The Quarterly Loss of Miner Canaan Drops to $84.4M
Crypto miner Canaan has reported a net loss of $84.4 million in the first quarter of 2023, an increase from the loss of $91.6 million in the fourth quarter of 2022.
Equipment sales revenue decreased from $47.5 million to $44.1 million as a result of an industry-wide decline in selling prices and disruption caused by several US bank failures.
Total revenue, which included mining and AI chip divisions, was $55.2 million (up from $56.8 million in the previous quarter).
Of the total, $11.3 million came from independent mining of cryptocurrencies—a 3.3% increase from the previous quarter in spite of difficulties in deploying additional hardware.
CFO James Cheng has expressed optimism in the face of the company’s current challenges, noting that large contract orders had enabled a rise in cash flows.
