Toronto, ON - May 21st, 2024 - SATO Technologies Corp. (TSXV:SATO / OTCQB:CCPU.F) (the “Company”, or “SATO”) is pleased to announce financial results for the three month period ended March 31, 2024. Please refer to the Company’s Condensed Consolidated Financial Statements and the accompanying Management’s Discussion and Analysis for full details and discussion of the results, copies of which have been filed and are available under the Company’s profile on SEDAR+ (www.sedarplus.ca) and are available on the Company’s website (www.bysato.com).
Financial - Highlights
● Revenue of C$5,914,755, up 51% vs. Q1 2023
● Positive operating cash flows of C$415,983
● EBITDA* of C$4,916,411, up 333% vs. Q1 2023
● Net profit of C$3,910,969 compared to a net loss of C$510,745 for Q1 2023, up 865%
● Cash and digital asset balance** as of March 31, 2024 of C$7,304,286
Operational - Highlights
● Efficiency ratio (BTC earned per Exahash), average: 53.07 BTC per EH/s
● 83 Bitcoins earned
● Average all-in electricity cost per Bitcoin: US$20,836
● 6 MW of power equipment ready for deployment to support future expansion
"Thanks to our industry leading mining efficiency and prudent cost structure, we delivered record revenue and EBITDA during the final quarter of the 2020 halving epoch,” said Romain Nouzareth, Co-Founder, Chairman and CEO of SATO. “Post April 2024 halving, we continue to focus on our overall mining efficiency while trying to increase our hashrate organically until the market adjusts to new network dynamics. In April, we enhanced our mining fleet by 17 petahashes with Bitmain S19K Pros, T21s and S21s at our Data Center One.”
SATO Technologies will host a live conference call in partnership with two Bitcoin mining industry experts, Bryce McNallie from McNallie Money and Anthony Power from Power Mining Analysis on Wednesday May 22, 2024 at 10:00 AM EST. The call will begin with a live presentation of the operational highlights and the financial results for the three month period ended March 31, 2024, and be followed by a Q&A session from the two interviewers. Registration link can be found below, with analysts, media, and investors invited to attend.
Live Conference Call Details:
Date: Wednesday, May 22nd, 2024
Time: 10:00 AM Eastern Time
Ask your questions in advance: https://forms.gle/Xdn5BG6izpkgQswR9
Link for Live Event: https://youtube.com/live/p__s9DkNpGk
A recording of the conference call will be available on our website shortly after the event for those who are unable to attend. We look forward to having you join us for this important update and appreciate your continued support.
On behalf of the board,
Romain Nouzareth, SATO CEO and Chairman
About SATO
SATO, founded in 2017, is a publicly listed company providing efficient computing power. The Company currently operates one data center tailored to provide computing power for Bitcoin Mining, but may look to expand or add additional data centers for computing power for Bitcoin Mining, High Power Computing (“HPC”), Artificial Intelligence (“AI”), and L2’s. The Company is listed on TSX.V:SATO & OTCQB:CCPU.F. To learn more about SATO, visit www.bysato.com.
For additional information, please contact:
Investor Relations:
Phone: +1 (450) 756-3636
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary Statement Regarding Forward-Looking Information
This news release contains certain forward-looking statements, including statements relating to the future performance of the Company, and other statements that are not historical facts. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
* The Company uses non-IFRS measures including "EBITDA" as additional information to complement IFRS measures by providing further understanding of the Company’s results of operations from Management’s perspective. EBITDA should be compared to its nearest IFRS measure, Net Loss, and should be read in conjunction with the condensed consolidated statement of operations and comprehensive income and consolidated statement of cash flows included in the condensed consolidated financial statements for the period ended March 31, 2024 and 2023.
** The cash and digital asset position includes both unrestricted and restricted positions. The restricted cash position amounts to C$632,054 as of the reporting date. The restricted digital assets amount to C$949,933 as of the reporting date. Cash position and Digital Assets as at March 31, 2024, are C$686,009 and C$5,036,290, respectively.