Update
Canaan Inc. Reports Third-Quarter Net Income of $8.0 Million
Canaan Inc. (NASDAQ: CAN) reported a third-quarter net income of $8.0 million, driven by a $51.9 million fair-value gain in its bitcoin holdings and derivatives. Total revenue fell to $14.5 million from $150.5 million a year earlier, including $4.8 million from product sales and $9.5 million from mining. The company posted an $8.6 million gross loss and a $42.9 million operating loss, with the fair-value gain considered distinct from underlying operating performance. Canaan's chairman and CEO, Nangeng Zhang, attributed the decline in mining equipment demand and intense industry competition to the drop in bitcoin prices.