Welcome back, everyone. Next, we have Mawson Infrastructure Group. They trade on the NASDAQ under the symbol MIGI, and through innovation, technology, and operational expertise, operates and optimizes digital infrastructures to accelerate the digital economy, including the growth of digital assets, AI, and other high-performance computing solutions using a carbon-free energy approach. Happy to welcome the Interim CEO, Kaliste Saloom, and Bill Regan, CFO. Welcome to the Emerging Growth Conference today, gentlemen. I'm going to give you the floor, and when you're ready for questions, just call me back. Thank you very much, Anna, and thank you for the opportunity to speak with all of your viewers. On behalf of myself and Bill Regan, our CFO, and the rest of our Mawson team, wishing you happy holidays, and thank you for your time. We will be discussing today Mawson's strategy and progress in building our digital infrastructure platforms for AI, HPC, and our other digital assets. As a NASDAQ-listed company under our ticker MIGI, we will operate at the intersection of technology, energy, and infrastructure. So let's head to our second slide. Before we begin, we want to note that this information, this presentation is for informational purposes only. As you see, our standard and pretty much a standard forward-looking statement that is presented in most of these presentations. I want to keep you mindful of that throughout the discussion as well. Anything that we say does not constitute an offer to buy or sell securities. Some statements that may be considered forward-looking and subject to risk and uncertainties. Please refer to our other SEC filings for detailed risk factors and other information which we may have published. Our discussion will cover generally four topics, but we'll go into others. We will talk a little bit about our reverse stock split, GPU Pilot Initiative, our Bellefonte lease extension, and some of our litigation as well. Regarding our reverse stock split, there's not a whole lot to say other than we were required to do so because of the downward pressure put on our stock by the litigation overhang that we've been working through in the last couple of years. We needed to complete the reverse stock split to maintain NASDAQ's bid price of $1 per share. That was the purpose in doing it. Our reverse stock split was a 1-for-20 stock split, which has already been enacted. On a more productive and positive note, we've instituted this past year our GPU Pilot Initiative, which presents a major leading decentralized AI network participation. Our program is the first step in our company's evolution from cryptocurrency mining to AI HPC. And like most companies in the mining space, we realize that the future of our industry relies on AI HPC in addition to traditional mining. And it's a natural progression for our company that offers the potential for greater revenue streams and continued growth. As part of that growth, we have been addressing our future as well. Part of that future regards our facilities. This past year, we have been extending the leases on our facilities, including our main facility at Midland in Pennsylvania and our Bellefonte lease extension in Pennsylvania as well. The extension in Bellefonte extended for another five-year terms, and our Midland lease extended out for up to 10 years with three-year incremental extensions starting this year. Our third property, which is greenfield, is on our Ohio lease, has been extended through 2033. Our future has been secured with our facilities, and we're moving forward to utilize those facilities in a very productive manner in the progression, as discussed earlier with our initiatives in moving forward in our industry. The litigation. I don't want to dwell on litigation, however, it's a very important aspect of our company. Needless to say, as everybody's probably aware that has ever done any research on our company, the last couple of years, we've been heavily involved in litigation with certain parties, and that has put a pall over our company because of the specter of this litigation. We've maintained all along that we were disputing the claims of these parties and continue to dispute the claims of these parties through our defenses and the various litigation that we've been handling. As we've previously disclosed, the parties that filed and attempted to file an involuntary petition against us have been defeated, as we had hoped and anticipated, and the petition against us has been dismissed with prejudice. The court, in not only dismissing that with prejudice, recognized the bad faith actions of the parties against us and have given us permission to countersue those parties for the damages they've incurred, that they've caused us to incur through those proceedings, as we have defined in more detail in our SEC filings. Our other litigation is moving forward. However, our goal is to resolve, if possible, to resolve this litigation amicably and to move forward with the business of our company litigation-free. In addition, let's move on to the next slide. The points I'd like to highlight from this slide include the fact that we are developing next-generation digital infrastructure for AI HPC and digital markets. We are headquartered near Pittsburgh, Pennsylvania, in Midland. That's where our primary facility is. But we have multiple sites throughout the PJM, including, as I mentioned earlier, Bellefonte, Pennsylvania, and Corning, Ohio, which is our third property. As we've stated in our public filings, our operations are 100% carbon-free. Although we are on the market, we're in the shadow of the Beaver Valley Power Station. And we have our power contracts with Vistra, who operates, owns, and operates that power plant. Because of the nature of our relationship with our power