Canaan reports $33 million loss for 2020

The Chinese mining-hardware manufacturer Canaan posted a net loss of $33 million for 2020, according to the company’s financial statements.

For 2020 the company reported aggregate hashrate of 6.6 million TH/s (down 37.1% from 2019). Canaan’s net revenue was $68.6 million. Annual gross profit fell from $79 million to $5.8 million.

“While the COVID-19 outbreak caused supply-chain disruptions and, in turn, negatively affected our revenues in Q4 2020, our market leadership enabled us to fulfill orders worth $174 million with $66 million in customer deposits as of December 31, 2020,” the document says.

The mining-hardware maker expects to improve results in 2021. Canaan projects net revenue of at least $61 million in the first quarter.

In January 2021 the company introduced a miner with an immersion cooling system. The device’s hashrate was 50 TH/s, and power consumption of 3,400 W.

In February the Chinese manufacturer agreed to supply 6,000 units of AvalonMiner A1246 to the blockchain-hosting provider Core Scientific.

In March, Canaan sold 8,400 devices for mining Blockcap’s first cryptocurrency.

Canaan Inc. Reports Unaudited Fourth Quarter and Full Year 2020 Financial Results by ForkLog on Scribd

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