Canaan First Quarter 2023 Report: $55.2M Revenue, $47.5M Gross Loss

Key Points:

• Canaan’s total computing power sold was 4.2 million Thash/s in Q1 2023.
• Revenues were $55.2 million, down from $58.3 million in Q4 2022 and $201.8 million in the same period of 2022.

Canaan Inc. has released its unaudited financial results for the first quarter of 2023. Total computing power sold was 4.2 million Thash/s, up from 1.9 million Thash/s in Q4 2022 and down from 4.3 million Thash/s in 2022.

Revenues were $55.2 million, down from $58.3 million in Q4 2022 and $201.8 million in the same period of 2022. Mining revenue was $11.1 million, up 3.3% from $10.7 million in Q4 2022 and up 130.2% from $4.8 million in the same period of 2022. The gross loss in Q1 2023 was $47.5 million.

Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, expressed his confidence in the company’s long-term prospects. He also mentioned that Canaan continued to invest in research and development and production capabilities to prepare for future increases in customer demand.

We continued to invest in our research and development and production capabilities to retain our competitive edge and prepare ourselves for future increases in customer demand. We also took this opportunity to enhance our sales system to reach more global customers and improve their level of satisfaction with our products. In addition, we remain committed to executing on the expansion of our mining strategy, particularly in regards to expanding our installed hash rate. Going forward, we also intend to continue to geographically diversify our mining operations across more countries.

Mr. Nangeng Zhang stated

Canaan sustained a solid balance sheet to remain financially resilient and plans to continue to diversify its mining operations across more countries geographically. Canaan is constantly developing the next-generation computing power that underpins the growing adoption of Bitcoin, the world’s leading decentralized monetary system. The company is grateful for its ability to contribute to this remarkable era of innovation and seeks to employ its prowess in cutting-edge semiconductor design to benefit society.

Despite the current headwinds, Canaan has recently secured several large contract orders, enabling it to obtain increased cash flows from customer advances. Canaan is confident that its investments to secure foundry capacity and mining farm resources will bolster its competitive position in the next BTC price cycle.

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