Mr. Romain Nouzareth reports

SATO TECHNOLOGIES CORP. RELEASES ITS Q3 2023 FINANCIAL RESULTS

Sato Technologies Corp. has released financial results for the three and nine months ended Sept. 30, 2023. Please refer to the company's condensed interim consolidated financial statements and the accompanying management's 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.

Third quarter 2023 operational highlights (unaudited):

• Efficiency ratio (BTC produced per exahash): 71.85 BTC per EH per second quarterly average for the three months ended Sept. 30, 2023;
• Six megawatts of power equipment ready for deployment to support future expansion.

Financial highlights (unaudited):

• Total revenue in Q3 2023 of $4,070,260, representing growth of 46 per cent when compared with $2,790,270 of revenue for Q3 2022;
• Average electricity cost to mine one bitcoin in the nine-month period ended Sept. 30, 2023: $9,196 (U.S.) ($14,655 (U.S.) in kilowatt-hour cost including power premium);
• Operating cash flow positive year to date with $839,900 provided by operating activities;
• EBITDA (earnings before interest, taxes, depreciation and amortization) of $2,114,848 for the nine-month period ended Sept. 30, 2023, compared with negative EBITDA of ($4,573,626) for the same period in 2022;
• Net loss of ($175,329) for the nine-month period ended Sept. 30, 2023, compared with a net loss ($6,579,832) for the same period in 2022;
• Cash position as at Sept. 30, 2023, of $2,348,612 and the equivalent of $1,285,491 worth of digital assets;
• Operating income of $333,782 for the nine-month period ended Sept. 30, 2023, compared with operating loss of ($5,848,753) for the same period in 2022.

"It is often challenging, in our industry, to achieve positive EBITDA, making our accomplishment in this area a testament to the efficiency and effectiveness of our mining operations. The third quarter marked a significant transition for our company as we shifted entirely to self-mining. This strategic move positions us favourably among the leading public bitcoin mining companies, underscoring our commitment to growth and operational excellence," 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 Sept. 30, 2023, followed by a question-and-answer session. The event will take place through a conference call on Nov. 29, 2023, at 9 a.m. EDT.

Analysts, media and investors are invited to attend.

Details of the conference call are as follows.

Date:  Wednesday, Nov. 29, 2023

Time:  9 a.m. Eastern Time

Dial-in number:  1-646-558-8656

Ask your questions in advance.

Conference ID:  896 3087 0370

A webcast will be available.

A recording of the conference 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 infrastructures designed to provide efficient compute power tailored for the digital world for bitcoin mining, high power computing, artificial intelligence and L2s. Listed on the TSX Venture Exchange (SATO) and the OTCQB (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) are owned by officers, directors, insiders and shareholders above 7 per cent with long-term vision.

We seek Safe Harbor.