Canaan Inc. Q4 Loss Narrows

(RTTNews) - Canaan Inc. (CAN) reported that its fourth quarter net loss narrowed to RMB 72.0 million from a loss of RMB 798.2 million, prior year. Non-GAAP adjusted net loss narrowed to RMB 73.1 million from a loss of RMB 750.5 million. Net loss per ADS was RMB 0.46 compared to a loss of RMB 5.34.

Fourth quarter total net revenues decreased to RMB 38.2 million from RMB 463.2 million, prior year. Total computing power sold was 0.2 million Thash/s, a year-over-year decrease of 93.1%.

The company anticipates its revenue will be substantially improved in 2021 and expects that first quarter total net revenues will be not less than RMB 400.0 million.