providers, we are leveraging our PPAs for not only fixed, but also floating energy costs that allows us flexibility as cost and supplies and demand rises with the market. We also provide our clients with specialized curtailment revenue opportunities that offset peak times in which power may or may not be available to us. That assists us in not only leveraging our power supply, but also maximizing profits to not only our customers, but to ourselves as well. Now, let's talk about our management team. I briefly introduced myself. I'm the Interim CEO and General Counsel for Mawson. I started with the company in about almost two years, a little bit over two years ago, in November of 2023. In the legal department, I shortly moved up to the company's General Counsel, and this past June, I was named by our board to be the Interim CEO. My duties obviously still include, although I'm still General Counsel, which includes legal duties, my Interim CEO duties have focused on the business and operational side of our company, working in conjunction with all of our departments and closely and hand in hand with our CFO, Bill Regan, who will be talking later on in this proceeding. Personally, I have over 40 years of legal experience. I've been in various general counsel roles for over a dozen and a half years, certainly a dozen years, and although this is my first role in the CEO capacity, I've worked closely with my CEOs throughout my professional career, and I'm excited to have taken over this company in this position and look forward to not only resolving the legal issues of the company, but also to expand and implement our commercial operations and improve our revenue as time goes on. In addition to myself, I will introduce Bill in a second, but I just want to overall let everybody know that our leadership team as a whole brings decades of experience across all disciplines required of our company, including technology, energy, infrastructure, and yes, even legal, so the biographies of each in brief are shown in this particular slide. Although I want to highlight for you my co-presenter, Bill Regan, who has an extensive amount of experience in not only as a licensed CPA, but as an experience in CFO positions, specifically with publicly traded companies, which allows him to guide our company, the financial aspects of our company, and lead us into the coming years for our company. As you probably note from looking at the biographies of everybody, especially if you compared them to previous years, this is pretty much a new team that we've put together. As we move forward, we're casting away our previous history of leadership, good and bad, and moving forward with a brand new team of leaders that bring together not only their experience and knowledge base, but also the desires to move the company forward and enhance our value to our shareholders and investors. So we are looking forward to utilizing all of these experiences and talents to move forward for a strong foundation for our future growth. Let's go to the next slide, please. As the slide indicates, we operate a diversified asset model with recurring multiple revenue streams encompassing not only traditional mining and energy management, but also we are beginning to incorporate AI and HPC development into that revenue stream. And as I mentioned earlier, with our pilot project, which is well on the way, we are excited about the growth potential that that opportunity presents to us. And we will keep you informed as that progress continues. We are proactive not only in our hosting of mining and our AI and HPC product lines, but we are also proactive in our energy management, which not only enhances that revenue stream, but also supports and protects that revenue stream as we deal with the volatility of energy prices from our sector. As noted, our year-end, which ended in September of this year, we note a 37% increase in revenue due to our energy management, so that indicates to you the skill and talents of our company in utilizing this tool to assist us not only with our customers, but also our own revenue as well. As part of our business model, we are offering and continue to offer adaptable contracts with our rapid deployment, utilizing our technology and the CDUs that we have in place and our add-on services, such as site management and our software solutions, which keep us competitive in a rapidly changing environment and allows us to provide very quickly solutions to our customers' needs. These tools allow us to create natural synergies and optimize our energy costs while supporting grid reliability that the PJM market, which is where we are located, can provide to us and gives us the stability and predictability that we feel is not necessarily available in other markets that compete in this arena. Going to the next slide, our site locations. As mentioned before, we have three major sites. The primary site is in Midland. We operate all of these in the PJM. Two of the markets are serviced by Vistra in Pennsylvania. Our third market in Ohio is serviced by Ohio Energy, where we also have power supply and PPA on that property as well. We operate in the energy markets that historically have seen unprecedented growth and have historically been mining-oriented, but have quickly moved into the data center development, which is one of the impetuses for us to move into that arena as well, as we stay competitive in this market. As we mentioned, we operate in the PJM, which is North America's largest, if not one of the largest power markets. The advantages to the PJM are that it offers robust grid stability, scalability, capacity, and carbon-free energy options. These are all significant factors in many of our customers and all of our customers when they approach us to seek our services. In addition, because