Canaan Technology had revenue of $71.9 million in the second quarter and held 1,133.5 bitcoins

Canaan Technologies, Inc. today announced its unaudited financial results for the three months ended June 30, 2024. Revenue for the second quarter of 2024 was $71.9 million, exceeding the previous estimate of $70 million and up 104.8% from the previous quarter. Total hashrate sold was 6.2 million Thash/s, up 83.9% from the previous quarter. Operating loss was $46.6 million, down 60.9% from the same period last year and 31.5% from the previous quarter.
As of June 30, 2024, the company's holdings of cryptocurrency assets consisted primarily of 1,133.5 bitcoins with a total fair value of $69.9 million, which included 584.2 bitcoins owned by the company, 530 bitcoins pledged, and 19.3 bitcoins received as customer deposits. As of June 30, 2024, the company's cash was $66.8 million, compared to $96.2 million as of December 31, 2023.