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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...
About this update from Sato Technologies Corp
[{"type":"text","content":"SATO Technologies Corp. Announces Financial Results for 2022: 74% Increase in Revenues Year over Year & Operating Cash Flow Positive for the Full YearToronto, 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 - Highlights20 MW of fully operational, high-grade, ≈100% renewable energy-based computing power facility generating consistent revenue540 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 expansion2022 Financial - HighlightsTotal 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, Romain Nouzareth,SATO CEO and ChairmanAbout SATOSATO, Founded at Bitcoin block 494673 in 2017, is a prominent innovator in the field...