Canaan First Quarter 2023 Report: $55.2M Income, $47.5M Gross Loss

Mr. Nangeng Zhang, Chairman and Chief Government Officer of Canaan, expressed his confidence within the firm’s long-term prospects. He additionally talked about that Canaan continued to spend money on analysis and improvement and manufacturing capabilities to organize for future will increase in buyer demand.

We continued to spend money on our analysis and improvement and manufacturing capabilities to retain our aggressive edge and put together ourselves for future will increase in buyer demand. We additionally took this chance to reinforce our gross sales system to achieve extra international clients and enhance their stage of satisfaction with our merchandise. As well as, we stay dedicated to executing on the growth of our mining technique, notably with regard to increasing our put in hash price. Going ahead, we additionally intend to proceed to geographically diversify our mining operations throughout extra international locations.

Mr. Nangeng Zhang said

Canaan sustained a strong stability sheet to stay financially resilient and plans to proceed to diversify its mining operations throughout extra international locations geographically. Canaan is consistently growing the next-generation computing energy that underpins the rising adoption of Bitcoin, the world’s main decentralized financial system. The corporate is grateful for its potential to contribute to this outstanding period of innovation and seeks to make use of its prowess in cutting-edge semiconductor design to learn society.

Regardless of the present headwinds, Canaan has not too long ago secured a number of massive contract orders, enabling it to acquire elevated money flows from buyer advances. Canaan is assured that its investments to safe foundry capability and mining farm sources will bolster its aggressive place within the subsequent BTC worth cycle.

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