Canaan's Q4 revenue exceeded expectations, with net losses narrowing.
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Canaan has released its Q4 2023 earnings report, with revenue exceeding expectations and net losses narrowing. In Q4, revenue was $49.1 million, a 13.6% decrease YoY, surpassing analysts' expectations by 43.40%. Net losses were $54.1 million, a $10 million reduction from the same period last year. By business segment, product revenue was $44.9 million, with AI product revenue at $0.3 million. Mining revenue was $3.7 million, a 65.5% YoY decrease. Canaan expects total revenue for Q1 and Q2 of 2024 to be approximately $33 million and $70 million, respectively.
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