Bitcoin Company SATO Technologies Corp. Reports Q3 2024 Financial Results
SATO Technologies reported Q3 2024 financial results, marking the first full quarter after Bitcoin's halving. Total revenue decreased 36% for Q3 but increased 5% for the nine months ended September 30, 2024. The company recorded a Q3 net loss of $1.7M, while maintaining net income of $1.3M for the nine-month period. Bitcoin mining production was 31 BTC in Q3 and 161 BTC for the nine months. The company's digital assets balance reached $2.96M, up from $2.24M at December 31, 2023. Average mining efficiency was 22.69 BTC per EH/s with an all-in electricity cost of US$51,869 per Bitcoin in Q3.
SATO Technologies ha riportato i risultati finanziari per il terzo trimestre del 2024, segnando il primo trimestre completo dopo il dimezzamento del Bitcoin. Il fatturato totale è diminuito del 36% nel terzo trimestre, ma è aumentato del 5% nei nove mesi terminati il 30 settembre 2024. L'azienda ha registrato una perdita netta di 1,7 milioni di dollari nel terzo trimestre, mantenendo un reddito netto di 1,3 milioni di dollari per il periodo di nove mesi. La produzione di minerazione di Bitcoin è stata di 31 BTC nel terzo trimestre e di 161 BTC nei nove mesi. Il saldo degli asset digitali dell'azienda ha raggiunto i 2,96 milioni di dollari, in aumento rispetto ai 2,24 milioni di dollari al 31 dicembre 2023. L'efficienza media di minerazione è stata di 22,69 BTC per EH/s con un costo elettrico totale di 51.869 dollari per Bitcoin nel terzo trimestre.
SATO Technologies informó los resultados financieros del tercer trimestre de 2024, marcando el primer trimestre completo después del halving de Bitcoin. Los ingresos totales disminuyeron un 36% en el tercer trimestre, pero aumentaron un 5% en los nueve meses terminados el 30 de septiembre de 2024. La compañía registró una pérdida neta de 1,7 millones de dólares en el tercer trimestre, mientras mantenía un ingreso neto de 1,3 millones de dólares para el período de nueve meses. La producción de minería de Bitcoin fue de 31 BTC en el tercer trimestre y de 161 BTC en los nueve meses. El saldo de activos digitales de la compañía alcanzó los 2,96 millones de dólares, en comparación con los 2,24 millones de dólares al 31 de diciembre de 2023. La eficiencia media de minería fue de 22,69 BTC por EH/s con un costo total de electricidad de 51.869 dólares por Bitcoin en el tercer trimestre.
SATO Technologies는 2024년 3분기 재무 결과를 보고했으며, 이는 비트코인의 반감기가 지난 후 첫 전체 분기입니다. 3분기 총 수익은 36% 감소했으나, 2024년 9월 30일 종료된 아홉 달 동안에는 5% 증가했습니다. 회사는 3분기에 170만 달러의 순손실을 기록했으며, 아홉 개월 동안 130만 달러의 순이익을 유지했습니다. 비트코인 채굴 생산량은 3분기에 31 BTC, 아홉 개월 동안 161 BTC였습니다. 회사의 디지털 자산 잔액은 296만 달러로 증가했으며, 2023년 12월 31일의 224만 달러에서 상승했습니다. 평균 채굴 효율성은 EH/s당 22.69 BTC이며, 3분기 동안 비트코인당 총 전기 비용은 51,869달러였습니다.
SATO Technologies a publié les résultats financiers du troisième trimestre 2024, marquant le premier trimestre complet après la réduction de moitié du Bitcoin. Les revenus totaux ont diminué de 36 % pour le troisième trimestre, mais ont augmenté de 5 % pour les neuf mois se terminant le 30 septembre 2024. L'entreprise a enregistré une perte nette de 1,7 million de dollars pour le troisième trimestre, tout en maintenant un revenu net de 1,3 million de dollars pour la période de neuf mois. La production de minage de Bitcoin était de 31 BTC au troisième trimestre et de 161 BTC pour les neuf mois. Le solde des actifs numériques de l'entreprise a atteint 2,96 millions de dollars, en hausse par rapport à 2,24 millions de dollars au 31 décembre 2023. L'efficacité minière moyenne était de 22,69 BTC par EH/s avec un coût total d'électricité de 51 869 dollars par Bitcoin au troisième trimestre.
SATO Technologies hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht, was das erste volle Quartal nach der Halbierung von Bitcoin markiert. Der Gesamtumsatz sank im dritten Quartal um 36%, stieg jedoch im Neunmonatszeitraum bis zum 30. September 2024 um 5%. Das Unternehmen verzeichnete im dritten Quartal einen Nettoverlust von 1,7 Millionen US-Dollar, während ein Nettogewinn von 1,3 Millionen US-Dollar für den Neunmonatszeitraum erhalten blieb. Die Bitcoin-Mining-Produktion betrug im dritten Quartal 31 BTC und in den neun Monaten 161 BTC. Der saldo der digitalen Vermögenswerte des Unternehmens erreichte 2,96 Millionen US-Dollar, ein Anstieg von 2,24 Millionen US-Dollar am 31. Dezember 2023. Die durchschnittliche Mining-Effizienz betrug 22,69 BTC pro EH/s mit Gesamtkosten für Strom von 51.869 US-Dollar pro Bitcoin im dritten Quartal.
