Mawson Infrastructure Group Inc. Reports Fiscal Year 2024 Financial Results
Rhea-AI Summary
Mawson Infrastructure Group (NASDAQ: MIGI) reported strong financial results for fiscal year 2024, demonstrating significant growth across its business segments. The company's digital colocation revenue surged 136% year-over-year to $38.5 million, while energy management revenue grew 42% to $7.6 million. Overall revenue increased 36% to $59.3 million, with gross profit up 35% to $20.3 million.
The company expanded its operational capacity to 129 MW with an additional 24 MW under development, all powered by 100% carbon-free energy. Operating hash rate increased 31% to 4.98 exahash per second. Notably, Mawson generated positive cash flows from operations and was net cash flow positive by year-end 2024.
The company successfully transformed into a multi-tenant digital infrastructure platform, expanding into artificial intelligence (AI) and high-performance computing (HPC) markets, while growing its digital colocation business with multiple enterprise-grade customers.
Positive
- 136% YoY growth in digital colocation revenue to $38.5M
- 42% YoY growth in energy management revenue to $7.6M
- 35% YoY increase in gross profit to $20.3M
- Positive cash flows from operations and net cash flow positive
- 31% increase in operating hash rate to 4.98 EH/s
- Expansion funded entirely through operational cash flow
- Successfully expanded into AI and HPC markets
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, MIGI declined 1.47%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Expanded into Artificial Intelligence (AI) and High-Performance Computing (HPC) markets
MIDLAND, Pa., March 28, 2025 (GLOBE NEWSWIRE) -- Mawson Infrastructure Group Inc. (NASDAQ: MIGI) ("Mawson" or "the Company"), a publicly-traded technology company focused on digital infrastructure platforms for artificial intelligence (AI), high-performance computing (HPC), and digital assets markets, today announced its financial and operational results for the year ended December 31, 2024.
Rahul Mewawalla, the Company’s CEO and President, commented, "We have led the Company through a journey of transformation through the year, and as a result, we are pleased to deliver both significant revenue and gross profit growth —
Key financial and operational highlights for the year ended December 31, 2024 include:
- Digital colocation revenue increased
136% Y/Y to$38.5 million . - Energy management revenue increased
42% Y/Y to$7.6 million . - Overall revenue increased
36% Y/Y to$59.3 million . - Overall gross profit increased
35% Y/Y to$20.3 million . - Company generated positive cash flows from operations and was net cash flow positive at the end of 2024.
- Operating hash rate1 increased
31% Y/Y to 4.98 exahash per second (EH/s). - Expanded current operational capacity to 129 MW with an additional 24 MW under development, with our facilities being powered by
100% carbon-free energy. - Operating capacity expansion was funded entirely through cash from operations.
- Grew digital colocation business to multiple enterprise-grade customers in 2024.
- Expanded into artificial intelligence (AI) and high-performance computing (HPC) markets.
- Strengthened management and technology team with hires bringing expertise from Apple, Amazon Web Services, Nokia, Yahoo, T-Mobile, and other technology companies.
Conferences and Events Update
Mawson has planned for its CEO and President, Rahul Mewawalla, and other members of the management team, to join the following upcoming conferences and events. Please contact IR@Mawsoninc.com for further information.
- Google Cloud Next – April 9-11, 2025
- AI and Big Data Expo – June 4-5, 2025
About Mawson:
Mawson Infrastructure Group (NASDAQ: MIGI) is a technology company that offers digital infrastructure platforms for artificial intelligence (AI), high-performance computing (HPC) and digital assets. The Company’s digital infrastructure platforms can be used to operate computing resources for a number of applications, and are offered across artificial intelligence (AI), high-performance computing (HPC), digital assets, and other computing applications. Our innovation, technology, and operational expertise enables us to operate and optimize digital infrastructure to accelerate the digital economy. The Company has a strategy to prioritize the usage of carbon-free energy sources, including nuclear energy, to power its digital infrastructure platforms and computational machines.
The Company’s media interviews and videos are available at www.mawsoninc.com/video-interviews . Articles and recent news related to the Company are available at www.mawsoninc.com/articles.
For more information, visit: https://www.mawsoninc.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Mawson cautions that statements in this press release that are not a description of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words referencing future events or circumstances such as “expect,” “intend,” “plan,” “anticipate,” “believe,” and “will,” among others. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon Mawson’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, the possibility of Mawson’s need and ability to raise additional capital, the development and acceptance of digital asset networks and digital assets and their protocols and software, the reduction in incentives to mine digital assets over time, the costs associated with digital asset mining, the volatility in the value and prices of digital assets, further or new regulation of digital assets and AI, the evolution of AI and HPC market and changing technologies, the slower than expected growth in demand for AI, HPC and other accelerated computing technologies than expected, the ability to timely implement and execute on AI and HPC digital infrastructure, and the ability to timely complete the digital infrastructure build-out in order to achieve its revenue expectations for the periods mentioned. More detailed information about the risks and uncertainties affecting Mawson is contained under the heading “Risk Factors” included in Mawson’s Annual Report on Form 10-K filed with the SEC on March 28, 2025, and in other filings Mawson has made and may make with the SEC in the future. One should not place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Mawson undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as may be required by law.
For more information, visit us at https://www.mawsoninc.com
LinkedIn: https://www.linkedin.com/company/mawsoninc/
Twitter: Mawson (@Mawsoninc) / X (twitter.com)
Facebook: Mawson Inc | Pittsburgh PA | Facebook
YouTube: https://www.youtube.com/c/MawsonInc
Vimeo: https://vimeo.com/mawsoninc
Investor Contact:
Investor Relations Team
IR@mawsoninc.com
Partnerships Contact:
Partnerships Team
Partnerships@mawsoninc.com
Media and Press Contact:
Media Relations Team
mediarelations@mawsoninc.com
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