Mawson Infrastructure Group, Inc. Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Highlights
  • Revenue: $19.4 million in Q1 2022, up 178% YoY (vs. $7 million in Q1 2021), flat QoQ compared to Q4 2021.
  • Gross Profit: $11 million, up 138% YoY (vs. $4.6 million in Q1 2021).
  • Non-GAAP EBITDA: $4.5 million, up 160% YoY (vs. $1.73 million in Q1 2021).
  • Cash and Cash Equivalents: $5.8 million (vs. $5.5 million in Q4 2021).
  • Total Assets: $166 million (up from $145.3 million in Q4 2021).
  • Total Liabilities: $62.1 million (up from $30.7 million in Q4 2021), mainly due to new $20 million debt facility from Celsius Network.
Operational Highlights
  • Average self-mining hashrate in March 2022: 1.2 EH/s, end of March: 1.35 EH/s; as of end of May: 1.8 EH/s.
  • Production of ~8 Bitcoin/day at 1.8 EH/s, expected to reach 18 BTC/day by Q3 2022 (4 EH/s), and 24.5 BTC/day by Q1 2023 (5.5 EH/s).
  • Georgia site fully built at 80 MW and approved for expansion to 230 MW, target online Q3 2023.
  • New 120 MW site added in Texas with JAI Energy and Texas Pacific Land Corporation, increasing available infrastructure from 350 MW to 470 MW.
  • Hosting customers added: 100 MW with Celsius Mining and 12 MW with Foundry Digital.

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Operator: Greetings and welcome to Mawson Infrastructure Group, Inc. First Quarter 2022 Earnings Results Conference Call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. . As a reminder, this conference is being recorded. I'd now like to turn the conference over to your host Nick Hughes-Jones, Chief Commercial Officer. Please go ahead sir. Nick Hughes-Jones: Hello everybody and thank you for taking the time to hear about Mawson Infrastructure Group. My name is Nick Hughes-Jones, Chief Commercial Officer of Mawson. Joining me today is James Manning, our Chief Executive Officer and Founder and Hetal Majithia, our Chief Financial Officer. We look forward to taking you through the investor presentation today, but first, I need to read you a short disclaimer around forward-looking statements. Please be aware today, we will be making forward-looking statements. These statements are based on current expectations and assumptions and are subject to risks that could cause actual results to differ materially from those expected. Please be sure to refer to the cautionary text regarding forward-looking statements contained in this presentation on Slide 2. Okay, Mawson at a glance. As of last Friday night's close, Mawson has a market cap of approximately $180 million, is listed on the NASDAQ under the code MIGI, M-I-G-I and has five Bitcoin mining sites across the USA and Australia. Now for those of you that aren’t

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