Bitcoin mining hardware maker Canaan lost $148.6M in 2019, according to new financials

Canaan, the Nasdaq-listed bitcoin mining equipment maker, reported a net loss of $148 million for 2019. 

The Hangzhou, China-based company disclosed in its unaudited Q4 and 2019 financial results, filed with the Securities and Exchange Commission (SEC), that its total net revenue in 2019 was $204.3 million – nearly half of what it earned in 2018. 

It's worth noting that Canaan's loss from operations in Q4 reached as high as $115.1 million, compared to $10.6 million from the same period in 2018. 

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However, it did seem to sell more computing power in 2019. While it sold 7.2 million TH/s in 2018, in 2019 that number increased by 47.1% to 10.5 million TH/s, according to the documentation.

Canaan had a high profile debut on Nasdaq debut last November, after one of its lead underwriters Credit Suisse dropped out. In February 2020, its stock surged more than 80% in one day to its all-time high.

However, the price soon fell from the cliff and has been hovering around its all-time low since then. The company was then hit with a lawsuit for allegedly misleading investors in its initial public offering filing. 

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Celia joined The Block as a reporter after earning her BA in the History of Science from the University of Chicago. Having spent years pondering over why 2+2 cannot equal 5, she is interested in the history and philosophy of mathematics, computation, and cryptography. She also had a very brief stint at Crunchbase News.

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