TAAL ANNOUNCES 2022 THIRD-QUARTER FINANCIAL RESULTS

Toronto, Nov. 10, 2022 /CNW/ – TAAL Distributed Information Technologies Inc. (CSE: TAAL) (FWB: 9SQ1) (OTC: TAALF) (“TAAL“or”Company“), a leading integrated blockchain infrastructure and business service provider, announces its financial results for the last three and nine months September 30, 2022 (“Q3 2022“). The financial 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

  • The total revenue from the hashing operation was $4.4 millioni $8.0 million reduce since $12.4 million in the third quarter of last year (“Q3 2021“). The decrease in revenue was due to lower BSV prices during Q3 2022 which were about one-third of those in Q3 2021.

  • Adjusted EBITDA was a loss of $4.2 million compared to wages $3.9 million in Q3 2021.

  • Revenue expenditure was $4.6 millionup from $4.4 million in Q3 2021, due to more Blockchain Computing units operating in third-party hosting centers and a decrease in the number of additional machines.

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

  • The operating loss was $4.9 million in Q3 2022 compared to the salary of $2.1 million in Q3 2021.

  • The total net loss for Q3 2022 was $5.2 million against $2.3 million revenue in Q3 2021.

  • Since September 30, 2022TAAL was about 65,237 BSV, 14,852 BCH and 5.39 BTC in the currency area.

  • Since September 30, 2022TAAL had it $8.1 million money, $7.0 million in digital assets, and $14.1 million working capital.

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Q3 2022 Performance Highlights

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

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

  • July 13: Complete an agreement to deliver 100 petahash/second of computing power to the Internet by acquiring 968 Bitmain S19J Pro machines and managing them locally In New Mexico.

Management Comments

“We are excited about the expansion of our blockchain computing equipment, which currently operates at 550 petahash/second of computing power supporting Metanet services that serve our international customer base,” it said. Richard Baker, CEO. “At the end of the quarter, the Company’s biggest announcement was our move to the industry, which should help give us more flexibility and options. TAAL’s board believes that this private transaction represents the best way for the Company and our Shareholders. If investors have other questions, we encourage them to contact the Company and our investor relations team.”

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About TAAL Distributed Information Technologies Inc.

TAAL Distributed Information Technologies Inc. delivers value-added blockchain services, providing high-quality, high-risk blockchain infrastructure and transaction platforms to support building business solutions and applications on the BSV platform, and developing, operating, and managing distributed computing systems for business users. . The BitcoinSV Blockchain is the world’s largest public blockchain by all major usage metrics, data storage, daily transaction volume, scalability, and average block size.

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

CSE, or its Regulatory Services Provider, does not accept responsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Certain statements included in this news release constitute “forward-looking information” as defined under applicable Canadian securities law. The words “will”, “intend”, “expect” and similar expressions are intended to identify forward-looking information, although not all forward-looking information will contain these indicative words. Specific forward-looking information contained in this news release includes but is not limited to statements regarding: completion of the transaction, future demand for Metanet Services, the Company’s future service offerings, TAAL’s future computing power and capacity; development plans and job redistribution to North America, geopolitical risks to operations and business and strategic TAAL initiatives. 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, it by its nature requires assumptions and involves inherent risks and uncertainties. TAAL cautions that although the assumptions are believed to be reasonable under the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from expectations. Risk factors include future admissions Bitcoin SV and other digital assets and risks related to the processing of information using those platforms, TAAL’s ability to use the intellectual property as sources of revenue and other risks set forth in TAAL’s Annual Information Form dated. March 31, 2022, under the heading “Risk Factors” and elsewhere in TAAL’s continuous 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 does not undertake to update any forward-looking information to reflect new, subsequent or alternative information.

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Source Taal Distributed Information Technologies Inc.

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