In This Story
Mawson Infrastructure Group Inc. (MIGI+2.20%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Mawson's operations focused on digital infrastructure platforms, including digital colocation, AI and HPC colocation, energy management, and digital assets mining.
The company reported total revenues of $59.3 million for the year, an increase from $43.6 million in the previous year. This growth was driven by an increase in digital colocation revenue.
Digital colocation revenue rose to $38.5 million from $16.4 million, while energy management revenue increased to $7.6 million from $5.4 million. However, digital assets mining revenue decreased to $12.6 million from $21.6 million.
Cost of revenues increased to $39.0 million from $28.6 million, primarily due to higher power costs associated with increased energy usage for colocation services.
Operating expenses decreased to $51.4 million from $75.3 million, with significant reductions in depreciation and amortization expenses.
The company reported a net loss of $46.1 million, compared to a net loss of $60.4 million in the previous year. The loss includes a $12.4 million loss on deconsolidation related to the liquidation of certain Australian subsidiaries.
Mawson's cash and cash equivalents increased to $6.1 million from $4.5 million, with net cash provided by operating activities of $3.6 million.
The company faces ongoing litigation and financial challenges, including defaults on certain loans and a negative working capital position of $35.9 million.
Mawson's strategy includes expanding its digital infrastructure platform, securing new customer agreements, and exploring capital raising opportunities to address its financial obligations and support future growth.
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. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.