Mawson Infrastructure Group, Inc. Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Quarter Overview: Mawson reported strong operational growth for Q2 2022, emphasizing expansion of hosting capacity, Bitcoin self-mining, and energy infrastructure buildout, despite a decline in Bitcoin prices during the quarter.

Key Financial Metrics (Q2 2022)

  • Revenue: $19.5 million – up 236% YoY (Q2 2021) and up slightly QoQ (Q1 2022).
  • Gross Profit: $5.4 million – flat compared to Q2 2021.
  • Non-GAAP EBITDA: $13.7 million – up 756% YoY (Q2 2021).
  • Cash & Equivalents: $2.5 million (Q2), supplemented by a $10 million capital raise in July 2022.
  • Total Assets: Increased from $166 million (Q1) to $191.8 million (Q2), driven by infrastructure and hardware investment.
  • Debt: $3 million repaid; Foundry digital loan expected to be fully settled by October 2022.
  • Derivative Assets: Increase of $17.7 million from revaluation of energy contracts.

Operational Highlights

  • Self-Mining Capacity: Reached 1.85 EH in June before settling at 1.7 EH in July. Expected to grow to 2.3 EH by Q4 2022.
  • Hosting Co-location: Increased from 0.5 EH (Q1) to 1.8 EH (Q2), generating $3.57 million in revenue (up 536% QoQ). Targeting 3 EH by Q4 2022.

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Operator: Greetings. Welcome to Mawson Infrastructure Group, Inc. Second 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. . Please note, this conference is being recorded. I will now turn the conference over to your host Nick Hughes-Jones, Chief Commercial Officer. Thank you. You may begin. 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 our Chief Financial Officer, Ariel Sivikofsky. 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. We may also make forward-looking statements as part of our Q&A at the conclusion of this presentation. Please be sure to refer to the cautionary text regarding forward-looking statements contained in this presentation on Slide 2, as well as the Risk Factors in our Annual Report on Form 10-K filed March 21, 2022, under the sub heading Risks Relating to Our Business, as well as the 10-Q fil

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