Summary by Moomoo AI
Canaan reported Q2 2024 revenue of $71.9M, exceeding guidance and up 104.8% QoQ, driven by increased A14 product deliveries and computing power sales of 6.2M Thash/s. Operating loss narrowed significantly by 60.9% YoY and 31.5% QoQ to $46.6M, reflecting improved operational efficiency and cost control measures.The company's mining revenue was $9.3M despite Bitcoin halving impacts, with record Bitcoin holdings of 1,114.2 BTC by quarter end. Gross loss improved to $19.1M from $37.3M in Q1, while total operating expenses decreased 44% YoY to $27.5M through effective cost management, particularly in G&A expenses which fell 27% QoQ.Looking ahead, Canaan expects Q3 2024 revenue of approximately $73M. The company strengthened its financial position through preferred shares financing and secured Bitcoin-backed term loans worth $19.2M. Management expressed confidence in growth opportunities as the Bitcoin market enters a new bull phase, continuing to invest in R&D and production capacity expansion.
