Profits vs. Losses: A Complicated Picture
Canaan’s latest financial report illustrates a classic case of the good, the bad, and the losses. While the gross profits showed healthy growth both year-on-year and quarter-on-quarter, the actual net loss still lingers like an uninvited guest at a dinner party. The company reported a net loss of RMB 16.8 million ($2.4 million), which, while still a loss, is significantly less than last year. At least it’s less embarrassing than last year’s whopping RMB 263.1 million!
A Significant Surge in Computing Power
In a remarkable turnaround, Canaan has cranked up its computing power sales of their ASIC hardware to an impressive 2.6 million THash/s, wobbling on the brink of a 200% increase compared to the 0.9 million THash/s in Q1. Eager beavers might celebrate this performance, but let’s not pop the confetti just yet—it’s still 18.2% lower than the previous year’s figures.
Revenue Chronicles: Up or Down?
With revenues soaring by 160% over the last quarter to reach RMB 178.1 million ($25.2 million), investors initially cheered like they just won the lottery. Alas, the reality check follows—a quarterly bonanza doesn’t quite offset the 25% drop compared to last year’s numbers. Still, it proves that growth is in the air, if just a little wistful!
Gross Margin Glory
The stars aligned for Canaan in the gross margin department, ballooning to almost 25% this quarter. Just a mere three percent of this was seen during the previous quarter, which means they must have found some secret sauce—or perhaps some leftover fortune cookie wisdom from last year when it was just 4.5%.
IPO and Beyond: A Rollercoaster Ride
Since making waves as the first mining rig manufacturer to go public in November 2019, Canaan’s stock has taken a rollercoaster plunge of 75%. From a hopeful initial price of $9, they now find themselves languishing at a mere $2.19. It’s like realizing you took a wrong turn at Albuquerque and ended up in a desert of disappointment.
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