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Canaan Posts 13$ Million Q3 Profit In Latest Filing

Canaan Creative has made around 94 million yuan, approximately $13 million net profit for Q3 2019. Canaan is the world’s second-largest bitcoin mining maker.

On Nov. 6 Canaan revealed an updated filing of its IPO in the US.

The report stated a 13$ million on a revenue of 670 million yuan or 95$ million while recording a 40 percent growth over the same period during last year. That amounted to a net loss of $31.2 million on revenue of $132 million for nine months ending in September this year, as the firm recorded a net loss of $45.8 million for the first half of 2019.

Canaan chairman Kong Jianping

Canaan officially filed for an IPO in the U.S. last month as its third attempt to go public after its first two applications in mainland China and Hong Kong, respectively, fell through.

The price jump of Bitcoin in the early part of the year boosted the sales of Canaan’s Avalon miners. It resulted in an increase in demand of the market that surpassed the firm’s supply.

The lastest filing reported that Canaan’s main sales volume for 2019 came from its older Avalon 8 series products with 265,756 units sold. Its latest models A9 and A10 models recorded a sales volume of 88,034 and 56,556 units, respectively.


Source: US Securities and Exchange Commission (SEC) Image: CoinDesk