SATO Technologies Corp. Announces Financial Results for Q1 2024 and Live Conference Call Details
SATO Technologies Corp. Reports Record Financial Results for Q1 2024
Toronto, Ontario– SATO Technologies Corp. (TSXV: SATO) (OTCQB: CCPUF) has announced its financial results for the three month period ended March 31, 2024, showcasing impressive growth and profitability. The company reported a revenue of C$5,914,755, marking a 51% increase compared to Q1 2023. Additionally, SATO achieved positive operating cash flows of C$415,983 and EBITDA of C$4,916,411, representing a remarkable 333% increase from the previous year. The net profit for Q1 2024 stood at C$3,910,969, a significant improvement from the net loss of C$510,745 in Q1 2023.
Operational highlights included an efficiency ratio of 53.07 BTC per EH/s, with 83 Bitcoins earned during the period. The average all-in electricity cost per Bitcoin was reported at US$20,836, and the company has 6 MW of power equipment ready for deployment to support future expansion.
Romain Nouzareth, Co-Founder, Chairman, and CEO of SATO, attributed the company’s success to its industry-leading mining efficiency and prudent cost structure. He emphasized the focus on increasing mining efficiency and hashrate organically post the April 2024 halving.
SATO Technologies will be hosting a live conference call on Wednesday, May 22, 2024, at 10:00 AM EST, featuring industry experts Bryce McNallie and Anthony Power. The call will cover operational and financial highlights for Q1 2024, followed by a Q&A session. Interested parties can register for the event and submit questions in advance.
The company’s cash and digital asset balance as of March 31, 2024, was reported at C$7,304,286, reflecting a strong financial position. SATO, founded in 2017, is a publicly listed company providing efficient computing power for various applications, including Bitcoin mining, HPC, AI, and L2’s.
For more information about SATO Technologies Corp. and to access the full financial report, visit their website at www.bysato.com. Investors and media representatives can contact the Investor Relations team at [email protected] or by phone at +1 (450) 756-3636.
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Source: https://www.newsfilecorp.com/release/209956
