{"id":70025,"date":"2022-11-14T13:55:18","date_gmt":"2022-11-14T11:55:18","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=70025"},"modified":"2025-09-07T23:37:50","modified_gmt":"2025-09-07T20:37:50","slug":"canaans-q3-profit-plunges-90","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/canaans-q3-profit-plunges-90\/","title":{"rendered":"Canaan\u2019s Q3 profit plunges 90%"},"content":{"rendered":"<p>For the third quarter, bitcoin-miner manufacturer Canaan posted net profit of 61.1 million yuan ($8.6 million). The figure was down 90% on the quarter.<\/p>\n<blockquote class='twitter-tweet' data-lang='en'>\n<p dir='ltr' lang='en'>Canaan Inc. Reports Unaudited Third Quarter 2022 Financial Results<\/p>\n<p>Learn more\uff1a<a href='https:\/\/t.co\/038FJBBN4K'>https:\/\/t.co\/038FJBBN4K<\/a><\/p>\n<p>\u2014 Canaan Inc. (@canaanio) <a href='https:\/\/twitter.com\/canaanio\/status\/1592092536411402240?ref_src=twsrc%5Etfw'>November 14, 2022<\/a><\/p><\/blockquote>\n<p> <script async='' src='https:\/\/platform.twitter.com\/widgets.js' charset='utf-8'><\/script><\/p>\n<p>The company also reported a 74.8% drop in gross profit \u2014 <a href=\"https:\/\/forklog.com\/en\/news\/canaan-posts-327-jump-in-quarterly-profit-in-q1-2022\">from $130.9 million<\/a> to $32.9 million.<\/p>\n<p>Canaan sold miners with a total hashrate of 3.5 EH\/s during the period. Revenue per unit of hashing power fell 37.1% quarter on quarter, while revenue totaled 978.2 million yuan ($137.5 million).<\/p>\n<blockquote class='wp-block-quote is-layout-flow wp-block-quote-is-layout-flow'>\n<p>\u201cThe Bitcoin mining market deteriorated during the third quarter, as cryptocurrency prices fluctuated and recently fell to around $16,000. The negative momentum significantly constrained cash flow and miners\u2019 earnings,\u201d said Nangeng Zhao, chairman and CEO of the company.<\/p>\n<\/blockquote>\n<p>He added that this forced Canaan to adjust prices on already signed contracts. In physical terms, equipment sales for the quarter were in line with forecasts, he added.<\/p>\n<p>Against the bear market backdrop, the company continued to scale up its own mining operations, expanding in the United States, Zhao noted. Mining of cryptocurrency generated revenue of 62 million yuan ($8.77 million) for the quarter.<\/p>\n<blockquote class='wp-block-quote is-layout-flow wp-block-quote-is-layout-flow'>\n<p>\u201cLooking ahead, we face a very difficult period in the industry as the price of Bitcoin falls to a two-year low. The priority is to preserve our cash, minimise costs, and weather this market downturn,\u201d stressed the head of Canaan.<\/p>\n<\/blockquote>\n<p>The company\u2019s shares in pre-market trading rose modestly, trading at $2.71. Since the start of the year, the stock has fallen about 47%, from $5.15.<\/p>\n<figure class='wp-block-image'><img decoding='async' src='https:\/\/lh6.googleusercontent.com\/aUMNwd3AEzBxWrGbmtNvoXNnCX_-HvqPUZQN3CPddZfS8rBLKSqBlZfziThL5GIOOuYNZZAgZUw-6ADXv0qpXS2-zdLhiwciQwdaEq6YD1iy7kGvRlEd7BBGdz71BqAyNu_wwkmMXbiLNuy7aqRey_NMEQ7T2plNHU9t_RruAtpAagGApPXLwgNn0MRLHA' alt='Canaan\u2019s quarterly profit plunges 90%'\/><figcaption>Data: <a href='https:\/\/www.marketwatch.com\/investing\/stock\/can?mod=mw_quote_switch'>MarketWatch<\/a>.<\/figcaption><\/figure>\n<p>In November 2019, during its Nasdaq IPO, the company issued 10 million American depositary receipts at $9 each.<\/p>\n<p>In May, <span data-descr='U.S. Securities and Exchange Commission' class='old_tooltip'>SEC<\/span> placed Canaan on the preliminary list of Chinese companies <a href=\"https:\/\/forklog.com\/en\/news\/sec-puts-canaan-on-preliminary-delisting-list\">subject to delisting<\/a> on U.S. exchanges.<\/p>\n<p>Earlier in October, the manufacturer unveiled <a href=\"https:\/\/forklog.com\/en\/news\/canaan-unveils-new-generation-of-bitcoin-miners\">the new generation of Bitcoin miners<\/a> 13 Series Avalon Made.<\/p>\n<p>Read ForkLog\u2019s Bitcoin news on our <a href='https:\/\/telegram.me\/forklog' target='_blank' rel='nofollow noopener'>Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For the third quarter, bitcoin miner Canaan posted net profit of 61.1 million yuan ($8.6 million). The figure fell by 90% from the prior period.<\/p>\n","protected":false},"author":1,"featured_media":70026,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[845,1137],"class_list":["post-70025","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-canaan","tag-cryptocurrency-mining"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/70025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=70025"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/70025\/revisions"}],"predecessor-version":[{"id":70027,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/70025\/revisions\/70027"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/70026"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=70025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=70025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=70025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}