Mawson Infrastructure Group Inc. Announces Monthly Operational Update For December 2023; December Co-Location Business Revenue Increased 34% M/M; Self-Mining Business Revenue Increased 27% M/M; December Total Revenue Of About $5.97M, up 24% M/M
Portfolio Pulse from Benzinga Newsdesk
Mawson Infrastructure Group Inc. (NASDAQ:MIGI) reported a significant increase in December 2023 revenues, with co-location business revenue up 34% M/M and self-mining business revenue up 27% M/M, totaling approximately $5.97 million. The company completed a second co-location customer deployment and has a total power capacity of 109 MW for about 35,650 miners. Mawson is also involved in legal proceedings, having filed for arbitration against CleanSpark, Inc. (NASDAQ:CLSK) over a payment dispute and is defending against claims made by bankrupt Celsius Mining LLC in an adversary proceeding.
January 16, 2024 | 1:48 pm
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CleanSpark, Inc. is involved in arbitration proceedings filed by Mawson Infrastructure Group Inc. over a payment dispute related to Mawson's sale of its Georgia facility to CleanSpark.
The arbitration proceedings against CleanSpark could lead to financial liabilities or negative publicity, potentially impacting the company's stock price negatively in the short term.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Mawson Infrastructure Group Inc. reported a strong revenue increase for December 2023, with total revenue up 24% M/M. The company also announced operational expansions and is engaged in legal disputes.
The reported increase in revenue and operational growth are positive indicators for Mawson's short-term financial performance, which could lead to a positive investor sentiment and an increase in stock price. However, ongoing legal disputes may temper some of the positive impact.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100