Mawson Infrastructure Group Inc. Executes New Customer Agreement with Canaan Inc., Growing and Expanding Digital Colocation Business with Latest-Gen ASICs

MIDLAND, Pa., March 26, 2025 (GLOBE NEWSWIRE) -- Mawson Infrastructure Group Inc. (NASDAQ:MIGI) ("Mawson" or "the Company"), a publicly-traded technology company focused on digital infrastructure platforms for artificial intelligence (AI), high-performance computing (HPC), and digital assets markets, today announced that it has signed a significant new digital colocation customer agreement with Canaan Inc., a NASDAQ-listed publicly traded company (NASDAQ:CAN), further growing and expanding its digital colocation business with latest-generation application-specific integrated circuit machines (ASICs).

The new customer colocation agreement executed between Mawson's President and CEO Rahul Mewawalla and Canaan's Chairman and CEO Nangeng Zhang on March 21, 2025 is for Mawson to provide Canaan with digital colocation services for about 17,453 latest-generation ASICs at Mawson's facilities. The initial agreement term is for 3 years and the parties can extend upon mutual agreement. The contract also provides for future potential capacity expansion.

Rahul Mewawalla, Mawson CEO and President, stated, "We recently announced that we grew our digital colocation business revenue 136% year-on-year. We are now pleased to sign and welcome Canaan as our newest enterprise-grade customer. I am delighted to announce this new long-term digital colocation customer agreement, further driving growth of our digital colocation services business. This aligns well with our strategy of optimizing our digital infrastructure and compute management capabilities working with latest-generation machines. By combining Mawson's digital infrastructure innovation and Canaan's latest hardware innovation, we're creating a strategic relationship that we expect will benefit both companies and the overall ecosystem."

Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, "This agreement between Canaan and Mawson combines Mawson's digital infrastructure and operational excellence with Canaan's next-generation mining hardware to create an innovative, scalable foundation that provides the flexibility for additional opportunities. Together, we're building a partnership that we believe will drive value and create opportunities for sustainable growth for both companies."

The executed customer agreement, entered into by wholly owned subsidiaries of Canaan Inc. and Mawson Infrastructure Group Inc., is for approximately 64 MW of compute capacity at Mawson's facilities. This further strengthens Mawson's position as ...