The Nasdaq-listed Bitcoin mining gear producer, Canaan, reported a web lack of $ 148 million for 2019, in line with the most recent monetary outcomes filed with the Securities and Change Fee (SEC).
The most recent unaudited quarterly monetary outcomes and 2019 Results of the China-based firm mentioned whole web gross sales for 2019 have been $ 204.three million. This represents about half of the $ 384 million the corporate generated in 2018.
Whole web gross sales elevated in This autumn 2019
In the identical quarter, the corporate's whole web gross sales elevated 66.8%, representing $ 66.5 million. This was greater than half of what it generated in the identical interval in 2018.
The corporate acknowledged that its development was primarily pushed by will increase in whole processing energy bought, which amounted to 2.9 million Trash / s in This autumn 2019, a rise of 88.6% over the earlier yr.
COVID-19 as the principle problem in 2020
In line with the SEC's document of Canaan's enterprise prospects, the COVID-19 outbreak is the primary problem the corporate will face in 2020. Canaan seems to have been influenced by present restricted business actions, together with these within the cryptocurrency market.
Their gross loss in This autumn was $ 96.7 million, in comparison with a gross revenue of $ 1.6 million in the identical interval in 2018.
Canaan's IPO class motion lawsuit is ongoing
This information comes after Cointelegraph reported on April 7, Canaan's collective IPO class motion lawsuit has a number one movement deadline for claimant set on Might 4, 2020. This movement will resolve who will signify the corporate's litigants within the proceedings.
In line with the lawsuit, Canaan's IPO is accused of violating the Securities Act of 1993. The declare is that the registration assertion was allegedly false and has offered deceptive data to traders.