Mon, Aug 19, 9:05 PM (148 days ago)
For the second quarter of 2024, Mawson Infrastructure Group Inc. reported revenues of $13.11 million, a 24% increase from $10.55 million in Q2 2023, driven by a 77% rise in co-location service revenues. However, digital asset mining revenue dropped 34% due to the April 2024 Bitcoin halving and increased mining difficulty, resulting in a net loss of $9.62 million, an improvement from a loss of $17.65 million in the prior year. Cash and cash equivalents rose to $6.78 million from $4.48 million, while total liabilities increased to $61.22 million, reflecting significant debt obligations. The company faces liquidity challenges, with negative working capital of $34.50 million and ongoing disputes related to loans and legal claims, notably against Celsius Mining LLC. The future remains uncertain due to volatility in digital asset prices and operational difficulties, prompting management to explore various funding avenues to sustain operations and mitigate risks.