Connect with us
European Gaming Congress 2024

Blockchain

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

Published

on

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

Advertisement
Stake.com

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:

Advertisement
Stake.com

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.

Advertisement
Stake.com

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

RAK DAO Partners with Phoenix Group PLC (PHX) and Internet of People (IOPn) to Commit $100 Million Investment to Boost Web3 Innovation in Ras al Khaimah

Published

on

rak-dao-partners-with-phoenix-group-plc-(phx)-and-internet-of-people-(iopn)-to-commit-$100-million-investment-to-boost-web3-innovation-in-ras-al-khaimah

 

 

Phoenix Group PLC and IOPn commit to investing $100 million to drive innovation and attract top Web3 talent to Ras al Khaimah by 2030.

This partnership aims to create a thriving ecosystem for blockchain and digital assets in the region.

Advertisement
Stake.com

RAK DAO, the world’s first and only Free Zone with Common Law features established to support digital assets companies, has entered into a strategic partnership with Phoenix Group and IOPn. This collaboration aims to drive innovation, foster economic growth, and further position Ras al Khaimah as a global hub for Web3 pioneers. Phoenix Group, an ADX-listed company, is a leader in web3 development in the UAE. IOPn is an integrated Web3 ecosystem that leverages blockchain, AI, and cutting-edge spatial computing.

As part of the partnership, Phoenix Group and IOPn have committed to investing $100 million into the Emirate of Ras al Khaimah by 2030 leveraging RAK DAO’s infrastructure. This substantial investment underscores Phoenix Group and IOPn’s dedication to stimulating innovation and attracting top-tier professionals to the region within the Web3 space. The partnership seeks to target, encourage and attract highly-skilled individuals in Web3, crypto, blockchain, and developer domains to the region. Phoenix Group and IOPn aim to enrich the local talent pool by leveraging initiatives such as the Golden Visa programs and RAK DAO business licenses through investment. By nurturing top-tier talent, RAK DAO, Phoenix Group and IOPn seek to create a thriving ecosystem that harnesses cutting-edge technologies – including blockchain, spatial, and cognitive solutions for economic development and sustainability.

Dr. Sameer Al Ansari, CEO of RAK DAO has expressed, “We are thrilled to welcome Phoenix Group and IOPn as RAK DAO’s Ecosystem Partners. The $100 million investment marks a significant milestone in our mission to establish Ras al Khaimah as a premier destination for Web3 innovation and talent. By leveraging Phoenix Group and IOPn’s expertise and resources, we are poised to further enrich our dynamic ecosystem that fosters cutting-edge technologies and attracts the brightest minds in the blockchain and digital asset sectors.

This collaboration underscores our commitment to driving economic growth and sustainability through technological advancements. We look forward to welcoming top-tier professionals and pioneering initiatives that will redefine the digital landscape of Ras al Khaimah.”

Mr. Seyed Mohammad Alizadehfard (Bijan), Co-founder & Group CEO of Phoenix Group, elaborated on the new strategic dimensions of the partnership, stating, “Our joint venture marks a pivotal expansion of our commitment to blockchain infrastructure aimed at enhancing the technological landscape in Ras al Khaimah. Our partnership will not only drive innovation but also strategically position the Emirate as a leading center for blockchain excellence globally.”

Advertisement
Stake.com

Mr. Mojtaba Asadian, Founder and CEO of IOPn, added: “IOPn builds on the visionary leadership of Ras Al Khaimah and the supporting environment created by RAK DAO to provide a unique opportunity for top-rated world talent to innovate and create value. IOPn is doing this by offering a powerful new Web 3.0 ecosystem and using the significant proven capabilities of Phoenix Group. We’re thrilled to be embarking upon this partnership with RAK DAO in collaboration with Phoenix Group.”

At the heart of this collaboration lies a commitment to access and nurture top-tier talent within the blockchain and Web3 industries. By enriching the local talent pool and fostering an environment conducive to innovation, RAK DAO, Phoenix Group and IOPN aim to drive forward-thinking initiatives that redefine the landscape and highlight the Emirate of Ras al Khaimah as an attractive destination for top talent. This six-year partnership and substantial investment underscore their dedication to stimulating innovation and attracting top-tier professionals.

 

The post RAK DAO Partners with Phoenix Group PLC (PHX) and Internet of People (IOPn) to Commit $100 Million Investment to Boost Web3 Innovation in Ras al Khaimah appeared first on HIPTHER Alerts.

Advertisement
Stake.com
Continue Reading

Blockchain

xPortal Enhances Solana Crypto-to-Cash Experience with New Ecosystem Integrations

Published

on

xportal-enhances-solana-crypto-to-cash-experience-with-new-ecosystem-integrations

 

 xPortal, the ultimate financial super app for everything money, developed by the MultiversX team, is thrilled to announce significant enhancements to its platform, aimed at elevating the Solana ecosystem experience for both new and existing users.