- Positive cash flow from operations of $1.73M for nine months
- Digital assets balance increased to $2.96M from $2.24M YoY
- Nine-month revenue increased 5% compared to 2023
- Digital assets revenue up 133% for nine months YoY
- Net income of $1.27M for nine months ended September 30, 2024
- Q3 revenue decreased 36% compared to 2023
- Q3 net loss of $1.72M versus $776K loss in 2023
- Q3 gross loss of $544K compared to $756K profit in 2023
- Q3 EBITDA declined to -$721K from $4.26M in 2023
- Bitcoin production decreased to 31 BTC in Q3 from 93 BTC in 2023 Q3
Toronto, Ontario--(Newsfile Corp. - November 22, 2024) - SATO Technologies Corp. (TSXV: SATO) (OTCQB: CCPU.F) (the "Company", or "SATO") is pleased to announce unaudited financial results for the three and nine month periods ended September 30, 2024. Please refer to the Company's Unaudited Condensed Interim 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
Q3 marks the first full quarter after Bitcoin's halving in April, which reduced the block reward from 6.25 BTC to 3.125 BTC. As a result, we earned half the amount of Bitcoin for the same hashrate. Meanwhile, the price of Bitcoin surged to
Total revenue decreased
36% for the three months ended September 30, 2024 and increased5% for the nine months ended September 30, 2024, compared to the same periods in 2023Revenue from digital assets decreased
25% for the three months ended September 30, 2024 and increased133% for the nine months ended September 30, 2024, compared to the same periods in 2023Gross profit (loss) for the three and nine months ended September 30, 2024 was
$(544,387) and$3,082,973 compared to a gross profit of$755,958 and$3,112,420 for the three and nine months ended September 30, 2023Net loss of
$1,717,056 and net income of$1,269,387 for the three and nine months ended September 30, 2024 compared to a net loss of$775,935 and$175,329 for the three and nine months ended September 30, 2023Positive cash flow from operating activities for the nine months ended September 30, 2024 of
$1,733,228 31 BTC and 161 BTC earned in the three and nine months ended September 30, 2024 compared to 93 BTC and 152 BTC in the three and nine months ended September 30 2023
The Company had cash and digital assets of
$3,928,863 ** as of September 30, 2024Digital assets balance at September 30, 2024, was
$2,956,743 compared to$2,244,730 at December 31, 2023EBITDA of
$(720,636) and$270,698 for the three and nine months ended September 30, 2024 compared to an EBITDA of$4,258,857 and$2,114,848 for the three and nine months ended September 30, 2023
Operational - Highlights
Efficiency ratio (BTC earned per Exahash), average: 22.69 BTC per EH/s for the three months ended September 30, 2024
Average all-in electricity cost per Bitcoin: US
$51,869 for the three months ended September 30, 2024
"Q3 is a pivotal quarter in our company's journey, marked by the halving event in full effect during the quarter, which reduces our block rewards by half, while we face increased mining difficulty and limited Bitcoin price growth during the quarter. We've navigated such challenges before and positioned ourselves to thrive by restructuring costs and improving computing efficiency. In today's market, this strategic approach has placed us in a stronger position, enabling us to deliver exceptional results over the first nine months of the year, and we remain confident that this momentum will carry us through the full fiscal year of 2024," says Romain Nouzareth, CEO of SATO.
In October 2024, SATO received a partial reimbursement from the Canada Revenue Agency (CRA) for previously claimed sales tax credits. As disclosed in the Company's financial statements for the three and nine months ended September 30, 2024, SATO has recorded a receivable, with a provision for uncollectible taxes. The CRA's review of the sales tax credits remains ongoing, and the final refund amount remains uncertain.
SATO Technologies will host a live conference call on Tuesday December 3rd, 2024 at 11:00 AM EST. The call will begin with a live presentation of the operational highlights, our AI/HPC vision including Bitcoin mining, and the financial results for the three and nine month periods ended September 30, 2024, and be followed by a Q&A session. Registration link can be found below, with analysts, media, and investors invited to attend.
Live Conference Call Details:
Date: Tuesday December 3rd 2024
Time: 11:00 AM Eastern Time
Ask your questions in advance: https://forms.gle/gGogHfNcEaD2yLkFA
Get the link for the Live Event: https://www.bysato.com/events
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 (TSXV: SATO) & (OTCQB: CCPU.F). To learn more about SATO, visit www.bysato.com.
For additional information, please contact:
Investor Relations:
invest@bysato.com
Phone: +1 (347) 280 3663
* 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 unaudited condensed consolidated statement of operations and comprehensive income and unaudited consolidated statement of cash flows included in the unaudited condensed consolidated financial statements for the period ended September 30, 2024 and 2023.
** The cash and digital asset position includes both unrestricted and restricted positions. The restricted cash position amounts to C
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230979
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