Business
Mawson Infrastructure Group, Inc. Announces Financial Results for Third Quarter 2022
Q3 2022 revenue of $28.3 Million, up 160% vs Q3 2021 Q3 2022 gross profit of $10.1 Million, up 20% v Q3 2021 Q3 2022 non-GAAP EBITDA of $8.8 Million, up 203%
About this update from Cleanspark, Inc.
[{"type":"text","content":"\nQ3 2022 revenue of $28.3 Million, up 160% vs Q3 2021\n\nQ3 2022 gross profit of $10.1 Million, up 20% v Q3 2021\n\nQ3 2022 non-GAAP EBITDA of $8.8 Million, up 203% v Q3 2021\n\nSale of Georgia Facility to CleanSpark Inc for ~$40 Million1\n\n ATLANTA & SYDNEY--(BUSINESS WIRE)--\nMawson Infrastructure Group, Inc. (NASDAQ:MIGI) (“Mawson”), a digital infrastructure provider, is pleased to announce business highlights and financial results for the third quarter of 2022.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221114005707/en/Aerial view of Midland, Pennsylvania facility expansion (Photo: Business Wire)\nJames Manning, CEO of Mawson, said, \"Q3 saw the Mawson team focus on the exit from our Georgia facility and the expansion of our Pennsylvania facilities, where we have both low costs of energy and large-scale expansion opportunities. The Georgia facility exit is expected to result in an unaudited $18 million profit on sale, to be recognized in the fourth quarter of 2022. Cash and stock proceeds of sale have been received from CleanSpark, Inc throughout October and November in line with previous guidance, placing Mawson in a strong position from a balance sheet perspective given the current economic environment. Further stock earn-outs and repayment of promissory notes (including interest payments) related to the transaction are expected to be paid over Q4 and into Q1. Our Energy Markets Program continues to perform strongly, generating $6.3 million in Q3, our self-mined Bitcoin operations produced $5.9 million in Q3, and our Hosting Co-location business generated $5.7 million over the period. We are pleased with how our diversified business has performed over Q3 and look forward to an exciting Q4 and 2023.”\n\nQ3 2022 Financial and Business Highlights\n\n\nQ3 2022 revenue of $28.3 Million, up 160% vs Q3 2021\n\n\nQ3 2022 gross profit of $10.1 Million, up 20% v Q3 2021\n\n\nQ3 2022 non-GAAP EBITDA of $8.8 Million, up 203% v Q3 2021\n\n\n282 Self-mined Bitcoin produced in Q3 2022 generating $5.9 million in revenue\n\n\nMawson Energy Markets Program Generates $6.3 Million in revenue, up 1160% vs Q2 2022\n\n\nHosting Co-location revenue of $5.7 Million, up 58% v Q2 2022\n\n\nSale of Georgia Facility to CleanSpark Inc (CLSK:NASDAQ) for approximately $40 Million1\n\n\n...