Canaan Revenue Tumbles by 49% as Net Loss Widens to $97.6 Million

Canaan Inc.'s second-quarter revenue plummeted to $31.9 million, down from $62.7 million in the previous quarter and $100.2 million a year ago.

The decline was attributed to weaker machine demand, lower Bitcoin prices, and non-cash charges, resulting in a net loss of $97.6 million for the period.

Canaan's unaudited financial results show that product revenue fell to $13.6 million, while mining revenue dropped to $17.7 million. Other revenue contributed only $600,000.