Canaan, a Nasdaq-listed maker of cryptocurrency mining equipment, expects to book net revenue of between $150 million and $250 million in the second quarter, the company said Wednesday.

The China-based Canaan (Nasdaq: CAN) said total shipments would either maintain or surpass levels of the first quarter, when it reported net income of $200,000. 

Canaan said partnerships with large customers generally involve multi-batch mining machine purchases over a long period, reducing the impact of crypto price fluctuations and vagaries around delivery schedules. The ASIC maker said 29 customers, each with purchase orders of more than 1,000 mining machines, accounted for 94% of orders this quarter. 

As of May 31, 2021, Canaan has a total order volume of more than 149,000 mining machines with over $190 million in advance payments. Looking ahead, purchase orders of more than 10,000 mining machines have been signed with both Mawson, a U.S.-listed company, and Genesis, an international bitcoin mining giant, Canaan said.

In Q4 of last year Canaan failed to meet the surging demand for mining equipment due to supply chain issues exacerbated by the onset of COVID-19.