These updates include the ability to top up xPortal Debit Cards with SOL, the listing of numerous SPL tokens, and the integration of leading SOL dApps in xPortal’s Discover section, the app’s multi-chain dApp hub. This development further cements xPortal’s role as a unique bridge between the digital and physical worlds, facilitating seamless transitions from crypto to cash for holders of top cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), MultiversX (EGLD), Solana (SOL), and Polygon (MATIC).

Starting today, xPortal users can effortlessly top-up their xPortal Debit Cards with their SOL holdings. This new feature allows Solana enthusiasts to use their crypto for shopping easily and manage their finances quickly, making it simpler than ever to transition from digital assets to real-world spending power.

Advertisement
Stake.com

Additionally, xPortal now supports over 20 Solana-based SPL tokens, providing users with expanded opportunities to manage and interact with their favorite Solana assets. The new tokens available on xPortal include $PYTH, $IO, $JTO, $WIF, $BONK, $JUP, $RAY, $BOME, $HNT, $POPCAT, $BEER, $USDT, $USDC, $LINK, $LDO, $FTM, $RPL, $SUSHI, $DADDY, and $BODEN. This extensive list ensures that users can now enjoy a comprehensive Solana experience directly from the xPortal app, with more tokens being activated weekly.

The xPortal Discover section has also been enhanced with the addition of top-tier Solana decentralized applications (dApps). Users can now explore and interact with premier Solana dApps, including Jupiter Exchange, Raydium Protocol, and Kamino Finance.

Sergiu Biris, Head of Product at MultiversX and xPortal Lead, commented on the update: “These latest developments are a testament to our dedication to providing a complete experience for our users and represent a significant step forward in our mission to bring blockchain technology into the mainstream and make crypto payments the norm.”

“We’ve spent considerable time equipping xPortal with a unique set of features that make it stand out: unmatched simplicity and ease of use, beautifully abstracted complexity, the ability to bridge physical and digital realms, and many others. We’re excited to make access to all these features ecosystem-agnostic,” Biris added.

 

Advertisement
Stake.com

The post xPortal Enhances Solana Crypto-to-Cash Experience with New Ecosystem Integrations appeared first on HIPTHER Alerts.

Continue Reading

Blockchain

ChainSwap Adds BNB Chain to Their Decentralised Exchange

Published

on

chainswap-adds-bnb-chain-to-their-decentralised-exchange

ChainSwap, a multi-chain decentralized exchange (DEX), has integrated BNB Chain into its platform, adding to its growing list of supported networks. The new integration will enable users to conduct transactions on the BNB network, with plans for cross-chain transactions in the near future.

The incorporation of BNB Chain has seen ChainSwap continue to expand its multi-chain DEX, cementing its commitment to provide users with a secure platform for seamless cross-chain transactions. This is enabled by Chainlink’s Cross-Chain Interoperability Protocol (CCIP), delivering unparalleled security and privacy for transactions taking place on the platform.

Fitzy, Founder and CEO of ChainSwap, was emphatic on the importance of the new integration: “Integrating the BNB chain on our network will help our users navigate Web 3 space, and plays into our mission of growing, and becoming increasingly interoperable”.

With plans to enable cross-chain transactions between BNB Chain and other leading blockchain networks, ChainSwap aims to further expand the utility of its seamless cross-chain transactions for users.

Advertisement
Stake.com

The post ChainSwap Adds BNB Chain to Their Decentralised Exchange appeared first on HIPTHER Alerts.

Continue Reading
Advertisement
Stake.com
Advertisement

Latest News

Recent Listings

  • Global Payout, Inc.

    Since the Company’s inception in 2009, Global Payout, Inc. has been a leading provider of compreh...

  • MTrac Tech Corp.

    MTrac Tech Corporation, a Nevada Corporation, is a privately held, wholly owned subsidiary of Glo...

  • Net1

    Net1 is a leading provider of transaction processing services, financial inclusion products ...

  • uBUCK Technologies SEZC

    Based in Georgetown, Cayman Islands, uBUCK Tech is a fintech enterprise that specializes in digit...

  • LiteLink Technologies Inc.

      LiteLink is a major player in developing world-class enterprise platforms that utilize ar...

  • Good Gamer Corp.

      Good Gamer Corp. is a privately-held technology company focusing on gamers and streamers....

  • BitPay

      Founded in 2011, BitPay pioneered blockchain payment processing with the mission of trans...

  • About Net1

      Net1 is a leading provider of transaction processing services, financial inclusion produc...

  • Blockchain Foundry Inc.

    Headquartered in Toronto, Canada, Blockchain Foundry (CSE:BCFN)(FWB:8BF)(OTC:BLFDF) is a global b...

  • Sixgill

    Sixgill provides a full suite of universal data automation and authenticity products and services...

Trending on TBE