Canaan Inc. Reports Narrowed Net Loss Amid Unrealized Gains in Q1 2024

Canaan Inc., a leading producer of mining rigs, reported a gross loss of $37.3 million in Q1 2024 despite generating $35.1 million in revenues. The company’s costs, totaling $72.4 million, surpassed its revenues, leading to a net loss of $39.4 million. However, an unrealized gain of $33.6 million from a change in the value of cryptocurrency helped reduce this loss, according to Bitcoin.com.

Nangeng Zhang, Canaan’s CEO, highlighted the company’s resilience and strategic efforts. He noted, “Despite the traditional slow season in the first quarter of 2024, we successfully delivered 3.4 million Thash/s of computing power sold while driving our mining revenue to an impressive $10.5 million, a significant sequential growth of 182.1%.” 

Canaan’s revenues exceeded expectations due to persistent sales efforts and optimized mining operations. The company plans to capitalize on emerging opportunities with the mass deliveries of the A14 series and the launch of the A1566 Avalon Miner.

Overall, Canaan’s performance in Q1 2024 showcases the company’s ability to navigate challenges and leverage market opportunities despite a challenging economic environment.