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SATO Technologies Corp. Releases its Q3 2023 Financial Results
Toronto, Ontario--(Newsfile Corp. - November 27, 2023) - SATO Technologies Corp. (TSXV: SATO)
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About this update from Sato Technologies Corp
[{"type":"text","content":"SATO Technologies Corp. Releases its Q3 2023 Financial ResultsToronto, Ontario--(Newsfile Corp. - November 27, 2023) - SATO Technologies Corp. (TSXV: SATO) (OTCQB: CCPUF) (the \"Company\", or \"SATO\") is pleased to announce financial results for the three and nine months ended September 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).Q3 - 2023 Operational - Highlights (unaudited)Efficiency ratio (BTC produced per Exahash): 71.85 BTC per EH/s quarterly average for the three months ended September 30, 2023 (\"Q3-2023\");6 MW of power equipment ready for deployment to support future expansion.Financial - Highlights (unaudited)Total revenue in Q3-2023 of C$4,070,260, representing growth of 46% when compared to the C$2,790,270 of revenue for Q3-2022;Average electricity cost to mine 1 Bitcoin in the 9-month period ended September 30, 2023: US$9,196 (US$14,655 in kWh cost including power premium);Operating Cash Flow positive YTD with C$839,900 provided by operating activities;EBITDA* of C$2,114,848 for the 9 month period ended September 30, 2023 compared to Negative EBITDA of C$(4,573,626) for the same period in 2022;Net loss of C$(175,329) for the 9 month period ended September 30, 2023 compared to a net loss C$(6,579,832) for the same period 2022;Cash position as at September 30, 2023 of C$2,348,612** and the equivalent of C$1,285,491 worth of Digital Assets;Operating income of C$333,782 for the 9 month period ended September 30, 2023 compared to Operating loss of C$(5,848,753) for the same period in 2022.\"It is often challenging, in our industry, to achieve positive EBITDA, making our accomplishment in this area a testament to the efficiency and effectiveness of our mining operations. The third quarter marked a significant transition for our company as we shifted entirely to self-mining. This strategic move positions us favorably among the leading public bitcoin mining companies, underscoring our commitment to growth and operational excellence,\" remarks Romain Nouzareth, CEO.The Company will be hosting a conference ca...