Crypto mining rig maker Canaan (CAN) reported a year on year revenue decrease of 82 to $56.8 million in Q4 2022 as it increasingly focuses on self-mining rather than selling machines, according to a Tuesday press release.
Canaan‘s mining revenue was $10.5 million in the fourth quarter, up 368.2 compared to the same period in 2021. In the same time period, it sold 75.8 less computing power.
Q4 net loss per ADS was 38 cents, compared to net earnings of 4 cents in the previous quarter and net earnings of $1 in Q4 2021.
Canaan‘s mining machines saw low demand in the fourth quarter of 2022, depressed by a slump in the price of bitcoin.
The manufacturer has been increasingly focused on self-mining "to mitigate demand risks during the market downturn," according to CEO and Chairman Nangeng Zhang. Canaan has installed 3.8 EH/s of computing power as of the end of February, he said .
Canaan expects to bring in $65 million in revenue in the first quarter of 2023.
At the time of writing, shares of Canaan were trading flat at $2.51 during pre-market trading.
