Bitcoin mining platform maker Canaan released its unaudited financial results for the second quarter of 2020 on August 31.

While the gross profit increased year on year as well as in the previous quarter, the company still incurred a net loss, but it decreased significantly over the past twelve months.

The amount of computing power sold in ASIC devices was 2.6 million ter / s. This corresponds to an increase of nearly 200% compared to the first quarter of 0.9 million TB / s, but corresponds to a decrease of 18.2% compared to the previous year.

Revenue increased 160% compared to the last quarter, but fell on a quarterly basis to 178.1 million yuan (25.2 million US dollars).

However, the gross profit of 43.3 million yuan (6.1 million US dollars) increased by more than 300% year-on-year and more than 1,700% during the first quarter.

This was accompanied by a significant increase in the gross profit margin for the quarter to nearly 25%. For comparison: gross margin was 3.5% in the previous quarter and 4.5% in the second quarter of 2019.

The result was a reported net loss of 16.8 million yuan (2.4 million US dollars). This was less than half of the net loss reported in the previous quarter and more than 90% less than the 263.1 million Chinese yuan in the same quarter last year.

Canaan was the first mining equipment manufacturer to successfully go public in November 2019, although it raised less than 25% of the planned $ 400 million. The share price has since decreased by 75%, with the day’s value being only $ 2.19 from the original retail price of $ 9.

Source: CoinTelegraph