Canaan Misses Q2 Earnings, Guides Q3 Revenue Significantly Below Consensus

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Canaan Inc (NASDAQ: CAN) reported a Q2 FY23 revenue of $73.9 million, down from $245.9 million a year ago, missing the consensus of $77.26 million. Product revenue fell to $57.9 million from $238.1 million on lower selling price due to declining bitcoin price. Mining revenue increased to a historic high of $15.9 million from $7.8 million the prior year, mainly led by increased computing power energized for mining. Total computing power sold rose 11.7% Y/Y to 6.1 million Thash/s. EPS of $(0.59) missed the consensus loss of $(0.12). As of June 30, 2023, cash and cash equivalents stood at $66.1 m…

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