Chinese mining corporation Canaan Creative proclaimed a net loss of $148.6 million for 2019. On Thursday, April 9, the organization published its initial income report since the IPO on the Nasdaq Stock Exchange in November.
After an IPO of $90M, the value of the company's shares fell significantly and is presently trading at around $3.5, which is 61% lower than the offering cost.
The immense loss of the corporation was recorded in the Q4 of the last year.
CEO of the organization Nangeng Zhang said in the report that although the firm registered sales growth in autumn, there was a “significant drop” in December against the backdrop of BTC rate volatility.
“COVID-19 negatively influenced the overall business, economy, and monetary markets, including the crypto market; we have reduced our forecasts for the company's business for 2020. Canaan anticipates total revenue of at least 60 million yuan ($8.5 million) in the Q1 of 2020,” the paper said.