Share this article
Canaan Reports $12M Q3 Loss, Says There's 'Rebounding Demand' for Mining Machines
Mining hardware manufacturer Canaan Creative reported a Q3 net loss that is more than quadruple its Q2 loss.
By Zack Voell
Updated Sep 14, 2021, 10:36 a.m. Published Nov 30, 2020, 5:06 p.m.
Mining hardware manufacturer Canaan Creative reported a Q3 net loss of $12.7 million, or 54 cents per share, more than quadruple the size of Q2's $2.38 million loss, or 10 cents per share.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- Total net revenue in Q3 for the Hangzhou, China-based company fell 5% to $24 million since the previous quarter, per an an unaudited financial report released Monday.
- The price of bitcoin gained 18% in Q3.
- Cash held by Canaan grew nearly 18% in Q3 to over $26 million, up from barely $22 million in the previous quarter.
- Offering some optimism while reporting the significantly wider quarterly loss, CFO Quanfu Hong said that "demand for mining machines in the market continued to rebound in Q3 2020. We have received a large number of pre-sale orders scheduled for delivery starting in the fourth quarter," he said.
- Canaan shares have surged 183% to date in Q4, reaching $7.25 on Wednesday. At the end of Q4, shares had dropped nearly 85% from its initial listing, trading at $1.83.
- At last check, Canaan shares traded at $5.23, down 13%
- The company has traded on the Nasdaq for only 12 months after the firm abandoned plans for an initial public offering on the Hong Kong Stock Exchange.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
Top Stories
