Canaan reported a net loss of $148 million for 2019

by in Blockchain News

Canaan Creative

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.

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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.