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Public Bitcoin Miner SATO Technologies Corp. Unveils Its Q1 2023 Financial Results: Achieving Positive Operating Cash Flow and Net Profit, Continuing the Positive Trend from 2022
Toronto, Ontario--(Newsfile Corp. - May 16, 2023) - SATO Technologies Corp. (TSXV: SATO) (OTCQB: ...
About this update from Sato Technologies Corp
[{"type":"text","content":"Public Bitcoin Miner SATO Technologies Corp. Unveils Its Q1 2023 Financial Results: Achieving Positive Operating Cash Flow and Net Profit, Continuing the Positive Trend from 2022Toronto, Ontario--(Newsfile Corp. - May 16, 2023) - SATO Technologies Corp. (TSXV: SATO) (OTCQB: CCPUF) (the \"Company\", or \"SATO\") is pleased to announce financial results for the quarter ended March 31, 2023. Please refer to the Company's Condensed Interim 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).2023 Operational - Highlights (unaudited)Addition of approximately 28 PH/s of organically-financed mining equipment;Efficiency ratio (BTC produced per Exahash): 90.27 BTC per EH/s quarterly average;8 MW of power equipment ready for deployment to support future expansion.Q1-2023 Financial - Highlights (unaudited)Total revenue of $3,908,602 representing growth of 129% when compared to the $1,706,266 of revenue for Q1-2022;Net Income of $511,740 compared to Net Loss of $(2,106,661) for Q1-2022;Average electricity cost to mine 1 Bitcoin in Q1 2023: US$11,115;Revenue from hosting of $2,959,027 grew 194% compared to $1,006,610 in Q1-2022;Cash position as at March 31, 2023 of $334,302 and the equivalent of $1,119,020 worth of Digital Assets;Operating Cash Flow positive for the quarter with $918,224 provided by operating activities.\"Our team is incredibly proud to announce that our Q1-2023 financial results have exceeded all expectations, even amidst a bear market. Following our positive operating cashflow in 2022, showing net profit in Q1 demonstrates our unwavering dedication to innovation, efficiency, and strategic expansion. As we set our sights on even greater heights, we are actively seeking to acquire Bitcoin miners globally. We invite you to come aboard and join us in our ambitious journey towards unparalleled growth and success.\" - Romain Nouzareth, CEO.The Company will be hosting a conference call for the presentation of the financial results for the quarter ending March 31, 2023, followed by a Q&A session. The event will take place via a conference call on May 19th, 2023 at 9AM EDT.Analysts,...