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Cryptomining hardware maker Canaan reports increased revenue and reduced losses for Q2

With rising revenue, Canaan was able to reduce operating losses for the second quarter of 2020.

Image by Pete Linforth from Pixabay

Thu, 03 Sep 2020, 09:08 am UTC

Canaan Creative’s performance has significantly improved for the second quarter of 2020. Despite the weak demand for cryptocurrency mining hardware due to the coronavirus pandemic, the Chinese manufacturer managed to cut losses for the second quarter.

Canaan, which released earnings figures on August 31, reported a net loss of only $2.4 million for the second quarter of 2020, according to Bitcoin.com. This represents a $2.2 million reduction from the $5.6 million net loss that the firm reported for the first quarter this year.

The Chinese Bitcoin mining hardware maker was able to increase its revenue for the second quarter by 162 percent. From April until June 30, Canaan’s revenue soared to 25.2 million, which is $15.6 million higher than the previous quarter’s figure of $9.6 million.

The Beijing-based firm also revealed that the computing power it sold more than double in Q2. From 0.9 million terahash per second (TH/s) in Q1, Canaan sold 2.6 million TH/s in the second quarter or an increase of 280 percent. However, its computing power still declined by 18 percent compared to the year-over-year level.

Canaan’s performance has been negatively affected by the coronavirus pandemic which dampened demand for crypto mining hardware. “During the second quarter of 2020, the Covid-19 pandemic continued to impact the lives of people around the world and the Bitcoin halving event also caused significant volatility in bitcoin prices,” the company’s CEO Nangeng Zhang said.

However, the company is confident that its next lineup of products will be able to generate the growth to support its business. “We are confident that our…pipeline of next-generation products will continue to sustain our growth momentum in the future,” Zhang added.

Canaan’s report also revealed that the value of the firm’s cash and cash equivalents decreased by 40 percent to $22.2 million as of June from $37.3 million when March ended. The reason for the decline is its higher short-term investments for the period, which reached $49.2 million.

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