Okay, I think we are ready to start. Thank you, everyone, for joining us today. We are here to talk about our Q1 2025 financials, and here with Kyle Appleby, with our CFO since 2021, when we went listed on the stock market. We had a presentation less than a few weeks ago about our financial for 2024, so we're going to go fast on the presentation of the company. Obviously, the first slide is a disclaimer about the forward-looking information. If you're a lawyer, please read this carefully. Most of you, I'm sure, know about the company. We started as a Bitcoin miner in 2017. We mined from Quebec in Canada. We have an energy deal for 20 MW from Hydro-Joliette, which is a city where we are in. It's very near Montreal, one of the best energies in the world.
Not only is it very stable energy, it's a clean energy because it's not producing any carbon. It's mainly at 96%. It's hydro energy in Canada, in Quebec, sorry. It's also very well priced. All in, we pay CAD 0.043 to U.S. a kWh , which is one of the best prices you could find in the world. We are also 100% self-mining. We operate around 0.5 exahash currently. We have always been focusing on being ultra-efficient in the way we are managing our energy and transforming the energy into compute power. As you know, the business of Bitcoin mining and compute in general is very CapEx intensive, both on the infrastructure, meaning everything related to transforming the energy into computing power, and also everything related to cooling.
The other part that is very CapEx intensive is buying the compute itself, the mining rigs for Bitcoin mining or the GPUs for AI and HPC. We are now focusing on making sure that we can evolve into our business model by developing more compute and not focusing only on Bitcoin mining. Like many Bitcoin miners, we are working on developing our AI and HPC solution. Many were tackling the problem or tackling the issue by the infrastructure prism, meaning that we want to develop an AI factory in order to host GPUs for clients. That is what we have been working on for the past few months, and we will make more announcements as they come. Why do we do that? Because the market is booming, as you know.
There is more than CAD 1 trillion that is planned to be invested in the infrastructure for AI and HPC by 2028. 2028, it's really tomorrow in our world. It's in less than two years. It's not only in the U.S., it's also everywhere in the world. We believe that Canada and Quebec is a very strategic place for this kind of solution. We think that our center one in Quebec will be a good first platform for us to operate and develop our first AI and HPC factory. From there, being able to scale up and scale out in different places, not only in Canada, but also in the U.S. that we are currently looking at. We think we're going to be able to thrive in the industry because we have a power expertise.
We know how to innovate in developing infrastructure and how to be efficient with managing our computing. Also, if you look at the different kind of players in the world today working on that, we are kind of all at the same point because AI factories are so new and so different than anything that was built before that we are almost at the same space or the same place than any other legacy data center on one side or hyperscaler on the other side. Why? Because data center is so different from what is required for an AI factory that you really need everyone need to start from scratch to some extent. We believe we have a role to play, and our position strategically based in Quebec, near a city center in Montreal, totally makes sense.
Once we have developed and made what we called our playbook for our center number one, we'll be able to scale in other different kinds of places. I am now going to give the floor to Kyle to talk more specifically about our financial result for Q1 2025. Do not forget, this is only Bitcoin mining. Q1 was a very specific quarter into the mining world, post-halving, as you know, so the division of two of our revenues at the middle of the year in last year, but also Q1 had a very low or very relatively low price of the Bitcoin in the CAD 70,000 range and a very high difficulty. It has impacted our results, plus also a change into our infrastructure that we had to repair and make some upgrades.
We had to stop our center or part of our center a little bit more than we usually do. Kyle, I'll let you comment on this financial.
Yeah, thanks, Romain. So, as mentioned, this is for Q1 2025, three months ended March 31st, reported in Canadian dollars. Our financials are in accordance with IFRS accounting standards, and for the quarter, they are unaudited. You can see our revenue for Q1 2025 just under CAD 3 million, Q4 2024 just over CAD 3 million, and Q1 2024, CAD 5.9 million. That was from the earning of Bitcoin from mining pools. In Q1 2024, we earned 83 Bitcoin, Q4 2024, 29 Bitcoin, and Q1 2025, 22 Bitcoin. As Romain briefly mentioned, there were some negative impacts compared to the previous quarter, the halving event in April of 2024. There was a continuous increase in the network hash rate. As well, in June of 2024, we had a fire, which reduced our operational capacity from that point on. Some of the machines were not replaced.
In addition, the downtime hours were 268 hours, which represented 12.4% of our operational hours for Q1 2025 compared to 47 hours in Q1 2024. 71 of those hours were for the maintenance of our substations to improve their longevity and 197 of load-shedding hours to support the electrical grid during the extreme cold winter months. Those negatively impacted our operations during the quarter. These were partially offset by the price increase of Bitcoin from Q1 2024 to Q1 2025. Our cost of revenue basically mainly comprises of our electricity costs as well as repairs and maintenance, salary, and depreciation. The decrease in cost of sales was mainly from the reduction of miners from the fire and more downtime hours, as mentioned.
During the year, during the quarter, compared to Q1 2024, we also had a reduction of our operating expenses from CAD 898,000 down to CAD 769,000, mainly for reductions in salary and some other expenses. We are always conscious of costs and reviewing where we can cut back without impacting our operations. You can see our gross profit of CAD 298,000 for the quarter and then the resulting operating loss for the quarter of CAD 550,000 and a net profit of CAD 885,000. We also had an EBITDA loss of CAD 134,000 during the quarter, which, as you can see, compared to our previous quarters as well. The next slide, you can see here are key performance indicators that the company looks at each quarter. We have our compute power profit, which is basically profit from the mining pools and excluding depreciation. For Q1 2025, we had over CAD 835,000.
Our EBITDA, as mentioned, was a loss of CAD 134,000 and adjusted EBITDA, which is EBITDA which also excludes non-cash items like share-based compensation, unrealized revaluation of digital assets, and unrealized foreign exchange gains losses. We ended up with a positive CAD 164,000 of adjusted EBITDA. In this slide, you can see our cash and digital asset position at Q1 2025. We maintain a strong position here of over CAD 3 million. That mainly comprises the digital assets of CAD 2.9 million and the cash of CAD 180,000. We had about just over 24 Bitcoin at the end of the quarter, with the price of Bitcoin being over CAD 117,000 and over $81,000. Our capital structure at March 31st remains consistent. We have a low share count outstanding of 73.3 million. We have a few warrants and options outstanding for a fully diluted of 82.2 million.
You can also see our ticker symbols on the TSXV SATO and on the OTCQB CCPU data.
Thank you, Kyle. This is concluding the presentation of our financial for Q1. Do not forget that the market and the condition of the market are completely different, mainly because of the price of the Bitcoin. Also, the AI and HPC market is still continuing booming. We will do another presentation, obviously, for Q2 and for the following quarter. We are going to open the floor for questions if you have any. If you could add them into the chat. See if we have any. I do not see anything yet. I am going to wait for a few minutes. If there are no questions, we will close this presentation. All right. No questions. Thank you very much for joining us. We will put this presentation online available from our website, www.bysato.com. You can also subscribe to our mailing list and receive news as soon as they happen.
Thank you very much, everyone. You have a good day.