Toronto, Ontario--(Newsfile Corp. - August 28, 2024) - SATO Technologies Corp. (TSXV: SATO) (OTCQB: CCPUF) (the "Company", or "SATO") is pleased to announce unaudited financial results for the three and six month periods ended June 30, 2024. Please refer to the Company's Unaudited 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
The predetermined halving event took place in Q2 (April 2024).
Total revenue grew 1% and 25% for the three and six months ended June 30, 2024, compared to the same periods in 2023
Revenue from digital assets grew 295% and 404% for the three and six months ended June 30, 2024, compared to the same periods in 2023
Gross profit for the three and six months ended June 30, 2024 was $942,422 and $3,627,360 compared to a gross profit of $1,126,750 and $2,255,995 for the three and six months ended June 30,2023
Net loss of $924,526 and net income of $2,986,443 for the three and six months ended June 30, 2024 compared to a net income of $89,861 and $600,606 for the three and six months ended June 30, 2023
Positive cash flow from operating activities for the six months ended June 30, 2024 of $950,127
46 BTC and 129 BTC earned in the three and six months ended June 30, 2024 compared to 29 BTC and 59 BTC in the three and six months ended June 30 2023
The Company had cash and digital assets of $5,592,365** as of June 30, 2024
Digital assets balance at June 30, 2024, was $4,678,638 compared to $2,244,730 at December 31, 2023
Positive EBITDA of $63,082 and $4,979,493 for the three and six months ended June 30, 2024 compared to an EBITDA of $709,137 and $1,844,150 for the three and six months ended June 30, 2024 2023
Operational - Highlights
Efficiency ratio (BTC earned per Exahash), average: 31.13 BTC per EH/s for the three months ended June 30, 2024
Average all-in electricity cost per Bitcoin: US$36,705 for the three months ended June 30, 2024
"As we navigate the post-halving landscape, it's clear that Bitcoin Miners need to adapt, innovate, and operate with even greater efficiency. This isn't our first rodeo-we've successfully managed these times before, and we are fully committed to continuing to do so. Our focus remains on driving sustainable growth, leveraging our existing infrastructure to thrive in this evolving environment, and continuing to find new paths for growth beyond our core operations in Canada," says Romain Nouzareth, CEO of SATO Technologies.
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 Thursday August 29th, 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 and six month periods ended June 30, 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: Thursday August 29th 2024
Time: 10:00 AM Eastern Time
Ask your questions in advance: https://forms.gle/ZvNeEeLdRSs7rLAw7
Link for Live Event: https://youtube.com/live/DGW_YzIqcgU
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) and (OTCQB: CCPUF). To learn more about SATO, visit www.bysato.com.
For additional information, please contact:
Investor Relations:
invest@bysato.com
Phone: +1 (450) 756-3636
* 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 June 30, 2024 and 2023.
** The cash and digital asset position includes both unrestricted and restricted positions. The restricted cash position amounts to C$574,091 as of the reporting date. The restricted digital assets amount to C$865,577 as of the reporting date. Cash position and Digital Assets as at June 30, 2024, are C$913,727 and C$4,678,638, respectively.
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/221351
SOURCE: SATO Technologies Corp.
