Canaan (NASDAQ:CAN.US) reported a 2.7% YoY decrease in Q2 revenue, but sales grew by 83.9% YoY.

Canaan Inc. (Canaan.US) announced its Q2 2024 financial results. The data showed that the company's Q2 revenue was $71.9 million, down 2.7% YoY, and up 104.8% MoM. The net loss was $41.9 million, down from $110.7 million in the same period last year. The basic and diluted EPS loss was $0.15, down from $0.65 in the same period last year.

The sales volume was 6.2 million Thash/s, up 83.9% YoY.

The product revenue was $61.8 million, down from $57.9 million in the same period last year, and the mining revenue was $9.3 million, down from $15.9 million in the same period last year.

The gross profit was -$19.1 million, down from $70.1 million in the same period last year. The operating loss was $46.6 million, down 60.9% YoY, and down 31.5% MoM.

As of June 30, 2024, the company held 1133.5 bitcoins, with a book value of $69.9 million, including 584.2 bitcoins owned by the company, 530 bitcoin futures, and 19.3 bitcoins received as customer deposits.

Looking forward, the company expects its total revenue to reach approximately $73 million in Q3.