Canaan Inc. Reports Unaudited Financial Results For Q1 2024

According to Odaily, Canaan Inc. has released its unaudited financial results for the first quarter of 2024, ending on March 31. The operating and financial highlights of the first quarter include a revenue of $35.09 million, exceeding the previous forecast of $33 million by 6%. The company's mining revenue stood at $10.46 million, marking a sequential increase of 182.1%. For the first time, the number of Bitcoins held by the company surpassed 1,000, reaching a record-breaking 1,057. However, the net loss was reported at $39.39 million, a sequential decrease of 71.7% and a year-on-year decrease of 53.3%. These figures indicate a significant improvement in the company's financial health despite the reported loss.