Mawson Infrastructure Group, Inc. Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Quarter & Year Overview: Mawson characterized Q4 as a transitional period driven by the sale of its Georgia facility to CleanSpark for over $40 million and a strategic focus shift toward Pennsylvania (PA) expansions—including build-outs in Midland and Sharon totaling 240 MW.
  • Full-Year 2022 Financial Performance (vs. FY 2021):
    • Revenue: $84.3 million, up 92%
    • Gross Profit: $36.6 million, up 8%
    • Non-GAAP EBITDA: $30.4 million, up 70%
    • Bitcoin Mined (Self-Mining): 1,343 coins, up 66%
    • Hosting Revenue: $13.3 million, up 1,464%
    • Energy Markets Program Revenue: $13.7 million at a gross margin of 91% (new revenue stream in 2022)
  • Balance Sheet Highlights:
    • Debt Reduction: $11.93 million paid down in Q4
    • Net Assets: $76.1 million; net asset value per share at $5.34 vs. $2.50 market price as of March 6, 2023
    • Asset Additions: $11.3 million in derivative assets; increase in marketable securities by $3.2 million

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Operator: Greetings. And welcome to the Mawson Infrastructure Group Fourth Quarter and Year End 2022 Earnings Results Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Tim Broadfoot, Chief Corporate Officer. Thank you, Tim. You may begin. Tim Broadfoot: Thank you, and hello, everyone. Welcome to Mawson Infrastructure Group, Inc.’s annual and fourth quarter 2022 earnings call. Joining me today on today’s call are our Founder and CEO, James Manning; our COO, Liam Wilson; and our CFO, Ariel Sivikofsky. We look forward to taking you through the investor presentation today. Firstly, I need to bring to your attention 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. We will also discuss certain non-GAAP financial measures about the performance during today’s presentation and Q&A. You can find the reconciliation of GAAP financial measures at the end of our presentation, which is available on our website. Please be sure to refer to the cautionary

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