Crypto Mining Rig Maker Canaan's Q4 Revenue Sunk 82% to $56.8M

The firm reported Q4 net loss per ADS of 38 cents compared to $1 for the same period in 2021.

AccessTimeIconMar 7, 2023 at 11:37 a.m. UTC
Updated May 9, 2023 at 4:09 a.m. UTC
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Crypto mining rig maker Canaan (CAN) reported a year-on-year revenue decrease of 82% to $56.8 million in the fourth quarter of 2022 as it increasingly focuses on self-mining rather than selling machines, according to a Tuesday press release.

Canaan's mining revenue was $10.5 million in the fourth quarter, up 368.2% compared to the same period in 2021. In the same time period, it sold 75.8% less computing power.

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  • Q4 net loss per the company's American depositary shares (ADS) was 38 cents, compared to net earnings of 4 cents in the previous quarter and net earnings of $1 in Q4 2021.

    Canaan's mining machines saw low demand in the fourth quarter of 2022, depressed by a slump in the price of bitcoin.

    The manufacturer has been increasingly focused on self-mining "to mitigate demand risks during the market downturn," according to CEO and Chairman Nangeng Zhang. Canaan has installed 3.8 EH/s of computing power as of the end of February, he said .

    Canaan expects to bring in $65 million in revenue in the first quarter of 2023.

    At the time of writing, shares of Canaan were trading flat at $2.51 during pre-market trading.


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    Eliza Gkritsi

    Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.

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