Canaan Creative, the Chinese miner manufacturer, narrowed its net loss to $2.38 million, according to the company’s Q2 2020 earnings report.
Canaan’s revenues rose 160% sequentially — from $9.6 million to $25.2 million. The largest expense items were general and administrative, accounting for 48% or $4.19 million of the miner manufacturer’s total operating expenses.
On the morning of August 31, following the release of the quarterly report, Canaan’s Nasdaq-listed shares rose 15%, to $2.29. The stock later traded around $2. The company’s market capitalization stands at $314 million.
As of June 30, Canaan held cash and cash equivalents totaling $22.2 million, down 40% from $37.3 million at the end of Q1. The company attributed the negative trend to higher short-term investments.
Canaan declined to provide guidance for Q3, citing uncertainty in the global economy.
Earlier, in Q1 2020, Canaan Creative’s net loss was $5.6 million, or $0.24 per share. In June 2020, the company’s shares reached an all-time low of $1.98.
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