Toronto, Ontario--(Newsfile Corp. - May 27, 2022) - Canada Computational Unlimited Corp. (TSXV: SATO) (OTCQB: CCPU.F) ("CCU" or "the Company") is pleased to announce its Q1 2022 financial results for March 31, 2022 ("2022"). All amounts in this news release are in Canadian dollars.
2022 Highlights
- Total revenue of $1,709,266 in Q1 2022 which represents growth of 55% compared to Q1 2021
- Revenue from hosting in Q1 2022 grew 2,928% compared to Q1 2021
- Gross profit excluding depreciation was $610,204 in Q1 2022
- Working capital increase of $603,417 at March 31, 2022, from a working capital of $3,254,131 at December 31, 2021
- Digital assets held at March 31, 2022 was $3,857,548 compared to $1,524,681 at March 31, 2021
"These results are reflective of the Company's dedication to its continued growth and success in responsible mining. CCU's mining power at the Center One facility has increased by a 4x factor compared to Q1 2021 and will reach 8x that upon completion. We are on track to reaching full capacity and I am confident that we will continue to deliver shareholder value," commented Romain Nouzareth, President and Chief Executive Officer.
Notice
On Tuesday, May 31st at 2PM/EST the Company will be holding its Annual General Meeting which will be hosted virtually to cover recent financial results and company developments. To participate or view the meeting please log into:
www.virtualshareholdermeeting.com/SATO2022.
Q1 2022 Financial Overview
For the three months ended March 31, 2022, the Company recorded a net loss of $2,106,661 compared to a net profit of $887,883 for the three months ended March 31, 2021. A summary of the results are as follows:
| Q1 2022 | Q1 2021 | % change | |||||||
| Revenue | 1,709,266 | 1,102,109 | 55% | ||||||
| Cost of revenue | 1,428,568 | 395,306 | 261% | ||||||
| Gross profit | 280,698 | 706,803 | (60%) | ||||||
| Gain (loss) on use of digital assets | (15,802 | ) | 240,790 | n/a | |||||
| Expenses | (2,327,161 | ) | (257,531 | ) | 804% | ||||
| Operating income (loss) | (2,061,545 | ) | 690,062 | n/a | |||||
| Other (charges) income | (46,268 | ) | (234,004 | ) | (80%) | ||||
| Gain (loss) before income taxes | (2,107,813 | ) | 456,058 | n/a | |||||
| Deferred income taxes | 1,152 | 88,757 | (99%) | ||||||
| Net income (loss) | (2,106,661 | ) | 544,815 | n/a | |||||
| Total comprehensive income (loss) | (2,131,273 | ) | 887,883 | n/a | |||||
| Gross mining profit | 483,226 | 770,451 | (37%) | ||||||
| EBITDA | (1,738,598 | ) | 800,261 | n/a | |||||
| Adjusted EBITDA | (602,057 | ) | 562,269 | n/a |
This news release makes reference to certain measures that are not recognized under IFRS and do not have a standardized meaning prescribed by IFRS. They are therefore not necessarily comparable to similar measures presented by other companies. The Company uses non-IFRS measures including "Adjusted EBITDA" and "EBITDA" as additional information to complement IFRS measures by providing further understanding of the Company's results of operations from Management's perspective. A reconciliation of these non-IFRS measures to their nearest IFRS measures is included in the Management's Discussion and Analysis ("MD&A") accompanying the unaudited interim consolidated financial statements for the three months ended March 31, 2022 and March 31, 2021 (the "Consolidated Financial Statements") and should be read in conjunction with the Consolidated Financial Statements.
Consolidated Financial Statements and MD&A
A complete financial reporting package, including the Consolidated Financial Statements and Notes and MD&A, is available on SEDAR at www.sedar.com under CCU's profile and on the Company's website at www.ccu.ai.
About Canada Computational Unlimited Corp.
CCU operates a state-of-the-art, carbon-neutral bitcoin mining center with a contract of 20 MW of stable, renewable energy. The Company's high-density calculation centers are built for high-grade cryptocurrency mining, AI data processing, and fintech infrastructure.
Founded in 2017, CCU is led by technology entrepreneurs, electricity and ventilation experts, network specialists, and Canadian industrialists. Since its inception, the company has pursued a vision of environmental stewardship throughout the mining process. The excess supply of renewable energy in the province of Québec has made this endeavor feasible and a great base for growth. Additional information can be found at www.ccu.ai.
Notice
On Tuesday, May 31st at 2PM/EST the Company will be holding its Annual General Meeting which will be hosted virtually to cover recent financial results and company developments. To participate or view the meeting please log into:
www.virtualshareholdermeeting.com/SATO2022.
For additional information, please contact:
Caroline Klukowski
Tel: 604.260.5490
news@ccu.ai
Keep up-to-date on developments and join our online communities at Twitter, LinkedIn, and YouTube.
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.
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