Canaan Inc. (NASDAQ: CAN) sees all of its metrics rocketing but still struggles with recession
At the same time, the cost of revenues increased rapidly. In the last quarter, it reached $143.9 million, compared to $102.8 million in the first quarter of 2023 and $107.6 million in the same period of 2022. As a result, the company sees its gross losses increasing.
Admittedly, we are still facing a market that has yet to recover with soft purchasing power on the demand front, generating continued pressure on our sales. Recently, we also encountered adverse impacts from regional regulatory changes and a particular partner's breach of agreement in respect of our mining operations. However, our unwavering faith in bitcoin’s potential remains steadfast.
In the second quarter of 2023, we observed improvement in both our sales and mining activities, which contributed to our better-than-expected revenue performance. Despite a decrease in average selling price, our product sales grew by 31.3% quarter over quarter, driven by increases in total computing power sold.
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