Mawson Infrastructure Group Reports 36% Revenue Increase to $59.3 Million for Fiscal Year 2024

Mawson Infrastructure Group Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $59.3 million, a 36% increase from $43.6 million in 2023. The company's digital colocation revenue surged by 136% to $38.5 million, driven by an expansion in customer contracts and increased usage of its infrastructure services. However, digital assets mining revenue fell by 42% to $12.6 million, attributed to the April 2024 Bitcoin halving event and increased network difficulty, which reduced mining profitability.

The company’s operating expenses decreased to $51.4 million from $75.3 million in the previous year, primarily due to lower depreciation and amortization costs, which fell significantly as many of its digital asset mining hardware became fully depreciated. Mawson's loss from operations improved to $31.2 million compared to a loss of $60.3 million in 2023. Despite these improvements, the company reported a net loss of $46.4 million, slightly better than the $58.5 million loss from the prior year.

Strategically, Mawson has focused on enhancing its digital colocation and energy management services while reducing its reliance on digital asset mining. The company operates two data centers in Pennsylvania with a total capacity of 129 megawatts and is developing an additional 24 megawatts in Ohio. Mawson's workforce has remained stable, with 33 full-time employees as of March 2025, while it continues to leverage technology to optimize operations.

Mawson's financial outlook remains cautious, as it faces significant liquidity challenges, with negative working capital of $35.9 million and an accumulated deficit of $228.8 million as of December 31, 2024. The company has indicated a need for substantial additional capital to fund operations and meet debt obligations, which may require further equity or debt financing. The ongoing legal dispute with Celsius Mining LLC over a $15.3 million deposit adds to the uncertainty surrounding its financial stability.

Looking ahead, Mawson aims to continue diversifying its revenue streams and optimizing its operations to improve cash flow. The company acknowledges the volatility in the digital asset market and the potential impact of regulatory changes on its business model. As it navigates these challenges, Mawson remains committed to leveraging its digital infrastructure capabilities while prioritizing sustainable energy sources in its operations.