Q2 Digital Colocation Business Revenue increased 77% Y/YQ2 Energy Management Business Revenue increased 70% Y/YCompany Optimized and Reduced Q2 SG&A Expenses by 42% Y/YQ2 2024 Total Revenue Increased 24% Y/Y and Increased 75% YTD (6 months) of 2024
MIDLAND, Pa., Aug. 19, 2024 (GLOBE NEWSWIRE) -- Mawson Infrastructure Group Inc. (NASDAQ:MIGI) ("Mawson", "the Company"), a publicly traded digital infrastructure provider headquartered in the United States, today announced its unaudited financial and operational results for the second quarter of fiscal year 2024 ended June 30, 2024.
Rahul Mewawalla, CEO and President of Mawson, said, "We are pleased to deliver another solid quarter, including growth of our digital colocation business with revenue increasing by 77% this quarter, and growth of our energy management business with revenue increasing by 70% this quarter, compared to the same quarter last year. In line with our long-term growth strategy, we are also delighted to continue to make significant strategic strides and have achieved several major milestones. We have successfully completed the operational expansion of our Midland facilities by 20% to 120 MW, which is expected to be amongst the largest operating sites in the PJM market amongst all the North American Public Bitcoin mining companies. We also further strengthened our market presence by signing and executing an additional colocation agreement with an enterprise customer. In addition, we expanded our digital colocation business into new digital assets. Moreover, we recently broadened our business to include AI (artificial intelligence) and HPC (high-performance computing) colocation markets, reflecting our continued focus on innovation and evolving market and customer needs. We are excited about the future of our digital infrastructure platforms and our computing infrastructure to provide solutions across digital assets, AI, and HPC markets."
Financial and operational highlights for the quarter ended June 30, 2024 and to-date, includes:
Q2 2024 Digital colocation business revenue increased 77% Y/Y to $8.13 million.
Q2 2024 Energy management business increased 70% Y/Y to $1.73 million.
Q2 2024 Bitcoin production of 49 BTC1 and Bitcoin self-mining revenue of $3.25 million.
Q2 2024 Total Revenue ...
