SATO Technologies Corp. Releases Its Q2 2023 Financial Results: Once Again Achieving Positive Operating Cash Flow and Net Profit
- Total revenue growth of 108% in Q2-2023
- Net income of $600,606 for the 6-month period
- Positive operating cash flow for Q2-2023
- None.
Toronto, Ontario--(Newsfile Corp. - August 21, 2023) - SATO Technologies Corp. (TSXV: SATO) (OTCQB: CCPUF) (the "Company", or "SATO") is pleased to announce financial results for the three and six months ended June 30, 2023. Please refer to the Company's 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.sedar.com) and are available on the Company's website (www.bysato.com).
2023 Operational - Highlights (unaudited)
- Efficiency ratio (BTC produced per Exahash): 77.86 BTC per EH/s quarterly average (for the three months ended June 30, 2023 ("Q2-2023"));
- 8 MW of power equipment ready for deployment to support future expansion
Financial - Highlights (unaudited)
- Total revenue in Q2-2023 of
$4,212,596 , representing growth of108% when compared to the$2,021,642 of revenue for Q2-2022; - Net Income of
$600,606 for the 6 month period ended June 30, 2023 compared to Net Loss of$(5,040,387) for the same period in 2022; - Average electricity cost to mine 1 Bitcoin in Q2-2023: US
$14,022 ; (US$9,198 in kWh cost before power premium); - Average electricity cost to mine 1 Bitcoin in the 6-month period ended June 30, 2023: US
$12,538 (US$8,195 in kWh cost before power premium) - Cash position as at June 30, 2023 of
$326,204 and the equivalent of$1,214,185 worth of Digital Assets; - Operating Cash Flow positive for Q2-2023 with
$345,270 provided by operating activities.
"Yet another robust financial performance this quarter, thanks to the dedicated efforts of the SATO team. Our core aim is the construction of proprietary data centers tailored for Digital Asset Mining, and the integration of AI/HPC into our data center infrastructure, paving the way to meet future demand. Our historical growth stands testament to our efficiency. We're now channeling our energies toward replicating this growth," remarks Romain Nouzareth, CEO.
The Company will be hosting a conference call for the presentation of the financial results for the quarter ending June 30th, 2023, followed by a Q&A session. The event will take place via a conference call on August 23rd, 2023 at 10.30AM EDT.
Analysts, media, and investors are invited to attend.
Details of the conference call are as follows:
Date: Wednesday, August 23rd, 2023
Time: 10.30 AM Eastern Time
Dial-in number: +1 646 558 8656
Ask your questions in advance: https://forms.gle/whsh3DuiQPf3PLRg8
Conference ID: 896 3087 0370
Webcast link: https://us02web.zoom.us/j/89630870370
A recording of the 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 positioned for ongoing success in deploying computing power for Bitcoin Mining, High Power Computing ("HPC"), and Artificial Intelligence ("AI"), via proprietary data centers designed to provide efficient compute power tailored for the digital world. Listed on (TSXV: SATO) & (OTCQB: CCPUF) since 2021, the Company prides itself on outstanding performance, financial stability, and a top-tier team. Around
For additional information, please contact:
Investor Relations: invest@bysato.com
Arrange a one-on-one meeting with the CEO to review these findings: https://calendly.com/satobtc/sato-1-1
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/177947
