Canaan Q2 Revenue Drops as Net Loss Reaches $97.6M

Canaan Inc., a Bitcoin-mining equipment maker, reported its second-quarter revenue dropped to $31.9 million on September 8, down from $62.7 million in the preceding quarter and $100.2 million a year earlier.

The company also posted a net loss of $97.6 million due to weaker machine demand, lower Bitcoin prices, and non-cash charges.

Gross loss reached $29.3 million, with costs including a $25.3 million inventory and prepayment write-down plus provisions tied to inventory purchase commitments.