Canaan’s Web Revenue Reaches $38 Million in Q2 2021

Picture: FM

Canaan, a number one crypto mining {hardware} producer and computing options supplier, just lately launched its unaudited monetary outcomes for the second quarter ended 30 June 2021. The corporate’s internet revenues reached $167.5 million within the newest quarter, the very best within the firm’s working historical past.

By way of internet revenue, Canaan reported a large turnaround. The corporate’s internet revenue touched $37.9 million in Q2 2021, in comparison with a internet lack of RMB 16.8 million throughout the identical interval in 2020. Canaan posted a gross revenue of $66.2 million in Q2 2021, which is up by almost 887% in comparison with the identical interval final 12 months.

Canaan‘s complete computing energy offered within the newest quarter was 5.9 million Thash/s, up 126.9% from 2.6 million Thash/s in the identical interval of 2020 and up 200.0% from 2.0 million Thash/s within the first quarter of 2021, one other file excessive.

“We delivered a outstanding efficiency within the second quarter of 2021. Regardless of surprising regulatory coverage dynamics and Bitcoin value volatility, we achieved record-high topline outcomes as we delivered a strong 5.9 million Thash/s of computing energy to our purchasers. In the course of the second quarter and just lately, we additionally secured substantial preorders, because of the efficient execution of our methods, together with enterprise growth within the abroad markets, institutional shopper relationship constructing, and strengthening our provide chain,” Nangeng Zhang, Chairman and Chief Govt Officer of Canaan, commented.

“Concerning our self-operated Bitcoin mining program, we plan to proceed to deploy computing energy to understand the super alternatives of Bitcoin mining,” Zhang added.

File Quarter for Canaan

In the course of the newest quarter, the corporate noticed file development when it comes to operational and monetary metrics. Primary internet earnings per American depositary share (ADS) within the second quarter of 2021 was RMB 1.46 (US$0.23). As compared, the fundamental internet loss per ADS in the identical interval of 2020 was RMB 0.11.

Within the latest quarter, Canaan additionally elevated its funding in analysis and growth efforts. Analysis and growth bills within the second quarter of 2021 had been RMB 64.0 million (US$9.9 million).

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