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SATO Technologies Corp. Announcing Financial Results for Q2 2022 Including Revenue Growth of 66% Compared to Six Months Ended June 30, 2021
Also announcing Bitcoin Mining Center Two in Québec with 100% renewable energy. Toronto,...
About this update from Sato Technologies Corp
[{"type":"text","content":"SATO Technologies Corp. Announcing Financial Results for Q2 2022 Including Revenue Growth of 66% Compared to Six Months Ended June 30, 2021Also announcing Bitcoin Mining Center Two in Québec with 100% renewable energy.Toronto, Ontario--(Newsfile Corp. - August 24, 2022) - SATO Technologies Corp. (TSXV: SATO) (OTCQB: CCPUF) (the \"Company\", or \"SATO\", formerly known as Canada Computational Unlimited Corp.) is pleased to announce that it has filed its Q2 2022 financial results for June 30, 2022 (\"2022\"). All amounts in this news release are in Canadian dollars.SATO is also pleased to announce the start of Center Two, with the signing of a lease agreement for 1,800 square feet of additional space starting with 0.5 MW available for crypto mining and up to 2 MW+ of renewable energy available for future expansion, which will allow the Company to expand its overall Bitcoin mining capacity. Q2 - 2022 HighlightsTotal revenue of $2,021,642 in Q2 2022 which represents growth of 18% compared to Q1 2022 and 77% when compared to the three month period ended June, 30 2021.Steady increase in revenues despite the fact that the BTC price went from $US 35,041 to $US 19,785 respectively at June 30, 2021 and 2022.Revenue from hosting in Q2 2022 grew 1,154% compared to Q2 2021Gross profit excluding depreciation was $864,447 (43%) in Q2 2022 Fair value of Digital assets held at June 30, 2022 was $2,035,385 compared to $1,056,570 at June 30, 2021Center Two Highlights1,800 sq ft, at $2.78 per square foot, with the potential for increasing the square footage;Immediate access to 496kW for Crypto Mining pre-moratorium (HQ A/P 2019-01) and 1.5 MW for traditional computing;100% renewable energy, with potential for increase;5-year term, renewable lease.As consideration for providing the lease of Center Two, SATO will grant the landlord, upon the closing, 520,000 warrants in the capital of the Company (the \"Warrants\"), subject to acceptance by the TSX Venture Exchange. Each Warrant will be exercisable into one common share of SATO for a period of 5 years, at an exercise price of $0.25. The above terms are subject to TSX Venture Exchange approval under TSXV Policy 5.1. \"The addition of Center Two to our existing 20 MW of Bitcoin mining power from Center One proves our commitment to increasing our hashrate as fast as possible, responsibly. This new ...