$55.2M Revenue, $47.5M Gross Loss
Mining
Revenues had been $55.2 million, down from $58.3 million in This fall 2022 and $201.8 million in the identical interval of 2022. Mining income was $11.1 million, up 3.3% from $10.7 million in This fall 2022 and up 130.2% from $4.8 million in the identical interval of 2022. The gross loss in Q1 2023 was $47.5 million.
Mr. Nangeng Zhang, Chairman and Chief Government Officer of Canaan, expressed his confidence within the firm’s long-term prospects. He additionally talked about that Canaan continued to put money into analysis and growth and manufacturing capabilities to organize for future will increase in buyer demand.
We continued to put money into our analysis and growth and manufacturing capabilities to retain our aggressive edge and put together ourselves for future will increase in buyer demand. We additionally took this chance to reinforce our gross sales system to succeed in extra international clients and enhance their stage of satisfaction with our merchandise. As well as, we stay dedicated to executing on the growth of our mining technique, significantly with regard to increasing our put in hash fee. Going ahead, we additionally intend to proceed to geographically diversify our mining operations throughout extra international locations.
Mr. Nangeng Zhang said
Canaan sustained a strong steadiness sheet to stay financially resilient and plans to proceed to diversify its mining operations throughout extra international locations geographically. Canaan is consistently growing the next-generation computing energy that underpins the rising adoption of Bitcoin, the world’s main decentralized financial system. The corporate is grateful for its potential to contribute to this exceptional period of innovation and seeks to make use of its prowess in cutting-edge semiconductor design to profit society.
Regardless of the present headwinds, Canaan has not too long ago secured a number of giant contract orders, enabling it to acquire elevated money flows from buyer advances. Canaan is assured that its investments to safe foundry capability and mining farm assets will bolster its aggressive place within the subsequent BTC value cycle.
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