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Mawson Infrastructure Group Inc. (MIGI-3.89%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in digital colocation revenue to $9,518,696 from $2,959,074 in the same quarter the previous year. This increase is attributed to the expansion of services to multiple customers.
Energy management revenue increased to $1,963,805 from $1,475,333, reflecting enhanced participation in energy management programs.
Digital assets mining revenue decreased to $833,516 from $6,898,223, influenced by the April 2024 halving event and higher global network difficulty.
Total revenues for the quarter were $12,316,017, compared to $11,332,630 in the previous year.
Cost of revenues for the quarter was $7,996,440, compared to $7,715,920 in the previous year, primarily due to increased power costs.
Operating expenses included selling, general, and administrative expenses of $6,000,344, stock-based compensation of $5,320,823, and depreciation and amortization of $3,607,848.
The company reported a net loss of $12,227,738 for the quarter, compared to $19,330,718 in the previous year.
Non-operating expenses included interest expenses of $801,625 and losses on foreign currency transactions of $352,375.
Mawson's cash position as of September 30, 2024, was $5,758,346, with total current liabilities of $59,192,265.
The filing highlights ongoing legal disputes, including arbitration with Celsius Network and proceedings in Australian courts related to loan agreements.
The company faces significant liquidity challenges and is exploring various avenues to enhance liquidity, including expanding digital infrastructure and engaging with capital providers.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mawson Infrastructure Group Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.