Bitcoin ASIC manufacturer Canaan saw 82% revenue drop in Q4

cointelegraph.com:

According to a new filing with the U.S. Securities and Exchange Commission on Mar. 7, Canaan, a Chinese Bitcoin (BTC) miner and manufacturer of application-specific integrated circuit (ASIC) mining machines, reported that its revenue decreased by 82.1% Y/Y to $56.8 million in Q4 2022. During the quarter, Canaan sold 1.9 million terahash per second worth of computing power for Bitcoin mining, not accounting for lower ASIC prices, representing a 75.8% decline from Q4 2021. 

At the same time, Canaan's mining revenue improved 368.2% year over year to $10.46 million. As told by Nangeng Zhang, chairman and CEO of Canaan:

Despite the segment's success, however, Canaan's net income swung to a $63.6 million loss in Q4 2022 compared to a profit of $182.0 million in Q4 2021. As told by Jin Cheng, Chief financial officer of Canaan, the loss was due to inventory write-downs and research expenses related to its new fleet of ASICs.

For the full year, the firm's revenue decreased by 13.8% to $634.9 million, mainly due to better industry conditions in Q1 and Q2 2022. The firm currently has $706 million in total assets compared to $67 million in total liabilities.