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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

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Toronto, 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 – Highlights

  • 20 MW of fully operational, high-grade, ≈100% renewable energy-based computing power facility generating consistent revenue
  • 540 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 expansion

2022 Financial – Highlights

  • Total 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 Chairman

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About SATO
SATO, Founded at Bitcoin block 494673 in 2017, is a prominent innovator in the field of computing power commodities, specializing in Bitcoin mining by efficiently operating a 20 MW data center that generates nearly 0.6 EHs of mining power. Listed on TSXV: SATO & OTCQB: CCPUF since 2021, the Company prides itself on outstanding performance, financial stability, and a top-tier team. To learn more about SATO’s distinct vision, ambitious goals and meet the team, visit www.bysato.com.

For additional information, please contact:

Romain Nouzareth

[email protected]

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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Cautionary Statement Regarding Forward-Looking Information

This news release contains certain forward-looking statements, including statements relating to the future performance of the Company, and other statements that are not historical facts. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/163509

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Newsfile is a customer-focused newswire team that delivers press releases and corporate announcements to the global financial community. Approved by all stock exchanges, Newsfile offers broad access to media, analysts, investors and market participants. With agile services, proactive customer care and affordable pricing; Newsfile makes it easy for companies to tell their story to the audiences they need to reach.

Blockchain

Crypto Price Predictions: Comprehensive BlockchainReporter Platform Helps Cryptocurrency Investors Stay Ahead Of Market Volatility

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Blockchain

Artificial Intelligence takes Center Stage at Blockchain Futurist Conference 2024 in Toronto

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 The highly anticipated Blockchain Futurist Conference, Canada’s Largest Web3 Event, is set to return for its sixth year to Toronto this August 13-14, 2024, with a focus on Artificial Intelligence as a core theme. This year’s event promises to offer sessions, panels, and sub-events centered around AI, highlighting how these technologies are transforming Web3 and reshaping our world. The dedicated AI segment is scheduled for Wednesday, August 14, 2024, and is accessible with all conference passes.

AI and Web3 technologies are rapidly converging to create a future that promises to revolutionize the digital landscape. AI’s ability to analyze vast amounts of data, and automate complex processes, complements Web3’s decentralized and transparent framework. This integration enables more secure, and equitable solutions across various sectors.

At this year’s event, attendees can hear from top industry leaders in AI such as:

  • Anthony Di Iorio, Founder, Ethereum, Decentral, Andiami

  • Ben-Zion Benkhin, CEO, WOMBO

  • Ashley Nandan, Google Canada, Startups

  • Ari Juels, Chief Scientist, Chainlink Labs

  • Christopher Johnson, Developer, Bad Idea AI

  • Trevor Koverko, Co-Founder, Sapien

  • JD Seraphine, CEO, Raiinmaker

  • Breeze Liu, Founder & CEO, Alecto AI

  • Christopher Obereder, Investor, Startup Chris Ventures

  • Adam Benzine, Creator & Oscar®-Nominated Filmmaker

AI Futurist Conference will also host multiple sponsors dedicated to AI organizations, such as Inference Labs, a Gold Sponsor at this year’s event.

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Inference Labs specializes in developing advanced infrastructure and products for AI on Web3. Their lab focuses on AI inference interoperating on the blockchain, an essential step for building a future where anyone can access AI without counterparty risk.

Ron Chan, Co-Founder of Inference Labs, and a visionary entrepreneur dedicated to pioneering the future of Decentralized AI had this to say:

“In all my years navigating tech cycles, I have never witnessed the level of developer interest in Artificial Intelligence that we see today. We’re at an inflection point where Internet traffic is roughly split 50/50 between humans and machines. I firmly believe that inference will soon become the dominant form of Internet traffic.”

With two decades of experience as a serial entrepreneur, Ron Chan has successfully navigated the ever-evolving tech industry, leading multiple technology and infrastructure startups to successful exits. His expertise spans architecting data centers, defense projects, and developing mission-critical civil aviation applications, showcasing his versatility and adeptness in managing complex, high-stakes ventures.

Futurist Conference will also host multiple sub-events and meetups for the AI community throughout the venue on both days. These include:

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  • Crypto x AI Book Signing: Ari Juels, Chief Scientist of Chainlink Labs and author of “The Oracle,” will discuss Crypto x Artificial Intelligence on the Main Stage, followed by a book signing.

  • AI Ethics Roundtable: A critical exploration of the ethical implications of AI and the transformative role of Web3 technologies.

  • AI Web3 & Robotics for Kids: A fun and interactive workshop for kids to learn about AI and Web3, with hands-on experience with robots.

  • Robots Live Onsite: Witness jaw-dropping innovations in action and experience the thrill of future technologies before your eyes.

Futurist Conference aspires to be more than just an event; it aims to create a future world within a conference, immersing attendees in the cutting-edge technologies that will shape tomorrow. By offering interactive experiences, and live demonstrations, the conference allows participants to see, feel, and engage with the latest advancements in AI, Web3, and beyond.

Futurist Conference is the perfect place for these industries to convene, providing a unique platform for thought leaders, innovators, and enthusiasts to explore the transformative potential of AI and Web3 technologies. Get ready to step into the future this August.

The post Artificial Intelligence takes Center Stage at Blockchain Futurist Conference 2024 in Toronto appeared first on HIPTHER Alerts.

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Blockchain

Digital Payment Market to Surpass USD 21.83 Trillion by 2031 | Skyquest Technology

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