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SATO Technologies Corp. Releases Its Q2 2023 Financial Results: Once Again Achieving Positive Operating Cash Flow and Net Profit
Toronto, Ontario--(Newsfile Corp. - August 21, 2023) - SATO Technologies Corp. (TSXV: SATO) (OTCQ...
About this update from Sato Technologies Corp
[{"type":"text","content":"SATO Technologies Corp. Releases Its Q2 2023 Financial Results: Once Again Achieving Positive Operating Cash Flow and Net ProfitToronto, Ontario--(Newsfile Corp. - August 21, 2023) - SATO Technologies Corp. (TSXV: SATO) (OTCQB: CCPUF) (the \"Company\", or \"SATO\") is pleased to announce financial results for the three and six months ended June 30, 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)Efficiency ratio (BTC produced per Exahash): 77.86 BTC per EH/s quarterly average (for the three months ended June 30, 2023 (\"Q2-2023\"));8 MW of power equipment ready for deployment to support future expansionFinancial - Highlights (unaudited)Total revenue in Q2-2023 of $4,212,596, representing growth of 108% when compared to the $2,021,642 of revenue for Q2-2022;Net Income of $600,606 for the 6 month period ended June 30, 2023 compared to Net Loss of $(5,040,387) for the same period in 2022;Average electricity cost to mine 1 Bitcoin in Q2-2023: US$14,022; (US$9,198 in kWh cost before power premium); Average electricity cost to mine 1 Bitcoin in the 6-month period ended June 30, 2023: US$12,538 (US$8,195 in kWh cost before power premium)Cash position as at June 30, 2023 of $326,204 and the equivalent of $1,214,185 worth of Digital Assets;Operating Cash Flow positive for Q2-2023 with $345,270 provided by operating activities.\"Yet another robust financial performance this quarter, thanks to the dedicated efforts of the SATO team. Our core aim is the construction of proprietary data centers tailored for Digital Asset Mining, and the integration of AI/HPC into our data center infrastructure, paving the way to meet future demand. Our historical growth stands testament to our efficiency. We're now channeling our energies toward replicating this growth,\" remarks Romain Nouzareth, CEO.The Company will be hosting a conference call for the presentation of the financial results for the quarter ending June 30th, 2023, followed by a Q&A session. The event will take place via a conference call on Aug...