Crypto Mining Company Canaan Records Impressive Q2 Results

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Cryptocurrency mining manufacturer Canaan has reported its second-quarter unaudited financial results, and its performance was impressive

Canaan records a profitable Q2

Canaan, a leading high-performance computing solutions provider, reported its second-quarter financial results earlier today. The NASDAQ-listed company reported an increase in its revenue last quarter compared to the first quarter of the year.

In its press release earlier today, Canaan said, "Total net revenues were RMB1,081.8 million (US$167.5 million), marking the strongest quarterly sales in the Company's operating history, up 507.3% from RMB178.1 million in the same period of 2020, and up 168.6% from RMB402.8 million in the first quarter of 2021."

The company's gross profit was RMB427.1 million (US$66.2 million), up 887.0% from RMB43.3 million recorded in the second quarter of last year. The profit is also up 119.9% from RMB194.2 million reported in the first quarter of 2021.

Canaan's net income was RMB245.0 million (US$37.9 million). This is the highest quarterly net profit since the Canaan's initial public offering in 2019. The figure is also better than the net loss of RMB16.8 million in the same period last year and a net income of RMB1.2 million in the first quarter of 2021.  

Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, is excited about the results delivered in the second quarter of the year. He stated that "We delivered a remarkable performance in the second quarter of 2021. Despite unexpected regulatory policy dynamics and Bitcoin price volatility, we achieved record-high topline results as we delivered a robust 5.9 million Thash/s of computing power to our clients."

The CEO revealed that the crypto miner secured substantial preorders, including business developments in other parts of the world, institutional client relationship building, and strengthening its supply chain.

Canaan is known for manufacturing cryptocurrency mining machines. However, the company has ventured into Bitcoin mining itself. Canaan has been setting up a base in Kazakhstan and a few other countries and wants to become one of the leading cryptocurrency miners in the world.

Author

Hassan Maishera

Hassan is a Nigerian-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.