 886%
• Full year record gross profit of $34.0 million, compared to $1.3 million in 2020, up 2,526%
• Full year record non-GAAP EBITDA of $17.9 million
• New 100 megawatt Bitcoin mining facility in Pennsylvania, USA signed
• Stage 2 of 100 megawatt expansion at Georgia Bitcoin mining facility commenced
• First Australian Bitcoin mining facility operational, in partnership with Quinbrook Infrastructure Partners
• Total available energy infrastructure capacity at Bitcoin mining facilities reaches 220 megawatts
• Mawson’s Luna Squares LLC hosting co-location business launched
• Mawson lists on the Nasdaq Capital Market
• Over 33,000 new ASIC Bitcoin Miners added in FY 2021 to fleet of over 40,000 as at 31 Dec 2021

Subsequent to Quarter End

• New 100 megawatt hosting customer co-location agreement signed with Celsius Mining LLC
• Georgia, USA Bitcoin mining facility Stage 3 expansion approved to 230 megawatts, which could accommodate up to 7.5 Exahash of operational capacity
• $20M debt facility executed with Celsius Mining LLC, to accelerate the rollout of our energy infrastructure capacity
• New 12 megawatt hosting co-location agreement signed with Foundry Digital LLC

2022 Strategic Focus 

• Expand existing Bitcoin mining operations from the expected end of March online hash rate of 1.5 Exahash, to our target of 4.0 Exahash by Q3, 2022 and to our target of 5.5 Exahash by early Q1 2023

• Expand Luna Squares LLC hosting co-location business from the current 4 megawatts online to the 116 megawatts now contracted, and beyond

• Continue the ongoing expansion of the company’s Georgia, Pennsylvania and Australian Bitcoin Mining facilities

• Continue to assess, and where appropriate, add more Bitcoin mining facilities to the global portfolio

• Continue to assess, and where appropriate, add more Bitcoin miners to global operations

• Evaluate opportunities to decrease the overall costs of Bitcoin production 

• Continue with our strong ESG focus across our business 

Aerial views of Sandersville, Georgia facility expansion

James Manning, CEO and Founder of Mawson Infrastructure, said, "FY 2021 was a transformational year for our business. We significantly increased our Bitcoin self-mining operational footprint, producing a record 808 Bitcoin, increased revenue 886% to $43.9 million, increased our gross profit 2526% to $34.0 million, and posted a record $17.9 million of non-GAAP EBITDA.”

Manning added, “We also successfully launched our Luna Squares hosting co-location business, signed a new large-scale facility in Midland, Pennsylvania and materially expanded the size of our Sandersville, Georgia Bitcoin mining facility. We also launched our first Australian facility in 2021 as well as listing on the Nasdaq late in Q3. 

The Mawson team have put in a phenomenal effort these past 12 months and for that I am very grateful. We enter 2022 with a large bitcoin self-mining business, and a large scale hosting co-location business and I’m very excited for what 2022 has in store.”

This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.