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SATO Technologies Corp. (TSXV: SATO, OTCQB: CCPUF) announced a fire incident at their Center One data center building on June 1, 2024. The fire occurred in the oldest part of the building, affecting around 40 PHs of computing equipment out of 560 PHs. The fire suppression system caused additional water damage. No injuries were reported. The company is assessing the damage and working with insurance companies for recovery. Contingency plans are in place to mitigate service disruptions, though no specific timeline for recovery is available. SATO is committed to operational excellence and will provide regular updates.
SATO Technologies Corp. (TSXV: SATO, OTCQB: CCPUF) announced its Q1 2024 financial results, showing significant growth. The company reported revenue of C$5.91 million, a 51% increase compared to Q1 2023. Operating cash flows were C$415,983, and EBITDA surged by 333% to C$4.92 million. Net profit reached C$3.91 million, a dramatic turnaround from a net loss of C$510,745 the previous year. As of March 31, 2024, the company held C$7.30 million in cash and digital assets. Operationally, SATO earned 83 Bitcoins at an average electricity cost of US$20,836 per Bitcoin. Additionally, 6 MW of power equipment is ready for future growth, and the mining fleet was enhanced by 17 petahashes in April 2024. CEO Romain Nouzareth highlighted the company's mining efficiency and cost management. A live conference call detailing these results is scheduled for May 22, 2024.
SATO Technologies Corp. reported an increase in mining network hashrate by 4.4% in April 2024, following the halving event resulting in a block reward reduction. The company strategically acquired new rigs to enhance operational hashrate by 17 PH/s, aiming to reach 1 EH/s capacity. SATO plans to fund future rig acquisitions using operating cash flow and other financial instruments, with a focus on maximizing shareholder value.
