Canaan Reports Q2 Net Loss of $97.6M Amid Bitcoin Price Drop

Global Bitcoin mining hardware manufacturer Canaan Inc. reported that its second-quarter revenue declined by 68% year-on-year to $31.9 million due to falling Bitcoin prices and a sharp drop in equipment demand, resulting in a net loss of $97.6 million. The company attributed the $25.3 million inventory valuation loss to Bitcoin's price drop from $82,000 to $58,000. Canaan also forecasted Q3 revenue between $11 million and $15 million, signaling further financial deterioration.