SATO Technologies Corp. Announces Financial Results for 2022: 74% Increase in Revenues Year over Year & Operating Cash Flow Positive for the Full Year
Toronto, Ontario–(Newsfile Corp. – April 24, 2023) – SATO Technologies Corp. (TSXV: SATO) (OTCQB: CCPUF) (the “Company”, or “SATO”) is pleased to announce financial results for the year ended December 31, 2022. 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).
2022 Operational – Highlights
- 20 MW of fully operational, high-grade, ≈100% renewable energy-based computing power facility generating consistent revenue
- 540 PHs of mining power, producing the equivalent of 56 Bitcoin per month (Average Dec 2022, aggregate of self-mining and hosting)
- Efficiency ratio (BTC produced per Exahash): 124.67 BTC per EHs annualized weighted average;
- 8 MW of power equipment ready for deployment with plans for additional centers to support future expansion
2022 Financial – Highlights
- Total revenue of $10,621,223 representing growth of 74% when compared to the $6,118,420 of revenue for 2021;
- Revenue of $4,100,045 in Q4/22 representing growth of 47% compared to revenues of $2,790,270 in the third quarter of 2022;
- Average electricity cost to mine 1 Bitcoin in Q4 2022: US$10,311;
- Revenue from hosting in 2022 of $7,711,352 grew 384% compared to $1,592,909 in 2021;
- Cash position as at December 31, 2022 of $359,387 and the equivalent of $990,602 worth of Digital Assets;
- Operating Cash Flow positive for the full year of $648,788.
“Despite facing the bear market in 2022, SATO Technologies Corp. has proudly reached a full year of positive operating cash flow. This accomplishment highlights our remarkable resilience and adaptability, reinforcing our steadfast dedication to long-term growth. As we progress, our commitment to innovation and expansion will solidify our position as a pioneering force in Bitcoin Mining and high-grade computing power solutions.” – Romain Nouzareth, CEO.
On behalf of the board,
SATO CEO and Chairman
SATO, Founded at Bitcoin block 494673 in 2017, is a prominent innovator in the field of computing power commodities, specializing in Bitcoin mining by efficiently operating a 20 MW data center that generates nearly 0.6 EHs of mining power. Listed on TSXV: SATO & OTCQB: CCPUF since 2021, the Company prides itself on outstanding performance, financial stability, and a top-tier team. To learn more about SATO’s distinct vision, ambitious goals and meet the team, visit www.bysato.com.
For additional information, please contact:
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/163509