Canaan Reports Unaudited Q3 2023 Financial Results and Announces Securities Purchase Agreement

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.