Toronto, Ontario--(Newsfile Corp. - March 11, 2022) - Canada Computational Unlimited Corp. (TSXV: SATO) ("CCU" or "the Company") is pleased to announce its year-end financial results for December 31, 2021 ("2021"). All amounts in this news release are in Canadian dollars.
JOIN LIVE PRESENTATION AND Q&A on Tuesday 15th 2022, 1PM/ EST
2021 Highlights - Best Year to Date
● Total revenue of $6,118,420 in 2021 represent a growth of 229% compared to 2020
● Revenue from digital assets mined in 2021 grew 163% compared to 2020
● Revenue from hosting in 2021 grew 1011% compared to 2020
● Gross profit in 2021 grew to $2,567,506 compared to a gross loss of $141,718 in 2020
● 71 BTC and 55 ETH minted in 2021.
● Working capital increased to $1,568,785 at December 31, 2021, from a deficiency of $823,350 at December 31, 2020
● Digital assets held at December 31, 2021 was $3,254,131 compared to $653,882 at December 31, 2020
● Adjusted EBITDA of $1,368,327 in 2021, and increase of 311% from 2020
● Significant CAPEX increase represented by a 13X investment between the year 2020 and 2021
Fanny Philip named Chief Operating Officer
The Company today announced the appointment of Fanny Philip as Chief Operating Officer, effective retroactively since January 1, 2022. Mrs Philip will report directly to Romain Nouzareth, President and Chief Executive Officer. As Chief Operating Officer, Mrs Philip will provide strategic leadership and oversee all the operations of Canada Computational Unlimited Corp.
"2021 was a very good year for CCU, not only based on our financial results and successful public listing, but also because we are hitting all our goals and working towards reaching our Center One full capacity with full renewable energy. I am also pleased to appoint Fanny Philip, who has been an exceptional asset to our team in her role as VP Finance, as CCU's new Chief Operating Officer. Fanny is recognized by colleagues and peers as an inspirational leader, I am confident that her guidance and expertise will be a great asset to ensure the Company's continued progress," said Romain Nouzareth, President and Chief Executive Officer.
Fanny Philip commented, "2021 was a year with numerous mandates during which we built a cohesive and high functioning team. I am proud to be named as Chief Operating Officer in recognition of my efforts and contributions during the past three years. I am looking forward to continuing to work with the team and contribute to CCU's growth and success."
2021 Financial Overview
For 2021, the Company recorded a net loss of $1,729,669 compared to a net loss of $855,424 in 2020. Contributing to the loss for the year 2021 are one-time listing expense related charges in the amount of $2,278,572. A summary of the results are as follows :
|
2021 |
2020 |
% change |
| Revenue |
6,118,420 |
1,860,089 |
229% |
| Cost of revenue |
3,550,914 |
2,001,807 |
77% |
| Gross profit (loss) |
2,567,506 |
(141,718) |
N/A |
| Gain (loss) on use of digital assets |
252,320 |
363,658 |
-31% |
| Revaluation of digital assets |
- |
94,608 |
N/A |
| Expenses |
(2,244,646) |
(477,995) |
370% |
| Operating income (loss) |
575,180 |
(161,447) |
N/A |
| Other (charges) income |
(2,300,772) |
(693,977) |
232% |
| Loss before income taxes |
(1,725,592) |
(855,424) |
102% |
| Deferred income taxes |
(4,077) |
- |
N/A |
| Net income (loss) |
(1,729,669) |
(855,424) |
102% |
| Total comprehensive income (loss) |
(1,713,171) |
(697,530) |
146% |
| Gross mining profit |
1,231,043 |
(921,046) |
N/A |
| EBITDA |
(392,536) |
660,944 |
-159% |
| Adjusted EBITDA |
1,368,327 |
332,719 |
311% |
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 audited annual consolidated financial statements for the years ended December 31, 2021 and December 31, 2020 (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, eco-friendly 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.
Event Notice
CCU will host a webcast presentation and Q&A based on the recently filed financials on Tuesday, March 15th, 2022, at 1:00 p.m. EST. For full details please visit www.ccu.ai/events.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/116422
