SATO Technologies Corp. Releases its Q3 2023 Financial Results

Toronto, 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 call for the presentation of the financial results for the Quarter ending September 30th, 2023, followed by a Q&A session. The event will take place via a conference call on November 29th, 2023 at 9.00AM EDT.

Analysts, media, and investors are invited to attend.

Details of the conference call are as follows:
Date: Wednesday, November 29th, 2023
Time: 09.00 AM Eastern Time
Dial-in number: +1 646 558 8656
Ask your questions in advance: https://forms.gle/whsh3DuiQPf3PLRg8
Conference ID: 896 3087 0370
Webcast link: https://us02web.zoom.us/j/8601213995?omn=81976147728

A recording of the conference 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 in 2017, is a publicly listed company positioned for ongoing success in deploying infrastructures designed to provide efficient compute power tailored for the digital world for Bitcoin Mining, High Power Computing ("HPC"), Artificial Intelligence ("AI"), and L2's. 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:
Investor Relations:
[email protected]
Phone: +1 (450) 756-3636

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.

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.

*The Company uses non-IFRS measures including "EBITDA" as additional information to complement IFRS measures by providing further understanding of the Company's results of operations from Management's perspective. EBITDA should be compared to its nearest IFRS measure, Net Loss and should be read in conjunction with the consolidated statement of operations and comprehensive income (loss) and consolidated statement of cash flows included in the consolidated financial statements for the three and nine months ended September 30, 2023 and 2022.

**Includes both unrestricted and restricted cash positions converted using the daily exchange rate, as of reporting date, available at https://www.bankofcanada.ca/rates/exchange/.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/188804