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Bitcoin Company SATO Technologies Corp. Reports Q2 2024 Financial Results
Toronto, Ontario--(Newsfile Corp. - August 28, 2024) - SATO Technologies Corp. (TSXV: SATO) (OTCQ...
About this update from Sato Technologies Corp
[{"type":"text","content":"Bitcoin Company SATO Technologies Corp. Reports Q2 2024 Financial ResultsToronto, 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 - HighlightsThe 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 30,2023Net 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, 2023Positive cash flow from operating activities for the six months ended June 30, 2024 of $950,12746 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 2023The Company had cash and digital assets of $5,592,365** as of June 30, 2024Digital assets balance at June 30, 2024, was $4,678,638 compared to $2,244,730 at December 31, 2023Positive 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 2023Operational - HighlightsEfficiency ratio (BTC earned per Exahash), average: 31.13 BTC per EH/s for the three months ended June 30, 2024Average 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 great...