According to Foresight News, Canaan has released its unaudited financial results for the third quarter of 2023. The company reported a revenue of $33.3 million, a 54.9% decrease compared to the same period last year. Mining revenue was $3.3 million, down 64.6% year-on-year. The net loss for the third quarter amounted to $80.1 million. As of September 30, Canaan held a total of 1,238.5 BTC, valued at $30.5 million, including 860 BTC owned by the company and 378.5 BTC in customer deposits. The company had cash and cash equivalents of $40.6 million as of September 30, 2023.
In addition, on November 27, Canaan entered into a securities purchase agreement with institutional investors to issue and sell up to 125,000 Series A convertible preferred shares at a price of $1,000 per share. Canaan intends to use the net proceeds from the sale of securities for research and development, expanding production capacity, and other general corporate purposes.