we're located in the northeast, we have relatively moderate weather. We are more or less free from the heat and dust environments that are located in other regions of the country that compete in these markets. And because we are located in an industrialized area, we are also able to have excellent relationships with nearby communities. We have no issues with noise, light pollution. We have ready access to one of the largest technology centers in the country located in Pittsburgh. We're 30 minutes away from the Pittsburgh International Airport, as well as other major data centers that are growing up in the area. And we want to continue to be a part of that society and part of that neighborhood. Very briefly, our power capacity, we have a total of 153 megawatts spread out through our three properties. Midland has 120 megawatts available to it. Bellefonte has nine megawatts available to it. Our Perry County, Corning, Ohio facility has 24 megawatts of access currently available to us. All three of the sites have strong potential for growth above and beyond and expansion above and beyond these capacities that are in place at this time. We are working with our landlords to not only continue to secure the power advantage, but also looking at future options as well in expansion of our facilities and our power capacities. We have very good relations with all of our landlords, and we are working with them, and they're working with us to increase our ability to serve our customers and expand our growth throughout all three of our properties. Let's go to our next slide. The first and most important facility for us is our flagship facility in Midland. Midland, as I mentioned earlier, has 120 megawatt capacity. It's located on a former steel mill, which affords us direct access to very robust and stable facilities and infrastructure, including utilities such as power, internet, and transportation. In general, it's a multi-tenant site with the ability to serve different types of power operations with plenty of opportunities for expansion on our behalf. As I mentioned earlier, located in Beaver County in Pennsylvania, we are within the figurative, if not literal shadows of the Beaver Valley Power Station, which offers us 100% carbon-free power. We have access to high bandwidth connectivity and multi-tenant capabilities. Our facility is designed for scalability, which can not only support our current activities, but also future activities in AI, HPC, and digital asset operations. Our second site, Bellefonte, is a little bit smaller. It has 90-megawatt access at this point with potential to increase that. This is our only facility that's actually located inside another building. Our others are MDCs, mobile data centers, which are effectively serviced on the exterior of any particular building, but in Bellefonte, our facilities are located inside a building, which affords us different benefits and different challenges as well. The facility itself is located near Penn State University, and we have access to all of the amenities that the city of Bellefonte can provide to us, including reliable power and internet activities. We also enjoy carbon-free power and enterprise scale of our ISP connectivity there as well. The location and infrastructure in Bellefonte makes it ideal for us to have specialized workloads and expansions, which may or may not be suitable for our MDC operations, such as what we have in Midland. Our third site is a greenfield site. It's located in Perry County, as I mentioned earlier, near Corning, Pennsylvania, excuse me, Corning, Ohio. It is serviced by a 24-megawatt power supply. It's located on a former coal mine that is away from major cities, which allows us to avoid some of the issues that we would have as we build it up in terms of sound and light and noise and light issues that we may have with our neighbors so we can maintain good status with our neighbors and the adjacent community as well. This site is located approximately two hours away from Columbus and New Albany, which are major data center hubs. All of our facilities are in the thick of the PJM's technical expansion and also current industries, which that region enjoys. With AEP, the Ohio energy, we're located, as mentioned earlier, in the Ohio Energy Zone serviced by AEP, which is known for its competitive electric prices, especially comparable to other similarly established data hub centers - data center hubs, excuse me. And this facility, being greenfield, allows us to enjoy and develop joint opportunities, which can further enhance our current matured locations as well. Let's move to the next slide. Our financial highlights include business models involving our revenue and our profit levels. And at this time, I would like to turn the discussion of this slide over to Bill and let him expound on this slide a little bit more. Thank you. Thank you, Kaliste. Just a few points to make. We did have improvement from Q3 of 2024 to Q3 of 2025 by 7%. That was led by digital co-location revenue of about $7.2 million, followed by the energy management program, our curtailment programs we do, which was about $5.4 million. The gross profit increased quarter to quarter, and that was due to a few things. One of our contracts was not so much a digital co-location. It was more of a profit-sharing arrangement. So the terms were more favorable to the company, followed by we did have an improvement in the quality of the miners at our facilities, which also resulted in increased revenue, increased gross profit. Also, our IT and our operations teams at Mawson have done a tremendous job working with the customers as far as energy management. That has caused a number of efficiencies between us and the customers. Those are the points I'd like to make on this slide. On the next slide, the points