Bitcoin Magazine Canaan (CAN) Swings to an $8 Million Profit on Bitcoin Gains as Rig Sales Collapse 96%
Canaan Inc. (NASDAQ: CAN) swung to $8.0 million of third-quarter net income on a $51.9 million fair-value gain in its bitcoin holdings and derivatives, the mining-rig maker said Tuesday, even as machine sales collapsed 96%.
The company filed the unaudited results Tuesday in a 6-K with the Securities and Exchange Commission. Total revenue fell to $14.5 million from $150.5 million a year earlier, including $4.8 million from product sales and $9.5 million from mining. Canaan sold 1.0 million terahashes per second of computing power and mined 133 bitcoin.
The profit did not come from the business. Canaan posted an $8.6 million gross loss and a $42.9 million operating loss. Chief financial officer Jin “James” Cheng said a recovery in bitcoin prices toward quarter-end generated the $51.9 million fair-value gain and called it “distinct from underlying operating performance.”
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