---
title: "Canaan's Q4 revenue exceeded expectations, with net losses narrowing."
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/108738768.md"
description: "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."
datetime: "2024-02-27T14:00:05.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/108738768.md)
  - [en](https://longbridge.com/en/news/108738768.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/108738768.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/108738768.md) | [繁體中文](https://longbridge.com/zh-HK/news/108738768.md)


# Canaan's Q4 revenue exceeded expectations, with net losses narrowing.

Zhitong App learned that on February 27th, Canaan released its 2023 fourth-quarter earnings report. The data shows that the company's Q4 revenue was $49.1 million, a 13.6% decrease compared to the same period last year, exceeding analysts' expectations of $34.22 million by 43.40%. The net loss was $54.1 million, compared to $64.1 million in the same period last year. Non-GAAP earnings per share were $0.30, lower than $0.28. The total sales hash rate was 5.5 million terahashes per second, a 191.9% increase year-on-year and a 45.7% increase quarter-on-quarter.

In terms of business segments, product revenue was $44.9 million, compared to $47.5 million in the same period last year; among them, artificial intelligence product revenue was $0.3 million, compared to $0.2 million in the same period last year. Mining revenue was $3.7 million, compared to $10.7 million in the same period last year, a 65.5% decrease year-on-year but a 13.6% increase quarter-on-quarter.

It is understood that Canaan's growth in product revenue compared to the third quarter of 2023 was mainly driven by the increase in total hash rate and average selling price due to the rise in Bitcoin prices. Compared to the fourth quarter of 2022, the decline was mainly due to lower selling prices, despite the gradual recovery of Bitcoin prices and an increase in total sales hash rate, the reduction in inventory intensified as the halving event approached.

Regarding mining revenue, the continuous increase was mainly driven by the rise in Bitcoin prices. The year-on-year decrease was mainly attributed to the decline in mining hash rate, caused by Kazakhstan temporarily shutting down about 2.0 exahashes per second of computing power to ensure legal compliance.

In 2023, Canaan's total sales hash rate was 19.6 million terahashes per second, a 29.6% increase compared to 15.1 million terahashes per second in 2022. Revenue was $211.5 million, compared to $651.5 million in 2022. Mining revenue was $34 million, compared to $32.5 million in 2022.

Looking ahead, Canaan expects total revenue for the first quarter and second quarter of 2024 to be approximately $33 million and $70 million, respectively.

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- [Canaan (CAN.US)](https://longbridge.com/zh-CN/quote/CAN.US.md)

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