The company said first-quarter revenue came in within its previously issued outlook, while it recorded an $88.7 million net loss for the period.
Canaan reported an $88.7 million net loss for the first quarter, while revenue landed in line with the company’s guidance. The update indicates that the crypto mining hardware maker met its own top-line expectations despite posting a substantial quarterly loss, a metric often watched closely in the Bitcoin mining sector because profitability can be pressured by hardware demand cycles, operating costs, and digital asset market conditions.