Key Takeaways
According to BlockchainReporter, Canaan reported $31.9 million in second-quarter revenue and a widened net loss of $97.6 million.
According to BlockchainReporter, Bitcoin-mining equipment maker Canaan Inc. reported second-quarter revenue of $31.9 million on September 8, dropping from $62.7 million in the previous quarter and $100.2 million a year earlier. The company posted a $97.6 million net loss for the three months ended June 30, driven by weaker machine demand, lower bitcoin prices, and non-cash charges.
Product revenue reached $13.6 million, while mining revenue contributed $17.7 million and other revenue added $600,000. Canaan recorded a $29.3 million gross loss, impacted by inventory write-downs, purchase commitment provisions, and equipment impairments. Its mining operations produced 243 bitcoin during the quarter, bringing its total holdings to 1,915.5 BTC by June 30.
Following the quarter, Canaan sold 3,952 ETH and 54 BTC in late August to raise about $13.9 million, using part of the proceeds to repurchase American depositary shares. For the third quarter, the company forecasted revenue between $11 million and $15 million, noting that the outlook depends on near-term market conditions and customer demand.
Source & Fact-Check Note
This report is synthesized from coverage by BlockchainReporter. Information has been fact-checked and structured for market clarity by CoinQuickly’s research desk.
Read original article at BlockchainReporter ↗
