• Equinix for Bitcoin mining: Mawson builds and operates large-scale, specialized data centers, much like a traditional data center provider, but exclusively focused on high-density computing for Bitcoin mining.
• Barrick Gold for digital gold: Mawson is an industrial-scale producer of Bitcoin, analogous to how a major company like Barrick Gold extracts a physical commodity like gold.

• Self-mining of Bitcoin: Mawson operates its own high-performance computer systems to generate new Bitcoin by validating transactions on the blockchain.
• Co-location Services for Digital Asset Mining: The company provides optimized facilities, including power, cooling, and security, for other cryptocurrency miners to host their equipment.
• Digital Infrastructure Development: Mawson designs, builds, and maintains the robust power and data center infrastructure essential for large-scale digital asset mining operations.

Mawson Infrastructure (symbol: MIGI) primarily sells its services and products to other companies within the digital asset mining and blockchain technology sectors, rather than to individual consumers.

The company's main offerings include:

• Co-location Hosting Services: Providing infrastructure, power, and facilities for other Bitcoin miners and blockchain technology companies to host their mining equipment.
• Modular Data Center Sales: Designing and manufacturing modular data centers that are sold to other companies seeking to establish or expand their own data center operations, particularly for cryptocurrency mining.

According to Mawson Infrastructure's financial filings (e.g., their 2023 Annual Report on Form 10-K), no single customer accounted for 10% or more of their total revenue during the years ended December 31, 2023, 2022, or 2021. This indicates that the company has a diversified customer base across numerous clients rather than relying on a few individually identifiable major customers. Therefore, specific names of major customer companies are not publicly disclosed by MIGI due to this diversification, as no single client represents a significant portion of their revenue.

Canaan Inc. (NASDAQ: CAN)
Bitmain

Kaliste Saloom Interim Chief Executive Officer

Kaliste Saloom joined Mawson Infrastructure in November 2023, serving as General Counsel and Corporate Secretary since July 2024, before being appointed Interim CEO effective June 3, 2025. He brings over 40 years of legal experience, including general counsel positions with publicly and privately held companies. His previous roles include General Counsel at Kin Capital Partners, LLC from 2022 to 2023, and General Counsel and Vice President for Energy & Technology Corp. from 2018 to 2022, which was a publicly traded company. He also served as an attorney for Cambridge Industries Inc. and ViaSat Inc. Saloom holds a law degree from Tulane University and a Bachelor of Science in Computer Science from the University of Louisiana at Lafayette.

William C. Regan Chief Financial Officer

William C. Regan was appointed Chief Financial Officer of Mawson Infrastructure effective January 17, 2025, having joined the company as Deputy Chief Financial Officer in 2024. He possesses 40 years of finance and accounting experience, with 25 years in public companies and 10 years in technology companies. Regan has extensive transactional expertise, including involvement in two IPOs and numerous acquisitions, divestitures, and financings. His prior experience includes multiple CFO and senior finance positions at companies such as Everything Blockchain, Inc., Rentech, Inc., National Golf Properties, Inc., Digital Insight Corporation, and DTS Digital Cinema. He is a Certified Public Accountant (inactive) and holds a Bachelor's degree in Business Administration - Accounting from California State Polytechnic University, Pomona.

Maxwell Franklin Director of Strategic Partnerships and Sales

Maxwell Franklin serves as the Director of Strategic Partnerships and Sales at Mawson Infrastructure. He has extensive experience in the blockchain and digital assets sector. Previously, he worked on the Managed Services team at Hut 8, where he provided operational expertise and reporting for clients such as Marathon and Ionic Digital. Franklin also held various roles in sales, partner success, operations, and business development at companies including Blockchain.com, Standard Power, and other blockchain mining startups. He earned a B.B.A. in Business Administration and International Business from Florida International University.

Vikram Murali Head of Corporate Development

Vikram Murali is the Head of Corporate Development at Mawson Infrastructure, leading mergers and acquisitions (M&A) and corporate development initiatives. Before joining Mawson, he was an investment banker with Evercore, where he advised public and private clients on M&A, capital raises, and strategic advisory assignments. His career also includes various engineering, operations, and commercial roles in both large-cap and startup companies. Murali holds an M.B.A. from the University of Texas at Austin and a B.S. in Chemical Engineering from Rice University.

Jonathan Sites Head of Human Resources

Jonathan Sites is the Head of Human Resources at Mawson Infrastructure. He is an experienced Human Resources professional with over 15 years of experience, having led HR departments in a variety of industries for more than 10 years. His focus at Mawson is on driving strategic HR initiatives, utilizing data-driven insights, and fostering a collaborative, inclusive, and productive work culture. Prior to Mawson, Mr. Sites was associated with WaterTectonics, De-El Enterprises, and other engineering companies.

