Toronto, Ontario--(Newsfile Corp. - March 4, 2024) - SATO Technologies Corp. (TSXV: SATO) (OTCQB: CCPUF) (the "Company", or "SATO") is pleased to announce financial results for the full year ended December 31, 2023. Please refer to the Company's 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).
Financial - Highlights
- Revenue of C$17,560,656*, up 65% vs. 2022
- Positive Operating Cash Flows of C$1,809,444
- EBITDA** of C$4,296,850 compared to negative EBITDA of C$(5,667,279) in 2022
- Net profit of C$776,496 compared to a net loss of C$(8,175,033) for 2022
- Cash position and Digital Asset*** as at December 31, 2023 of C$4,441,631
2023 Operational - Highlights
- Efficiency ratio (BTC produced per Exahash), average: 77.11 BTC per EH/s
- 260 Bitcoins earned
- Average electricity cost per Bitcoin: US$15,168
- 6 MW of power equipment ready for deployment to support future expansion
Romain Nouzareth, Co-Founder, Chairman and CEO of SATO commented, "Despite the challenging dynamics within the Bitcoin economy in 2023, our commitment to operational excellence and cost control helped drive record net profit and positive operating cash flows. As a result, we ended the year with $C4.4 million in cash and digital assets. This demonstrates our strong operational capability and positions us in an advantageous stance as we enter the halving year of 2024."
SATO Technologies will host a live conference call to present the operational highlights and the audited financial results for the year ended December 31, 2023, followed by a Q&A session. The event is scheduled for 9:00 AM EDT on Tuesday the 12th of March 2024.
Analysts, media, and investors are invited to attend.
Details of the conference call are as follows:
Date: Tuesday, March 12th, 2024
Time: 09.00 AM Eastern Time
Dial-in number: +1 646 558 8656
Ask your questions in advance: https://forms.gle/whsh3DuiQPf3PLRg8
Meeting ID: 836 8199 3335
Registration link: https://us02web.zoom.us/meeting/register/tZcrf-ihpzgpGdHTC9Bjpxv2164xJbRR_4Td
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 TSX.V: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 (450) 756-3636
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.
* Preliminary unaudited numbers were disclosed on February 5th, 2024, in US dollars. Using the Bank of Canada exchange rate of 1.3226, as of the reporting date, the preliminary total revenues of US$13,277,375 that were disclosed are equal to the audited Canadian dollar revenues of $17,560,656 reported in the financial statements, and the preliminary mining revenues of US$8,198,296 that were disclosed are equal to the Canadian dollar revenues from digital assets earned of $10,843,066 reported in the financial statements.
** 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 consolidated statement of operations and comprehensive income (loss) and consolidated statement of cash flows included in the consolidated financial statements for the year ended December 31, 2023 and 2022.
*** The cash position includes both unrestricted and restricted cash positions. The restricted cash position amounts to C$1,613,750 as of the reporting date. Cash position and Digital Assets as at December 31, 2023, are C$2,196,901 and C$2,244,730, respectively.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/200304
