Image credit: Annual financial report of Nick Youngson CC BY-SA 3.0 Pix4free
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Mawson Infrastructure Group Inc. (NASDAQ: MIGI) announced financial highlights and financial results for the fourth quarter and fiscal year ended December 31, 2021.
Fourth Quarter 2021 Financial and Business Highlights
- Revenues 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 December 22, 2021
- Stage 2 of 100-megawatt expansion of Georgia Bitcoin mining facility underway
- First operational Australian Bitcoin mining facility, in partnership with Quinbrook Infrastructure Partners
- Bought 4,000 additional bitcoin ASIC last generation miners
- Mawson’s Luna Squares LLC hosting a colocation business, using the company’s modular data center (MDC) technology, continues to grow
- Mawson joins the Bitcoin Mining Council
- Cosmos Asset Management launches ‘DIGA’ – The Cosmos Global Digital Miners Access ETF in Australia
Financial and business highlights of the year 2021
- Record annual revenue of $43.9 million versus $4.4 million in 2020; up 886%
- Record gross profit for the full year of $34.0 million, compared to $1.3 million in 2020, up 2,526%
- Record non-GAAP EBITDA of $17.9 million for the full year
- Signing of a new 100 megawatt Bitcoin mining facility in Pennsylvania, USA
- Phase 2 of Georgia Bitcoin Mining Facility’s 100-Megawatt Expansion Begins
- First operational Australian Bitcoin mining facility, in partnership with Quinbrook Infrastructure Partners
- Total energy infrastructure capacity available at Bitcoin mining facilities reaches 220 megawatts
- Launch of Mawson’s Luna Squares LLC hosting colocation business
- Mawson Lists on Nasdaq Capital Market
- Over 33,000 new Bitcoin ASIC miners added in FY2021 to a fleet of over 40,000 as of December 31, 2021
After the end of the term
- Signing of a new 100 megawatt hosting customer colocation agreement with Celsius Mining LLC
- Georgia, USA Approved Stage 3 Bitcoin Mining Facility Expansion to 230 Megawatts, Could Accommodate Up to 7.5 Exahash of Operational Capacity
- $20M debt facility signed with Celsius Mining LLC, to accelerate the deployment of our energy infrastructure capacity
- Signing of a new 12 megawatt hosting colocation agreement with Foundry Digital LLC
Strategic orientation 2022
- Expand existing Bitcoin mining operations from the online hash rate planned at the end of March of 1.5 Exahash, to our target of 4.0 Exahash by Q3 2022 and our target of 5.5 Exahash at the beginning of the first quarter of 2023
- Grow Luna Squares LLC’s colocation hosting business from the current 4 megawatts online to the 116 megawatts currently under contract, and beyond
- Continue ongoing expansion of company facilities in Georgia, Pennsylvania and Australia Bitcoin Mining
- Continue to evaluate and, if 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 reduce overall Bitcoin production costs
- Continue to focus on ESG across our business
Aerial views of facility expansion in Sandersville, Georgia
James Manning, CEO and Founder of Mawson Infrastructurenoted, “Fiscal 2021 was a transformational year for our business. We significantly increased our Bitcoin self-mining operational footprint, producing a record 808 Bitcoin, increased our revenue by 886% to $43.9 million , increased our gross profit by 2,526% 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 colocation business, signed a new large-scale facility in Midland, Pennsylvania, and significantly increased the size of our Sandersville, Georgia Bitcoin mining facility. We also launched our first Australian installation in 2021 as well as our Nasdaq listing at the end of the third quarter.
The Mawson team has put in a phenomenal effort over the past 12 months and for that I am very grateful. We are entering 2022 with a large bitcoin self-mining business and a large-scale hosting colocation business and I am very excited about what 2022 has in store.
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