Selected Unaudited Financial Highlights for Q3 FY 2023
Self-mined Bitcoin revenue and Bitcoin mined increased 41% and 35% Q/Q,
respectively, to
Total Quarterly Revenue increased to
SG&A Expenses Decreased 42% Q/Q
Rahul Mewawalla, CEO and President of Mawson, said, “We are delighted to deliver a second successful consecutive quarter of significant double-digit sequential revenue growth for our self-mining business as we continued to execute our new operating excellence model combined with our business, technology, and financial optimization efforts. We are also pleased to see the impact of our driving operational efficiencies and our cost-optimization activities, which have contributed to improved operating leverage and lower SG&A expenses for our businesses. Across all our 3 businesses, self-mining, co-location services, and energy management, we are focused on enhancing value for all our stakeholders.”
Q3 2023 Financial and Recent Business Highlights
- Total Revenue increased 7% Q/Q to
$11.3 million - Self-Mined BTC revenue increased 41% Q/Q to
$6.9 million - SG&A expense declined 42% Q/Q and 27% Y/Y to
$3.7 million - Ramped up self-mining at
Bellefonte site to 8.8 MW and 2,545 miners hashing - Total self-miners hashing increased to approximately 16,730 across sites
- 109 MW power capacity able to support approximately 35,480 miners or 3.7 EH/s1
- Announced signing of a new co-location customer for approximately 50MW in
October 2023 , with approximately 15,876 Bitmain Antminer S19 XP miners - Announced appointment of a new Board member, former
United States Congressman fromPennsylvania
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1 Includes approximately 1.3 EH/s from self-mining platform and approximately 2.4 EH/s from co-location platform.
BTC Hosting and Co-location Services Update
Mawson announced on
Conferences and Events Update
Mawson has planned for its CEO and President, Rahul Mewawalla to join the following upcoming conferences and events. Please contact IR@Mawsoninc.com for further information.
- North American Blockchain Summit in
Fort Worth, Texas inNovember 2023 - Europe Blockchain Next Block Expo in
Berlin, Germany inDecember 2023 - Annual
Needham Growth Conference inNew York City ,New York inJanuary 2024 Quantum Conference inMiami, Florida inJanuary 2024
Third Quarter 2023 GAAP Financial Results
Revenue for the third quarter 2023, ended
Cost of revenue in the third quarter of 2023 decreased 58% compared to the same period in the prior year and increased 10% sequentially to
SG&A expense for the third quarter of 2023 decreased 42% sequentially to
In the third quarter of 2023, Mawson incurred a net loss of
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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 that 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 cryptocurrencies and further or new regulation of digital assets. 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
Investor Contact:
Chief Financial Officer
IR@mawsoninc.com
Source:
2023 GlobeNewswire, Inc., source