Canaan reports lower third quarter revenue despite posting net income
Image: NewsBTCCanaan reported third quarter revenue of $14.5 million, marking a decline from $150.5 million a year earlier. Mining equipment sales fell to $4.8 million from $118.6 million. Despite the drop in revenue, the company posted a net income of $8 million. Financial derivatives and a fair-value gain on crypto holdings contributed to this result. Canaan also announced an initial share repurchase program of $20 million.
Key points
- Canaan reported third quarter revenue of $14.5 million, down from $150.5 million a year earlier.
- A fair-value gain on crypto holdings and financial derivatives contributed to the net income.
- Canaan announced an initial share repurchase program of $20 million.
Why it matters
Hardware sales and digital asset valuations can create contrasting impacts on a mining firm's financial results.
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Sources · 2 publishers
NewsBTC
Tier 2
Canaan Revenue Falls 90% as Bitcoin Holdings Take a Bigger Role in Capital Plans
Coverage timeline
- First reported by Blockonomi
- Also reported by NewsBTC
- CryptoVideos brief published
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