SATO Technologies Corp. (TSXV: SATO) (OTCQB: CCPUF) recently announced their financial results for the first quarter of 2024, showcasing impressive growth and profitability. The company reported a revenue of C$5,914,755, marking a 51% increase compared to the same period in 2023. Additionally, SATO achieved positive operating cash flows of C$415,983 and an EBITDA of C$4,916,411, which is a remarkable 333% increase from Q1 2023. The net profit for the quarter stood at C$3,910,969, a significant improvement from the net loss of C$510,745 in Q1 2023, representing an 865% increase.
In terms of operational highlights, SATO demonstrated an efficiency ratio of 53.07 BTC per EH/s, earning a total of 83 Bitcoins during the quarter. The average all-in electricity cost per Bitcoin was reported at US$20,836, showcasing the company’s commitment to cost efficiency. SATO also revealed that they have 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 their industry-leading mining efficiency and prudent cost structure. He emphasized their focus on increasing mining efficiency and hashrate organically to adapt to new network dynamics post the April 2024 halving.
SATO Technologies will be hosting a live conference call on May 22, 2024, to discuss their operational and financial results for the quarter. Industry experts Bryce McNallie and Anthony Power will be part of the event, providing insights and engaging in a Q&A session. The company invites analysts, media, and investors to attend the conference call for a comprehensive update on their performance and future plans.