Canaan Misses Revenue Targets Amid Weaker Demand, Posts $97 Million Loss

Canaan, the Chinese company behind Bitcoin mining equipment, reported a significant revenue shortfall in its second-quarter results. The company's revenue of $31.9 million fell short of the expected range of $35 million to $45 million.

The decline was attributed to weaker demand for computing power and lower selling prices. As a result, Canaan's product revenue dropped to $13.6 million from $42.9 million in the first quarter.

Canaan also reported a net loss of $97.6 million for the quarter, which included non-cash charges such as inventory and prepayment write-downs.

The company's management pointed out that the current market conditions are likely to continue, with third-quarter revenue expected to be in the range of $11 million to $15 million.