Canada Computational Unlimited Announces Best Quarter In History With Q3 2021 Financial Results Including Revenue Growth Of 247% From Q3 2020
Toronto, Ontario--(Newsfile Corp. - November 19, 2021) - Canada Computational Unlimited Corp. (TSXV: SATO) ("CCU" or "the Company") is pleased to announce its financial results for the three and nine months ending September 30, 2021 ("Q3 2021"). All amounts in this news release are unaudited and, unless otherwise indicated, are in Canadian dollars.
Q3 2021 Highlights:
- Revenue from digital assets mined grew 247% and 150% for the three and nine months ended September 30, 2021 compared to the three and nine months ended September 30, 2020.
- Revenue from hosting grew 1778% and 668% for the three and nine months ended September 30, 2021 compared to the three and nine months ended September 30, 2020.
- Gross profit grew 769% and 1771% for the three and nine months ended September 30, 2021 compared to the three and nine months ended September 30, 2020.
- Completed the reverse takeover of Capricorn Business Acquisitions Inc. and was listed on the TSX Venture Exchange on September 16, 2021 under the symbol SATO.
- Reimbursed, in advance, loans to related parties thereby retiring substantially the Company’s debt.
“I’m extremely pleased with the results. Buoyed by the price of Bitcoin, we reached record revenues and gross profit as well as greatly improving adjusted EBITDA performance to 35.6% of revenue vs. 16.3% for the same period last year.” commented Mr. Romain Nouzareth, CEO.
Q3 2021 Financial Overview:
For the three and nine months ended September 30, 2021, the Company recorded a net loss of $1,004,354 and $1,162,035 compared to a net loss of $424,504 and $848,483 for the three and nine months ended September 30, 2020. Contributing to the loss for the three and nine months ended September 30, 2021 are one-time listing expense related to charges in the amount of $1,942,221. A summary of the results are as follows:
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This press release makes reference to certain measures that are not recognized under IFRS and do not have a standardized meaning prescribed by IFRS. They are therefore not necessarily comparable to similar measures presented by other companies. The Company uses non-IFRS measures including “Gross Mining Profit”, "Adjusted EBITDA" and “EBITDA” as additional information to complement IFRS measures by providing further understanding of the Company’s results of operations from Management’s perspective. The above table reconcile non-IFRS measures used by the Company to analyze the operational performance of the Company, to its nearest IFRS measure and should be read in conjunction with the unaudited interim condensed consolidated statement of operations and comprehensive income (loss) and unaudited interim condensed consolidated statement of cash flows included in the unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2021.
Financial Statements and MD&A
A complete financial reporting package, including the Consolidated Financial Statements and Notes and MD&A, is available on SEDAR at www.sedar.com under CCU's profile and on the Company's website at www.ccu.ai.
About Canada Computational Unlimited Corp.
CCU.ai operates a state-of-the-art, carbon-neutral bitcoin mining center with a contract of 20 MW of stable, eco-friendly energy. The company's high-density calculation centers are built for high-grade cryptocurrency mining, AI data processing, and fintech infrastructure.
Founded in 2017, CCU.ai is led by technology entrepreneurs, electricity and ventilation experts, network specialists, and Canadian industrialists. Since its inception, the company has pursued a vision of environmental stewardship throughout the mining process. The excess supply of renewable energy in the province of Québec has made this endeavor feasible and a great base for growth.
Further information can be found at www.ccu.ai
SATO will host a webcast presentation and Q&A based on the recently filed financials on Wednesday, December 8, 2021, at 2:00 p.m. EST. For details please visit www.ccu.ai/events
For additional information, please contact:
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary Statement Regarding Forward-Looking Information
This news release contains certain forward-looking statements, including statements relating to the future performance of the Corporation, and other statements that are not historical facts. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Corporation cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
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