{"id":79407,"date":"2023-05-26T16:21:48","date_gmt":"2023-05-26T13:21:48","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=79407"},"modified":"2025-09-11T10:52:22","modified_gmt":"2025-09-11T07:52:22","slug":"canaans-quarterly-loss-narrows-to-84-4-million","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/canaans-quarterly-loss-narrows-to-84-4-million\/","title":{"rendered":"Canaan&#8217;s quarterly loss narrows to $84.4 million"},"content":{"rendered":"<p>Following the first quarter, mining equipment maker Canaan reported a net loss of $84.4 million, after a loss of $91.6 million in the previous period.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Canaan Inc. Reports Unaudited First Quarter 2023 Financial Results<\/p>\n<p>Total Computing Power Sold Rebounded to 4.2 Million Thash\/s, up 126.8% QoQ <\/p>\n<p>Learn more: <a href=\"https:\/\/t.co\/Z7Yn0Ni2lE\">https:\/\/t.co\/Z7Yn0Ni2lE<\/a> <a href=\"https:\/\/t.co\/xF5GEvGjoO\">pic.twitter.com\/xF5GEvGjoO<\/a><\/p>\n<p>\u2014 Canaan Inc. (@canaanio) <a href=\"https:\/\/twitter.com\/canaanio\/status\/1662039059982843904?ref_src=twsrc%5Etfw\">May 26, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Miner sales, measured in hash rate, rose to 4.2 million TH\/s from 1.9 million TH\/s in Q4 2022. However revenue from equipment sales declined from $47.5 million to $44.1 million.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;In the first quarter of 2023 we faced further declines in sales revenue due to a sector-wide fall in selling prices and unforeseen delays in payments and shipments as a result of a string of U.S. bank bankruptcies,&#8221; commented Canaan&#8217;s chief financial officer James Jin Chen.<\/p>\n<\/blockquote>\n<p>Total revenue for the company, including mining and AI chips, for the quarter stood at $55.2 million (in the prior quarter \u2014 <a href=\"https:\/\/forklog.com\/en\/news\/canaans-fourth-quarter-2022-revenue-falls-60\">$56,8 \u043c\u043b\u043d<\/a>).<\/p>\n<p>Of the total, standalone cryptocurrency mining accounted for $11.3 million, up 3.3% from the previous quarter. The rise came as the firm faced issues deploying additional equipment, Chen noted.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Despite the current difficulties, I am confident the company is moving in the right direction. Recently we secured several large contract orders, which allowed us to increase cash flow from customer advances,&#8221; he said.<\/p>\n<\/blockquote>\n<p>In May, the company <a href=\"https:\/\/forklog.com\/en\/news\/cipher-mining-to-buy-11000-bitcoin-miners-from-canaan\">entered into an agreement<\/a> with Cipher Mining to supply 11,000 <a href=\"https:\/\/forklog.com\/en\/news\/canaan-unveils-new-generation-of-bitcoin-miners\">Bitcoin miners A1346<\/a> in Q3.<\/p>\n<p>The CFO stressed that the current second-quarter figures show positive momentum. He described the company&#8217;s financial position as stable.<\/p>\n<p>As of March 31, the company had cash and cash equivalents of $72 million, with total liabilities of $83 million.<\/p>\n<p>Canaan&#8217;s stock in premarket trading fell 6.2% to $2.42 at the time of writing, from a close of $2.58.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/image-330.webp\" alt=\"image-330\" class=\"wp-image-207926\"\/><figcaption>Data: <a href=\"https:\/\/www.marketwatch.com\/investing\/stock\/can?mod=mw_quote_switch\">MarketWatch<\/a>.<\/figcaption><\/figure>\n<p>Canaan was the first mining equipment maker to go public on the Nasdaq in November 2019. In its IPO on Nasdaq, the company raised $90 million by issuing 10 million American depositary receipts at $9 each.<\/p>\n<p>In May, Canaan <a href=\"https:\/\/forklog.com\/en\/news\/canaan-unveils-immersion-cooled-avalon-made-a1366i-bitcoin-miner\">unveiled<\/a> the Avalon Made A1366I ASIC miner with immersion cooling.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For the first quarter, the mining equipment maker Canaan reported a net loss of $84.4 million after a loss of $91.6 million in the previous period.<\/p>\n","protected":false},"author":1,"featured_media":79408,"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":[83,845,1137],"class_list":["post-79407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-business","tag-canaan","tag-cryptocurrency-mining"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79407","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=79407"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79407\/revisions"}],"predecessor-version":[{"id":79409,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79407\/revisions\/79409"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/79408"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=79407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=79407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=79407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}