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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 22, 2023
Mawson Infrastructure Group Inc.
(Exact name of registrant as specified in its charter)
Delaware |
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001-40849 |
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88-0445167 |
(State or other jurisdiction
of incorporation) |
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(Commission File Number) |
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(IRS Employer
Identification No.) |
201 Clark Street Sharon PA USA |
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16146 |
(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including
area code +1 - 412 – 515 - 0896
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
Title of Each Class |
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Trading Symbol(s) |
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Name of Each Exchange on Which Registered |
Common Stock, $0.001 par value |
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MIGI |
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The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events
On August 22, 2023, Mawson Infrastructure Group
Inc. (the “Company”) issued a press release announcing its unaudited business and operational update for July 2023.
A copy of the press release is attached hereto
as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
The Company cautions that statements in this
report 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 cryptocurrencies, and further or new regulation of digital assets.
More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors”
included in the Company’s Annual Report on Form 10-K filed with the SEC on March 23, 2023, and Mawson’s Quarterly Report
on Form 10-Q filed with the SEC on May 15, 2023, August 21, 2023, and in other filings that the Company 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.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
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Mawson Infrastructure Group Inc. |
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Date: August 23, 2023 |
By: |
/s/ Rahul Mewawalla |
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Rahul Mewawalla |
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President & Chief Executive Officer |
-2-
Exhibit 99.1
Mawson Infrastructure Group Inc. Announces Monthly
Operational Update for July 2023
Total Revenue Equivalent in BTC Increased 23%
M/M
Total Operational Capacity as of July 31, 2023
was approximately 96 Megawatts
Capacity to support approximately 27,636 miners
Sharon, PA — August 22, 2023 —
Mawson Infrastructure Group Inc. (NASDAQ:MIGI) (“Mawson” or the “Company”), a digital infrastructure company,
announced today its unaudited business and operational update for July 2023.
Rahul Mewawalla, CEO and President, commented, “During
July, we continued to optimize our self-mining capabilities and throughput by enhancing our operational structure along with increased
emphasis on our hardware management and miner management software analysis and enhancements. Our uptime and miner performance has been
robust despite the increased summer temperatures. Interest from potential hosting customers has also been positive given our sites being
strategically located in the desirable PJM power market. Operational focus, information systems, competitive power, strategically located
sites, and Mawson’s capabilities to adapt to market dynamics are amongst the Company’s growing competitive advantages.”
2023 Strategic Focus
Mawson looks to continue to drive growth in 2023
through:
| 1. | Exploring expansion opportunities in the PJM energy markets, especially in Pennsylvania and Ohio. |
| 2. | Continue to secure a portfolio of sites in its preferred geographies and markets for long-term digital
infrastructure capacity. |
| 3. | Continue participation in the Energy Markets Program which generates additional revenue. |
| 4. | Develop strategic partnerships and commercial relationships within industry ecosystem. |
| 5. | Drive a diversified revenue mix of self-mining, hosting, and energy markets participation. |
| 6. | Continue drive towards our “Operational Excellence” management approach. |
June Bitcoin Self-Mining, Energy Market Program
& Hosting Co-location Results Update1:
| |
May | | |
June | | |
July | | |
July Variance | |
Total Revenue Equivalent in BTC3 | |
| 127 | | |
| 132 | | |
| 163 | | |
| +23 | % |
Total Self-Mining BTC | |
| 67 | | |
| 71 | | |
| 69 | | |
| -2.8 | % |
Total Installed2 Self- Miners | |
| 13,750 | | |
| 16,350 | | |
| 16,350 | | |
| - | |
Total Available Owned Miners | |
| 20,000 | | |
| 20,000 | | |
| 20,000 | | |
| - | |
Total Power Online | |
| 88 MW | | |
| 96 MW | | |
| 96 MW | | |
| - | |
| ● | Total
Revenue equivalent in BTC:1633 |
| ● | Total Self-Mining Bitcoin Production: 69 |
| ● | Approximately $4.89 M in Monthly Revenue for July 2023 |
| ● | Self-Mining Monthly Revenue: $2.07 M |
| ● | Hosting Co-location Monthly Revenue: $1.78M |
| ● | Energy Market Program Monthly Revenue: approximately $1.04M |
| ● | Total Power Online: 96MW |
| ● | Total revenue in BTC equivalent increased 23% M/M |
1 | All figures unaudited, and as of July 31, 2023. |
2 | “Installed” may include miners that are deployed
in Mawson’s datacenters but may not be online or hashing 100% of the time. |
3 | Revenue equivalent BTC is the total revenue of the company
for the period divided by the average BTC price. For the month of July, the figure used is $30,063.60. |
About Mawson Infrastructure
Mawson Infrastructure Group (NASDAQ: MIGI) is a digital infrastructure
company with multiple operations throughout the USA. Mawson’s vertically integrated model is based on a long-term strategy to promote
the global transition to the new digital economy. Mawson matches digital infrastructure, sustainable energy, and next-generation Mobile
Data Center (MDC) solutions, enabling efficient Bitcoin production and on-demand deployment of infrastructure assets. With a strong focus
on shareholder returns and strategic growth, Mawson Infrastructure Group is emerging as a global leader in ESG focused digital infrastructure
and Bitcoin mining.
For more information, visit: https://mawsoninc.com/
Statements about hashrate capacity
Statements in the press release about hashrate capacity (including
‘installed capacity’ or ‘nameplate capacity’), will often differ from the actual or observed hashrate. These
terms generally make certain assumptions about the efficiency of the ASIC miners that are in use. Some ASIC miner models will consume
less power to create the same amount of hashing power than other ASIC miner models (typically more recent models are more efficient).
Many ASIC miner fleets are blended fleets, including various ASIC miner models each with different efficiency ratings. Hashrate capacity
figures typically assume 100% deployment of ASIC miners. Given the large numbers of computing units (often numbering in the tens of thousands),
ASIC mining fleets are rarely 100% deployed and online at any one time. This can be due to a variety of factors, including ASIC miners
being under maintenance, in repair workshops, in storage, in transit, or due to technical faults and breakdowns. Once deployed and online,
the actual or observed hashrate can be influenced by other factors such as heat, overclocking (causing the ASIC miner to perform at levels
higher than the manufacturer’s specifications), the age, and wear and tear exhibited by the ASIC miners and also by the limitations
of the surrounding infrastructure, such as power outages, and MDC and transformer breakdowns. Construction and development delays are
a common risk for mining data centers, for example due to weather, permitting delays, or labor and equipment shortages. Investors should
consider all risk factors related to uptime when considering these figures, which are a best-case scenario.
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 SEC on March 23, 2023, and Mawson’s Quarterly Report on Form 10-Q filed with the SEC on May 15, 2023,
August 21, 2023, 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.
Investor Contact:
Sandy Harrison
Chief Financial Officer
IR@mawsoninc.com
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