Canaan Technology today released its unaudited financial report as of June 30, 2024. Data show that the company achieved revenue of US$71.9 million in the second quarter of 2024, exceeding the expected US$70 million and a significant increase of 104.8% from the previous quarter. The company sold a total of 6.2 million Thash/s of computing power, a month-on-month increase of 83.9%. Although there are still operating losses, the losses have narrowed significantly - a decrease of 60.9% compared with the same period last year and a decrease of 31.5% compared with the previous quarter.
As of the end of June, Canaan Technology held 1,133.5 Bitcoins, with a total fair value of approximately US$69.9 million. These Bitcoins include 584.2 owned by the company, 530 pledged, and 19.3 received as customer deposits. At the same time, the company held cash reserves of $66.8 million, down from $96.2 million at the end of 2023.
