How Did The Mawson (MIGI) Stock Rise 6% After-Hours?

As the supplier of digital infrastructure is about to report its quarterly results, Mawson Infrastructure Group Inc. (NASD: MIGI) is gaining on the charts today, up 6.58% to trade at $0.4210 at last check in after-hours trading.

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When will MIGI publish its financials?

On November 14, 2022, at 5:00 p.m. Eastern Time, Mawson (MIGI) will have a webcast to discuss the results of the third quarter of 2022. Prior to the call, a new Investor Presentation will be made accessible on Mawson’s website.

MIGI announced an update:

Mawson has disclosed its September 2022 unaudited Bitcoin production and operational report. The exit from the Sandersville, Georgia facility and the operational handover of the site to CleanSpark Inc. was the main priorities for the MIGI team in September. Unaudited profit on the sale of almost $18 million is anticipated as a result of the transaction, and it will be reported in the fourth quarter of 2022.

With Georgia out of the picture, MIGI can now concentrate its growth efforts on our Pennsylvania facilities, which have a combined capacity of 220MW, or over 7.3 Exahash2. Since the group needs to continue to function effectively in the present challenging economic environment, MIGI maintained its diverse revenue model throughout September.

Georgia Assets Sold:

Mawson has finalized the sale of certain assets at its Sandersville, Georgia business to CleanSpark for around $40.0 Million, as it was revealed to the market on October 11, 2022. A preliminary, unaudited profit on the sale of about $18 million is anticipated in the fourth quarter of 2022, as predicted by MIGI, as a result of the Georgia sale.

Update on Post-Georgia Sale Expansion and Strategy:

Mawson (MIGI) plans to concentrate on a number of initiatives in the fourth quarter of 2022 as a result of the sale of some assets at the Sandersville, Georgia site to CleanSpark Inc. These activities include:

  • Paying down debt by using a portion of the money from the sale of the Georgia facility,
  • Moving the ASIC servers from Georgia to Pennsylvania,
  • Continuing to develop the Midland (100MW) and Sharon (120MW) facilities in Pennsylvania,
  • Securing additional large-scale sites for long-term digital infrastructure capacity,
  • Exploring opportunities to grow the digital mining industry, developing strategic partnerships, and so on.

How will MIGI move forward?

The 350MW of remaining infrastructure owned by the group, which can support up to 12.0 EH.2, guarantees that Mawson (MIGI) will continue to have ample room for growth through 2023. Moving ahead, MIGI will concentrate on locations with close geographic proximity to provide the highest operating efficiency. Mawson anticipates having installed Self-Mining and Hosting Co-location capacity of 4.5 Exahash by Q1 2023 and 8.0 Exahash by Q4 2023 after the sale of the Georgia facility.

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