I want to bring up are the power system uptime was 99.95% in Q3 of this year. That shows how reliable our infrastructure is. Also, the team we have at the facilities monitoring the equipment. We believe, as Kaliste said, that the PJM market is more favorable to us and our customers than other markets that have adverse impacts from weather that can reduce the amount of uptime for power. And so we are very fortunate to have such a high power uptime in the PJM markets. Also, with a lean staff, we still do quite a bit of work because they are an experienced staff, and they have almost no turnover or very low turnover at our facilities. So they're able to deploy up to 4 megawatts of miners a day and monitor all the existing miners with all that work going on. So we are very proud of the operations team we have, and it has impacted our bottom line and the efficiencies throughout the process. I will now turn it back over to Kaliste. Thank you, Bill. Those are great comments. And I echo what Bill says about our operational team. I would stack them up against any other company. They're second to none. And because of that experience and talent, they keep us not only lean, but they keep us efficient, which in turn transforms into better profits because our overhead is lower and we can generate revenue quicker with the quick turnarounds that we're afforded. So we value our employees, and as Bill said, we have low turnover. And that's because of the teamwork and the mutual respect that we have between management and operations that allows us to work together relatively seamlessly and efficiently and bring the best value to not only our customers, but as importantly, if not more importantly, to our shareholders and investors and the returns that we can provide and our capabilities that we are working towards. Our platform continues to expand with client-focused services. Some of our technical aspects that we provide, other than just basic hosting and operational services, include help desk systems, outage notices, curtailment portals. We provide feasibility studies. We're working on a feasibility study for battery storage, which will help us in providing a secondary source of power and is critical to our evolution in the AI, HPC environment as we move forward in that industry. We also offer a full-service repair and maintenance for our ASICs, our customers' ASICs, and we maintain that experience and knowledge and the equipment necessary to service our customers' needs as we expand and continue to service our customers. Again, I want to reiterate the strength of our company is not only in our current facilities where we are now, but in our future. And we believe that the commencement of our GPU pilot project on a major decentralized AI network will afford us another aspect of revenue and growth as we move along with our industry and in competition along with those around us, which we continue to not only maintain our value with our customers, excuse me, with our shareholders, but also expand it and continue to grow and reflect the growth of our industry as a whole. In particular, dealing with our AI, HPC positioning, we operate at the foundational level. If you look at the triangle presented on the screen, it's kind of what I remember from school being called the Piaget hierarchy of needs. If you notice that Mawson, our function is at the bottom of that pyramid. That is not to say that we are not a valuable part of our pyramid. That is actually the foundation upon which every other aspect of that pyramid must rely upon. If we were not there, the others would not be there. So we're proud of the stability and sufficiency that we afford our customers and our role that allows all of these other industries to build off of. We provide our core infrastructure for high-intensity workloads. We're leveraging carbon-free energy and scalable sites. Our competitive positioning aligns with rapid development in AI, HPC in order to be adopted along with our infrastructure demand. The next slide on digital asset growth. Our global adoption of digital assets continues to accelerate worldwide, and we want to be a part of that, and we are positioning ourselves to be a part of that. The general Bitcoin market cap is $1.7 trillion. Digital currencies right now are estimated to be $2.9 trillion. Institutional interests and ETF approvals create new opportunities for infrastructure providers like Mawson. This is where we live, and this is where we want to continue to live. And as these industries continue to grow and expand to become major parts of our world economy, we want to be and are planning to be and expect to be a part of that rise and growth. Mentioned earlier. Kaliste, I'm so sorry. I hate to interrupt you. But you've got just a few more slides, but we do have to move on to our next presenter. So I just want to give you a second to close. You or Bill? I'll go ahead since I've been doing all the talking. I'll give Bill a little bit of grief. Thank you very much for listening to us. We hope that we presented to you information that you can use in learning more about us. If you have other questions, please reach out to us to our website through this conference. If you have any questions, we can certainly do our best to answer them offline and look forward to continuing to work and provide value to our customers and our shareholders. Thank you very much. Merry Christmas. Happy holidays to everyone and Anna, thank you so much for the opportunity to have us here. As I started along with Bill and myself and our entire Mawson team, thank you very much. Perfect. Thank you, Kaliste. Thank you, Bill. Merry Christmas and Happy New Year to you as well. We'll see you in 2026. Thank you. All right, everyone. We'll be right back.
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