Nasdaq-listed Bitcoin mining gear producer, Canaan, reported a internet lack of $148 million for 2019, based on the most recent monetary outcomes
Nasdaq-listed Bitcoin mining gear producer, Canaan, reported a internet lack of $148 million for 2019, based on the most recent monetary outcomes filed with the Securities and Trade Fee (SEC).
The newest unaudited This fall and 2019 monetary outcomes from the China-based firm mentioned that its whole 2019 internet income was $204.three million. This represents roughly half of the $384 million the corporate generated in 2018.
Whole internet income elevated in This fall 2019
In the identical quarter, the corporate’s whole internet income elevated by 66.8%, representing $66.5 million. This was greater than half of what it had generated in the identical interval in 2018.
The corporate acknowledged that its development was primarily pushed by will increase in whole computing energy bought, which was 2.9 million Trash/s in This fall 2019. This represented an 88.6% enhance from the earlier yr.
COVID-19 as the important thing problem to face in 2020
In keeping with the SEC’s registration on Canaan’s enterprise outlook, the primary problem that the corporate is going through in 2020 is the COVID-19 outbreak. Canaan seems to have been affected by present restricted industrial actions, together with these on the cryptocurrency market.
Their gross loss in This fall was $96.7 million, in comparison with a gross revenue of $1.6 million throughout the identical interval in 2018.
Canaan’s IPO class motion lawsuit underway
This information comes after Cointelegraph reported on April 7 the Canaan securities IPO class motion lawsuit has a lead plaintiff movement deadline set for Might 4, 2020. This movement will resolve who will symbolize the corporate’s litigating stakeholders within the proceedings.
In keeping with the lawsuit, Canaan’s IPO is accused of getting violated the Securities Act of 1993. The declare is that its registration assertion was allegedly false and offered traders with deceptive info.