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Public Bitcoin Miner SATO Technologies Corp. Unveils Its Q1 2023 Financial Results: Achieving Positive Operating Cash Flow and Net Profit, Continuing the Positive Trend from 2022

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Toronto, Ontario–(Newsfile Corp. – May 16, 2023) – SATO Technologies Corp. (TSXV: SATO) (OTCQB: CCPUF) (the “Company”, or “SATO”) is pleased to announce financial results for the quarter ended March 31, 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)

  • Addition of approximately 28 PH/s of organically-financed mining equipment;
  • Efficiency ratio (BTC produced per Exahash): 90.27 BTC per EH/s quarterly average;
  • 8 MW of power equipment ready for deployment to support future expansion.

Q1-2023 Financial – Highlights (unaudited)

  • Total revenue of $3,908,602 representing growth of 129% when compared to the $1,706,266 of revenue for Q1-2022;
  • Net Income of $511,740 compared to Net Loss of $(2,106,661) for Q1-2022;
  • Average electricity cost to mine 1 Bitcoin in Q1 2023: US$11,115;
  • Revenue from hosting of $2,959,027 grew 194% compared to $1,006,610 in Q1-2022;
  • Cash position as at March 31, 2023 of $334,302 and the equivalent of $1,119,020 worth of Digital Assets;
  • Operating Cash Flow positive for the quarter with $918,224 provided by operating activities.

“Our team is incredibly proud to announce that our Q1-2023 financial results have exceeded all expectations, even amidst a bear market. Following our positive operating cashflow in 2022, showing net profit in Q1 demonstrates our unwavering dedication to innovation, efficiency, and strategic expansion. As we set our sights on even greater heights, we are actively seeking to acquire Bitcoin miners globally. We invite you to come aboard and join us in our ambitious journey towards unparalleled growth and success.” – Romain Nouzareth, CEO.

The Company will be hosting a conference call for the presentation of the financial results for the quarter ending March 31, 2023, followed by a Q&A session. The event will take place via a conference call on May 19th, 2023 at 9AM EDT.

Analysts, media, and investors are invited to attend.

Details of the conference call are as follows:
Date: May 19, 2023
Time: 9:00 AM Eastern Time
Dial-in number: +1 669 444 9171
Ask your questions in advance: https://forms.gle/4xEdqt6KwMTCh6af6
Conference ID: 828 5184 2298
Webcast link: https://us02web.zoom.us/j/82851842298

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A recording of the call will be available on our website shortly after the event for those who are unable to attend. We look forward to having you join us for this important update and appreciate your continued support.

On behalf of the board,

Romain Nouzareth, SATO CEO and Chairman

About SATO
SATO, Founded at Bitcoin block 494673 in 2017, is a vertically integrated innovator in the field of computing power commodities, specializing in low-cost 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. Around 65% of securities (on a fully diluted basis) own by Officers, Directors, Insiders and Shareholders above 7% with long term vision. To learn more about SATO’s distinct vision, ambitious goals and meet the team, visit www.bysato.com.

For additional information, please contact:

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Investor Relations: [email protected]

Arrange a one-on-one meeting with the CEO to review these findings: https://calendly.com/satobtc/sato-1-1

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.

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.

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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/166260

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

LCT Secures VARA In-Principle Approval, Defining Its Role in Dubai’s Crypto Landscape

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Bybit One-Click Buy Offers a Winning Chance in First-Time Deposits Lucky Draws

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Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)

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blocks-&-headlines:-today-in-blockchain-(blackrock,-plume,-sealsq,-hedera,-deutsche-bank,-kucoin)

 

Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:

BlackRock ETF Embraces Blockchain with First Muni Bond Purchase

BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.

By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.

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Source: Yahoo Finance

Plume Secures Funding for Tokenization Platform

Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.

Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.

Source: Fortune

SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips

SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.

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As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.

Source: The Quantum Insider

Deutsche Bank’s Public, Permissioned Blockchain Initiative

Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.

The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.

Source: CoinDesk

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KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands

Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.

By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.

Source: PR Newswire

Industry Implications and Key Takeaways

Today’s developments highlight the transformative potential of blockchain across multiple domains:

  1. Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
  2. Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
  3. Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
  4. Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
  5. Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.

The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.

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