Mr. Romain Nouzareth reports

SATO TECHNOLOGIES CORP. RELEASES ITS Q2 2023 FINANCIAL RESULTS: ONCE AGAIN ACHIEVING POSITIVE OPERATING CASH FLOW AND NET PROFIT

Sato Technologies Corp. has released financial results for the three and six months ended June 30, 2023. Please refer to the company's condensed interim consolidated financial statements and the accompanying management 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 and are available on the company's website.

2023 operational highlights (unaudited):

• Efficiency ratio (bitcoin produced per exahash): quarterly average of 77.86 bitcoin per exahash per second (for the three months ended June 30, 2023);
• Eight megawatts of power equipment ready for deployment to support future expansion.

2023 financial highlights (unaudited):

• Total revenue in Q2 2023 of $4,212,596, representing growth of 108 per cent when compared with the $2,021,642 of revenue for Q2 2022;
• Net income of $600,606 for the six-month period ended June 30, 2023, compared with net loss of $5,040,387 for the same period in 2022;
• Average electricity cost to mine one bitcoin in Q2 2023: $14,022 (U.S.) ($9,198 (U.S.) in kilowatt-hour cost before power premium);
• Average electricity cost to mine one bitcoin in the six-month period ended June 30, 2023: $12,538 (U.S.) ($8,195 (U.S.) in kilowatt-hour cost before power premium);
• Cash position as at June 30, 2023, of $326,204 and the equivalent of $1,214,185 worth of digital assets;
• Operating cash flow positive for Q2 2023 with $345,270 provided by operating activities.

"Yet another robust financial performance this quarter, thanks to the dedicated efforts of the Sato team. Our core aim is the construction of proprietary data centres tailored for digital asset mining and the integration of AI/HPC [artificial intelligence/high-power computing] into our data centre infrastructure, paving the way to meet future demand. Our historical growth stands testament to our efficiency. We're now channelling our energies toward replicating this growth," remarked Romain Nouzareth, chief executive officer.

The company will be hosting a conference call for the presentation of the financial results for the quarter ended June 30, 2023, followed by a question-and-answer session. The event will take place by a conference call on Aug. 23, 2023, at 10:30 a.m. EDT.

Analysts, media and investors are invited to attend.

Details of the conference call are as follows.

Date:  Wednesday, Aug. 23, 2023

Time:  10:30 a.m. Eastern Time

Dial-in number:  1-646-558-8656

Conference ID:  896 3087 0370

A recording of the call will be available on the company's website shortly after the event for those who are unable to attend. The company looks forward to having you join it for this important update and appreciates your continued support.

About Sato Technologies Corp.

Sato, founded in 2017, is a publicly listed company positioned for continuing success in deploying computing power for bitcoin mining, high-power computing (HPC) and artificial intelligence (AI) through proprietary data centres designed to provide efficient compute power tailored for the digital world. Listed on the TSX Venture Exchange under the symbol SATO and the OTCQB under the symbol CCPUF since 2021, the company prides itself on outstanding performance, financial stability and a top-tier team. Around 65 per cent of securities (on a fully diluted basis) own by officers, directors, insiders and shareholders above 7 per cent with long-term vision.

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