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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.
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.
STORY CONTINUES BELOW
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.
Eliza Gkritsi
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.
