Summary:
SATO's total revenue increased by 1% and 25% in Q2 2024.
Digital asset revenue grew by 295% and 404% for the respective periods.
Gross profit reached $942,422 and $3,627,360 in Q2 2024.
Net loss of $924,526 for the three months ended June 30, 2024.
Positive cash flow from operations of $950,127 in H1 2024.
SATO Technologies Corp. Reports Q2 2024 Financial Results
Toronto, Ontario--(Newsfile Corp. - August 28, 2024) - SATO Technologies Corp. (TSXV: SATO) (OTCQB: CCPUF) is excited to share its unaudited financial results for the periods ending June 30, 2024. For full details, refer to the Company's Financial Statements and Management's Discussion.
Financial Highlights
- The predetermined halving event took place in Q2 (April 2024).
- Total revenue increased by 1% and 25% for the three and six months ended June 30, 2024, compared to 2023.
- Revenue from digital assets surged by 295% and 404% for the respective periods.
- Gross profit amounted to $942,422 and $3,627,360 compared to $1,126,750 and $2,255,995 in 2023.
- Reported net loss of $924,526 and a net income of $2,986,443 for the respective periods.
- Achieved positive cash flow from operating activities of $950,127 for the six months ended June 30, 2024.
- Earned 46 BTC and 129 BTC in the three and six months ended June 30, 2024, respectively.
- The Company had cash and digital assets totaling $5,592,365 as of June 30, 2024.
- Digital assets balance increased to $4,678,638 compared to $2,244,730 at the end of 2023.
- Positive EBITDA of $63,082 and $4,979,493 for the three and six months, respectively.
Operational Highlights
- Efficiency ratio: 31.13 BTC earned per Exahash for the three months ended June 30, 2024.
- Average electricity cost per Bitcoin: US$36,705 for the same period.
CEO Romain Nouzareth stated, "As we navigate the post-halving landscape, it's clear that Bitcoin Miners need to adapt, innovate, and operate with even greater efficiency..."
SATO Technologies will host a live conference call on August 29, 2024, at 10:00 AM EST with industry experts. The presentation will cover operational highlights and financial results, followed by a Q&A session. For more details, visit the Live Event Link.
About SATO
Founded in 2017, SATO is publicly listed and focuses on providing efficient computing power for Bitcoin mining. More info can be found at www.bysato.com.
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