TAAL ANNOUNCES 2022 THIRD-QUARTER FINANCIAL RESULTS

TORONTO, November 10, 2022 /CNW/ – TAAL Distributed Information Technologies Inc. (CSE: TAAL) (FWB: 9SQ1) (OTC: TAALF) (“TAAL” or the “Company“), a vertically integrated blockchain infrastructure and service provider for enterprises, announces its financial results for the three and nine months ended September 30, 2022 (“Q3 2022Financial statements are available for review on the Company’s SEDAR profile at www.sedar.com and on the Company’s website at www.taal.com/investors. All financial information in this press release is reported in Canadian dollars unless otherwise indicated.

TAAL Distributed Information Technologies Inc.  (CNW Group/Taal Distributed Information Technologies Inc.)

TAAL Distributed Information Technologies Inc. (CNW Group/Taal Distributed Information Technologies Inc.)

Q3 2022 Financial Highlights

  • Gross revenue was from hashing operations $4.4 millionthe $8.0 million decrease from $12.4 million in the third quarter of the previous year (“Q3 2021“). Gross revenue decreased due to lower BSV prices during Q3 2022 which were approximately one-third of those in Q3 2021.

  • There was a loss of adjusted EBITDA $4.2 million compared to earnings of $3.9 million in Q3 2021.

  • There was a cost of income $4.6 millionup from $4.4 million in Q3 2021, due to more Blockchain Computing Units in place at third-party hosting facilities and depreciation of the additional machines.

  • Loss before operating expenses $678 thousand compared to earnings of $7.0 million in Q3 2021.

  • There was an operating loss $4.9 million in Q3 2022 compared to earnings of $2.1 million in Q3 2021.

  • It was a total comprehensive loss for Q3 2022 $5.2 million against $2.3 million of revenue in Q3 2021.

  • Of course September 30, 2022TAAL had about 65,237 BSV, 14,852 BCH and 5.39 BTC in coin fund.

  • Of course September 30, 2022there was TAAL $8.1 million cash, $7.0 million in digital assets, and $14.1 million of working capital.

Also Read :  Internet radio aggregator TuneIn says it’s nearing a tipping point

Q3 2022 Operational Highlights

  • August 30: Announces the transition to a Metanet Services Provider to help enable the next generation of global data commerce.

  • July 11: Signing a hosting agreement to bring 3,000 machines representing 300 petahash/second online in the US by Q4, powered by clean energy.

  • July 13: Finalize an agreement to bring 100 petahash/second of computing power online by acquiring 968 Bitmain S19J Pro machines and hosting them at a facility in New Mexico.

Management Commentary

“We are pleased with the expansion of our blockchain computing equipment, which currently operates at 550 petahash/second of computing power that underpins Metanet’s offering of services to our international client base,” said Richard Baker, CEO. “After the end of the quarter, the biggest announcement made by the Company was our going-private transaction, which will help provide us with more flexibility and options. The TAAL board believes that this private transaction represents and the best way forward for the Company and our Shareholders. Should investors have any questions, we encourage them to contact the Company as well as our investor relations team.”

Also Read :  Harris to announce over $13 billion in assistance to help cut energy costs this winter

About TAAL Distributed Information Technologies Inc.

TAAL Distributed Information Technologies Inc. provides value-added blockchain services, providing professional-grade, highly scalable blockchain infrastructure and transaction platforms to support businesses in building solutions and applications on the BSV platform, and developing, operating and managing distributed computing systems for enterprise users. . BitcoinSV Blockchain is the world’s largest public blockchain according to the major metrics of utility, data storage, daily transaction volume, scalability, and average block size.

For more information visit – www.taal.com/investors

Neither the CSE nor its Control Services Provider assumes any responsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT REGARDING IMPROVEMENT OF INFORMATION

Certain statements contained in this news release constitute “forward-looking information” as defined under applicable Canadian securities legislation. The words “will”, “tends”, “expect” and similar expressions are intended to identify forward-looking information, although not all forward-looking information will contain these identifying words. Certain forward-looking information contained in this news release includes, but is not limited to, statements regarding: the completion of the transaction, the future demand for Metanet Services, the Company’s future service offerings, TAAL’s future computing power and capability; development plans and redeployment activities i North America, geopolitical risks to TAAL’s operations and business and strategic plans. These statements are based on factors and assumptions related to historical trends, current conditions and expected future developments. Since forward-looking information relates to future events and conditions, by its very nature, it requires assumptions and involves inherent risks and uncertainties. TAAL cautions that, although the assumptions are believed to be reasonable in the circumstances, these risks and uncertainties give rise to the fact that actual results could differ materially from expectations. Material risk factors include future acceptance Bitcoin SV and other digital assets and risks related to information processing using those platforms, TAAL’s ability to leverage intellectual property into viable revenue streams and other risks outlined in TAAL’s dated Annual Information Form. March 31, 2022, under the heading “Risk Factors” and elsewhere in TAAL’s ongoing disclosure filings available on SEDAR at www.sedar.com. Given these risks, undue reliance should not be placed on the forward-looking information contained herein. Except as required by law, TAAL undertakes no obligation to update any forward-looking information to reflect new information, subsequently or otherwise.

Also Read :  3D VR-based learning improves radiography student performance

SOURCE Taal Distributed Information Technologies Inc.

Cision

Cision

View original content for multimedia download: http://www.newswire.ca/en/releases/archive/November2022/10/c3939.html

Source

Leave a Reply

Your email address will not be published.

Related Articles

Back to top button