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Bitcoin Mining Company SATO Technologies Corp. Announces Another Outstanding Quarter; Q3 2022 Results Show Positive Cash Flow for the Quarter and Increase of 59% in Revenues Year over Year.
Toronto, Ontario--(Newsfile Corp. - November 4, 2022) - SATO Technologies Corp. (TSXV: SATO)...
About this update from Sato Technologies Corp
[{"type":"text","content":"Bitcoin Mining Company SATO Technologies Corp. Announces Another Outstanding Quarter; Q3 2022 Results Show Positive Cash Flow for the Quarter and Increase of 59% in Revenues Year over Year.Toronto, Ontario--(Newsfile Corp. - November 4, 2022) - SATO Technologies Corp. (TSXV: SATO) (OTCQB: CCPU.F) (the \"Company\", or \"SATO\", formerly known as Canada Computational Unlimited Corp.) is pleased to announce financial results for the three and nine months ending September 30, 2022 (\"Q3/22\"). Copies of the Company's Condensed Interim Consolidated Financial Statements for Q3/22 and the accompanying Management's Discussion and Analysis have been filed and are available under the Company's profile on SEDAR (www.sedar.com).Q3 2022 - HighlightsRevenue of $6,521,178 for the nine month period ended September 30, 2022 which exceeds revenue for the full year 2021, and represents growth of 59% when compared to the $4,092,052 of revenue for the nine month period ended September 30, 2021;Revenue of $2,790,270 in Q3/22 which represents growth of 38% compared to revenues of $2,021,642 in the second quarter of 2022;Net Loss of $1,313,426 in Q3/22 compared to net loss of $1,004,354 in the third quarter of 2021;Revenue from self-mining of $903,575 in Q3/22 grew 88% compared to Q2/22 ($479,146) which is the result of the addition of mining equipment leading to an increased production of 20 BTC quarter over quarter;Revenue from hosting in Q3/22 of $1,876,716 grew 174% compared to the third quarter of 2021 ($685,645);Cash position as at September 30, 2022 of $986,313;Positive cash flow generated from operating activities in Q3/22 of $1,387,501;Power cost to mine 1 Bitcoin: CAD$ 16,342 - US$11,989.\"Being a responsible Bitcoin miner is not only about our environmental approach, exclusively using sustainable energy, it's also managing our finances strategically and focusing on being more efficient operationally,\" says Romain Nouzareth, CEO of SATO. \"During my 20+ years managing growth companies, I've seen the tech bubble in 2001, the subprime crisis of 2008, the crypto winter of 2018, Covid in 2020 and 2021, and now the current economic situation. Yet, we managed to reach full capacity of our Center One earlier than planned, and we are now showing strong financial results not only for the quarter, but also for the 2022 year to date. With almost a mill...