Bitcoin Miner Canaan’s Stock Spikes After Q3 Revenue Rise, Even as BTC Falls

Canaan Inc., a Bitcoin mining firm, saw its stock rise sharply after reporting a remarkable 104% year-over-year revenue increase in its Q3 earnings report. The company generated total revenues of $150.5 million, driven by substantial growth in mining machine sales and mining operations, yet still reported a net loss of $27.7 million, albeit improved from $75.6 million the previous year. Canaan's mining revenue leaped 241%, totaling $30.6 million, while the firm achieved a gross profit of $16.6 million, a recovery from a loss in the same quarter last year. Despite these successes, Bitcoin itself has struggled, dipping below $90,000 for the first time since April. The cryptocurrency's price was around $93,500, reflecting ongoing market challenges. Amid these fluctuations, Canaan projects Q4 revenues between $175 million and $205 million, indicating anticipated growth despite the challenging market landscape. The company has also introduced new mining technology to bolster its operations, highlighting its strategic focus even during broader market volatility.

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