What happened
Shares of cryptocurrency mining infrastructure-company Mawson Infrastructure Group (MIGI) jumped 10.5% through 10:15 a.m. ET (before settling back to a 7% gain) after reporting "record revenue" in its Q4 2021 earnings report this morning. In an abbreviated report, Mawson didn't provide year-over-year comparisons for its Q4 financials but gave information on its sequential growth rate versus Q3 2021 and year-over-year data versus 2020.
So what
Mawson Infrastructure Group grew its revenue 79% sequentially in Q4 to $19.6 million. It earned 89% gross profit margins on that revenue and tripled its "non-GAAP EBITDA [earnings before interest, taxes, depreciation and amortization]" to $10 million.
For the year, revenue exploded 886% higher to $43.9 million, with $34 million of that being gross profit, a 2,526% increase over 2020. Non-GAAP earnings before EBITDA for the year were $17.9 million -- so most of the year's earnings came in the year's final quarter.
Image source: Getty Images.
Management also advised that it's in Stage 2 of its "100 megawatt expansion" at its Georgian Bitcoin mining facility and its first Australian Bitcoin mining facility is now operational. The company bought an additional 4,000 ASIC Bitcoin miners in the quarter. For all of 2021, the company says it mined a total of 808 Bitcoin, a new record for the company.
Now what
Looking ahead to fiscal 2022, Mawson Infrastructure Group says it will continue to expand its Bitcoin mining operations, both in Georgia and Australia. The company will also continue to assess where it might be appropriate to add more Bitcoin mining facilities to the global portfolio and where to add Bitcoin miners to existing facilities.