Mawson Infrastructure Group Inc. (NASDAQ: MIGI) ("Mawson" or “the
Company"), a publicly traded digital infrastructure provider in the
United States, today announced that it has entered into a binding
AI/HPC (Artificial Intelligence/High-Performance Computing)
colocation business agreement (the “Agreement”) with BE Global
Development Limited ("customer" or "BE") to provide an initial 20
megawatts (MW) of digital infrastructure for AI/HPC colocation
services at a fixed, pre-determined price for the first two years
of the Agreement, and with an initial six-year contract term.
Rahul Mewawalla, Mawson's CEO and President, commented, “We're
very excited to sign this AI/HPC colocation services agreement and
to enable the future acceleration of AI and HPC. This initial
agreement illustrates Mawson’s digital infrastructure capabilities,
which now includes AI, HPC, and digital assets. This also positions
us as a competitive provider of digital infrastructure platforms
and capabilities for cutting-edge compute operations such as AI and
HPC in addition to digital assets. We expect the overall AI and HPC
infrastructure market to grow to over $200 billion by 2030 and we
continue to execute our growth strategy with our expansion into
this market.”
The new 20 MW AI/HPC colocation business agreement has Mawson
providing AI/HPC colocation services for the customer’s AI
deployment, and the customer shall deploy NVIDIA GPUs. The initial
20 MW of capacity is expected to be deployed in the first quarter
of 2025 and could generate approximately $92 million1 of potential
revenue to Mawson during the first 2-years of the Agreement and
approximately $285 million1 of total cumulative revenue over the
6-year initial contract term of the Agreement.
In addition, Mawson and the customer have also signed a
non-binding letter of intent (LOI) to increase the initial 20 MW
for AI/HPC colocation services to a total of 144 MW over time,
which has the long-term potential to increase the total AI and HPC
colocation capacity and services by 6x.
Sath Ganesarajah, CEO of BE, commented, “BE, backed and
supported by major financial institutions, is excited to partner
with Mawson on AI/HPC infrastructure and accelerated computing. We
plan to deploy NVIDIA GPUs including H100s providing growth
capabilities to numerous innovative AI/HPC customers and plan to
grow our partnership with Mawson from the initial agreement of 20MW
over a six-year initial contract term to 144 MW given the expected
rapid growth in the AI/HPC market.”
Mawson’s expansion into providing AI and HPC colocation business
services complements Mawson’s overall business model with the
addition of a stable, recurring, long-term and high-margin revenue
stream from the expected increase in additional growth
opportunities. With the expected growth of revenue and gross
margins, the entry into AI and HPC colocation infrastructure
services is expected to significantly enhance Mawson’s earnings
power over time.
Expanding into AI and HPC colocation services business, coupled
with Mawson's established digital assets operations, creates a
powerful digital infrastructure platform enabling sustainable
growth while increasing shareholder value in the rapidly evolving
digital infrastructure landscape across AI, HPC, and digital
assets.
1. Revenue subject to change depending on operating capacity
ramp up timeframes as well as potential colocation rate updates
every two years as per the Agreement
About Mawson Infrastructure Group, Inc.
Mawson Infrastructure Group (NASDAQ: MIGI) is building
Next-Generation Infrastructure Platforms for AI, HPC, and Digital
Assets. Our innovation, technology, and operational expertise
enables us to operate and optimize digital infrastructure to
accelerate the digital economy including artificial intelligence,
high-performance computing solutions, and digital assets using a
Carbon-Free energy approach.
For more information, visit us
at https://www.mawsoninc.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
Mawson cautions that statements in this press release that are
not a description of historical fact are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements may be identified by the use of
words referencing future events or circumstances such as “expect,”
“intend,” “plan,” “anticipate,” “believe,” and “will,” among
others. Because such statements are subject to risks and
uncertainties, actual results may differ materially from those
expressed or implied by such forward-looking statements. These
forward-looking statements are based upon Mawson’s current
expectations and involve assumptions that may never materialize or
may prove to be incorrect. Actual results and the timing of events
could differ materially from those anticipated in such
forward-looking statements as a result of various risks and
uncertainties, which include, without limitation, the possibility
of Mawson’s need and ability to raise additional capital, the
development and acceptance of digital asset networks and digital
assets and their protocols and software, the reduction in
incentives to mine digital assets over time, the costs associated
with digital asset mining, the volatility in the value and prices
of digital assets and cryptocurrencies, further or new regulation
of digital assets, the evolution of AI and HPC market and changing
technologies, the slower than expected growth in demand for AI, HPC
and other accelerated computing technologies than expected, the
ability to timely implement and execute on AI and HPC digital
infrastructure, and the ability to timely complete the digital
infrastructure build-out in order to achieve its revenue
expectations for the periods mentioned. More detailed information
about the risks and uncertainties affecting Mawson is contained
under the heading “Risk Factors” included in Mawson’s Annual Report
on Form 10-K filed with the SEC on April 1, 2024, and Mawson’s
Quarterly Report on Form 10-Q filed with the SEC on August 21,
2023, November 13, 2023, May 15, 2024, and in other filings Mawson
has made and may make with the SEC in the future. One should not
place undue reliance on these forward-looking statements, which
speak only as of the date on which they were made. Because such
statements are subject to risks and uncertainties, actual results
may differ materially from those expressed or implied by such
forward-looking statements. Mawson undertakes no obligation to
update such statements to reflect events that occur or
circumstances that exist after the date on which they were made,
except as may be required by law.
For more information, visit us
at https://www.mawsoninc.com
Twitter: Mawson (@Mawsoninc) / X (twitter.com)
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Investor Contact:Investor Relations
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Mawson Infrastructure (NASDAQ:MIGI)
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