Mawson Infrastructure Group (MIGI) operates in several key digital infrastructure markets. The addressable markets for its main products and services are as follows:

• Data Center Colocation Services (Global): The global data center colocation market was valued at approximately USD 72.5 billion in 2024 and is estimated to reach USD 185.0 billion by 2033. Other estimates for the global market in 2024 range from USD 69.41 billion to USD 72.98 billion, with projections extending to USD 165.45 billion by 2030 and USD 226.39 billion by 2034 respectively. North America held a significant share of over 39.0% of this market in 2024. Mawson offers both digital asset colocation services and AI/HPC colocation services, which fall under this broader market.
• AI Data Centers Market (Global): The global AI data centers market is projected to reach USD 165.73 billion by 2034. Mawson has expanded into Artificial Intelligence (AI) and High-Performance Computing (HPC) markets, providing colocation services for these applications.
• Bitcoin Mining Market (Global): The global Bitcoin Miner Market was valued at USD 11.19 billion in 2024 and is projected to reach USD 94.14 billion by 2033. The broader global cryptocurrency mining market was valued at USD 1.55 billion in 2024 and is expected to grow to USD 2.83 billion by 2032. Mawson owns and operates Bitcoin mining facilities.

Mawson Infrastructure Group (NASDAQ: MIGI) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and expanding market opportunities:

1. Expansion into Artificial Intelligence (AI) and High-Performance Computing (HPC) Markets: Mawson is strategically expanding its offerings into the burgeoning AI and HPC sectors. The company has announced agreements, such as a 20 MW NVIDIA GPU colocation agreement, that have the potential to generate significant revenue, with an estimated $92 million in the first two years and a cumulative $285 million over a six-year contract term. This expansion into new, high-demand computing applications is a primary driver for future revenue.
2. Continued Growth of its Digital Colocation Business: The digital colocation segment has been a strong performer for Mawson, demonstrating substantial year-over-year revenue growth. For instance, the digital colocation business saw a 222% increase in revenue year-over-year in Q3 2024 and a 136% increase in FY2024 compared to FY2023. Mawson has secured new enterprise colocation customers and recently announced a new digital colocation enterprise customer agreement for approximately 64 MW of compute capacity over an initial three-year term, indicating continued expansion and customer acquisition in this core business.
3. Increase in Operational Capacity: Mawson is actively expanding its digital infrastructure, with plans to increase its total operating capacity from the current 129 MW to 153 MW upon completion, strategically located within the PJM market. This increased capacity directly enables the company to host more customers and expand its service offerings, thereby supporting higher revenue generation from its colocation and other digital infrastructure services.
4. Growth in the Energy Management Business: Mawson's energy management business has also shown consistent growth, with a 33% year-over-year increase in Q3 2024 and a 42% year-over-year increase in FY2024. This segment provides diversification and contributes to the overall revenue stream, with continued growth expected as the company optimizes its energy infrastructure.
5. Leveraging Sustainable and Carbon-Free Energy Solutions: The company's commitment to a carbon-free and sustainable energy approach, including the utilization of nuclear power, positions it favorably to attract enterprise customers who increasingly prioritize environmentally responsible digital infrastructure. This focus on sustainability can serve as a competitive advantage, driving customer acquisition and revenue growth from businesses seeking green computing solutions.

Share Issuance

• Mawson Infrastructure Group's shares outstanding increased by 13.52% in one year.
• In September 2021, Mawson raised $45 million through a Secondary Public Offering (SPO) by issuing 3,913,044 shares at $11.50 per share.
• In July 2022, the company completed an SPO, raising $6.4 million by issuing 8,000,000 shares at $0.80 per share.

Inbound Investments

• Institutional investors purchased a total of 511,313 shares of Mawson Infrastructure Group in the last 24 months, with transactions totaling approximately $364.61K.
• Significant institutional holders include Segantii Capital Management Ltd ($320K), Citadel Advisors LLC ($161K), and Ieq Capital LLC ($122K).

Capital Expenditures

• In the last 12 months, capital expenditures were -$116,701.
• In April 2024, Mawson announced a 20 MW expansion plan for its Midland facility, aiming to increase total capacity to 129 MW and accommodate approximately 41,530 miners. This expansion involves potential significant capital expenditure focused on scaling co-location services.
• During Q1 2022, the company planned to expand its Bitcoin self-mining operations to 4.0 Exahash by Q3 2022 and 5.5 Exahash by early Q1 2023, alongside growing its hosting co-location business to 116 megawatts, with ongoing expansions in facilities located in Georgia, Pennsylvania, Texas, and Australia.