Canaan, the ASIC miner manufacturer based in China, has reported its financial results to the US Securities and Exchange Commission (SEC), indicating a massive 82% drop in revenue during the last quarter of the year.
The report shows that the company earned a meager $56.8 million during October-December, with a loss of $63.6 million in the same period. In contrast, the company’s net income for the fourth quarter of 2021 was a staggering $182 million.
It’s worth mentioning that Canaan’s cryptocurrency mining revenue surged by 368.2% to $10.46 million over the year, including independently engaged in mining.
Canaan’s Chairman and CEO Nangeng Zhang said that they have made significant investments in their mining business, including launching farms in regions that offer more favorable conditions. As of February, the total hashrate of Canaan’s equipment reached 3.8 exahashes per second.
Meanwhile, the company’s CFO Jin Cheng emphasized that their losses are due to reorganizing their business and developing new types of equipment, which were also affected by the overall decline in the cryptocurrency market. Last November, reports surfaced that Canaan was significantly expanding its operations.