Chinese Bitcoin mining company Canaan has reported a slight improvement in some of its financial metrics in the first quarter of 2023, although it still lags behind last year’s figures. Canaan’s unaudited report shows a net loss of $84.4m in Q1, compared to a net loss of $91.6m in the previous quarter. However, this is a significant reversal from the same period in 2022, when the company reported a net income of $65.1m. The company claims to be expanding operations despite the ongoing bear market and associated drop in earnings. The quarterly results were impacted by low market demand that hindered product revenue, the ongoing crisis in the banking system, and the slow recovery of Bitcoin‘s price. Revenue in Q1 totalled $55.1m, against $58.3m last quarter, and $201.8m in the same period of 2022. Canaan’s chief financial officer, James Cheng, said the revenue results “fell short” of expectations.
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