Mawson Infrastructure Group, Inc. Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Highlights (Q4 2021 vs. Q3 2021)
  • Revenue: $19.6 million, up 79% from $10.9 million.
  • Gross Profit: $16 million, up 89% from $8.5 million.
  • EBITDA: $10 million, up 203% from $3.3 million.
Full Year 2021 Results (vs. FY 2020)
  • Revenue: $43.9 million, up 886% from $4.5 million.
  • Gross Profit: $34 million, up 2,526% from $1.3 million.
  • EBITDA: $17.9 million, compared to negative EBITDA in 2020.
Operational Milestones
  • Self-mining hash rate reached 0.83 EH in Dec 2021.
  • Committed to expand hash rate to 4 EH by Q3 2022 (previous guidance was 3.35 EH), and further increased 2023 target from 5 EH to 5.5 EH.
  • Energy infrastructure capacity increased from 220 MW to 350 MW.
  • Hosted colocation business significantly expanded with contracts for 116 MW in place (Celsius Mining and Foundry Digital), target of 220 MW by end of 2023.
  • $20 million debt facility secured with Celsius Mining to aid expansion.
Balance Sheet Metrics
  • Property & Equipment: $76.9 million in Q4 2021 (vs. $7 million Q4 2020).
  • Equipment Deposits: $51.4 million in Q4 2021 (vs. $0).

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Operator: Ladies and gentlemen, the conference will now begin. I would like to turn the call over to management. 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. And I will be taking you through the investor presentation. 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, with that out of the way, Mawson at a glance. As of Friday night’s close, Mawson has a market cap of approximately $340 million is listed on the NASDAQ under the code MIGI, M-I-G-I and has 4 Bitcoin mining sites across the USA and Australia. Now for those of you that aren’t aware of what an exahash is, abbreviated as EH in these slides, crudely speaking, an exahash is a measure of computing power. The more exahash you have online, the more Bitcoins you produce on a daily basis. As at the end of March 2022, we expect to be producing at approximately 1.5 exahash or approximately 7 Bitcoin per day. Based on current network difficulty and a Bitcoin price of $40,000, this equates to around $1

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