Mawson Infrastructure Group, Inc. (NASDAQ:MIGI) Q1 2023 Earnings Conference Call May 15, 2023 5:00 PM ET

Company Participants

James Manning - Founder, Chief Executive Officer

Tim Broadfoot - Chief Corporate Officer

Ariel Sivikofsky - Chief Financial Officer

Liam Wilson - Chief Operating Officer

Conference Call Participants

Josh Siegler - Cantor Fitzgerald

Operator

Good afternoon! And welcome to the Mawson Infrastructure Group First Quarter 2023 Earnings Results Conference Call. During the presentation all participants will be in a listen-only mode. Afterwards we will conduct a question-and-answer session. [Operator Instructions].

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Tim Broadfoot, Chief Corporate Officer. Thank you, Tim. You may begin.

Tim Broadfoot

Welcome ladies and gentlemen, to the Q1 presentation for Mawson Infrastructure Group. In this presentation we look forward to updating you to the operating and financial performance of the company. In today's presentation we may make forward-looking statements.

We bring your attention to the disclosures on Slide 2 regarding these statements, and encourage you to read our full disclosures in our most recently filed 10-K and 10-Q. In addition, some of the metrics in today's presentation use non-GAAP financial metrics. We bring your attention to Slide 13 for a reconciliation of those metrics.

Mawson utilizes a dynamic three-pillar approach to revenue generation in its standard business operations. This allows for a robust revenue model, to navigate the volatility in all associated markets within our industry.

Firstly, we have our self-mining operation. Mawson currently has 13,500 miners deployed and hashing at its facilities. Secondly, we are entering into long-term hosting contracts, with 50 megawatts deployed and additional 70 megawatts planned over the remaining of the year.

Lastly, we have our Energy Markets program. That enables Mawson to mitigate energy pricing risk, support the local grid, and also earn high margin returns by strategically reducing load during high demand periods.

I will now hand over to our Chief Operating Officer, Liam Wilson to take you through the operational updates from the quarter.

Liam Wilson

Thanks Tim. Mawson has started 2023 with a bang. We announced the sale of our Greenfield Texas land leaseand transformers to $8.5 million. We complemented the strategic sale of Texas with the addition of our new facility in Corning, Ohio. This 24 megawatts facility has a further 26 megawatts of capacity, capable of holding just under 15,000 miners, with two exahash equipment. We are actively looking for the right hosting partner for this site.