Canaan reveals tough fourth quarter with revenue down 60%


Canaan Inc. shared its unaudited fourth-quarter and full-year monetary outcomes for 2022 — exhibiting a giant decline towards the tip of the yr.

Complete computing energy bought in This fall 2022 decreased by 45.8% to 1.9 million Thash/s from 3.5 million Thash/s in Q3. Worse but, Canaan noticed a lower of 82.1% from This fall 2021.

In the meantime, revenues decreased by 59.9% from Q3 2022 and 82.1% from This fall 2021. Nevertheless, mining income elevated by 16.3% from Q3 2022 and 368.2% from This fall 2021.

12 months-over-year decreases are additionally reported in complete computing energy bought and revenues, with the previous dropping by 32.4%.

“We went by way of a troublesome fourth quarter because the additional sinking bitcoin worth throughout the quarter led to lackluster market demand for mining machines as we anticipated,” mentioned Canaan Chairman and CEO Nangeng Zhang.

Canaan CFO James Jin Cheng famous that the corporate’s gross loss was, partly, on account of higher depreciation ensuing from its rising bitcoin mining fleet.

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