Chinese Bitcoin miner manufacturer Canaan Inc. has reported significant revenue figures for the second quarter of 2021 despite a drop in the price of Bitcoin (BTC).
Canaan’s unaudited Q2 financials were released on Tuesday, and the business reported total net revenue of over $1 billion Chinese renminbi (about $167.5 million). This is the Bitcoin miner manufacturer’s highest quarterly sales statistic.
Indeed, Canaan’s Q2 revenue is up 168 percent from the company’s first-quarter financials and up 507.3 percent from Q2 2020.
The report revealed a $37.9 million net profit for the quarter, which was not the only quarterly gain. The result is the company’s biggest quarterly net profit since its initial public offering in 2019, according to the document.
Canaan reported a $33 million net loss in Q1 despite the favourable Bitcoin price activity that dominated the first months of 2021, as previously reported by Cointelegraph.
Significant inventory purchases from large mining companies aided Canaan’s revenue and profit performance in the second quarter.
In the second quarter of 2021, the firm supplied hardware totalling 5.9 million terahashes per second (TH/s), up 200 percent from the first quarter’s delivery data.
Genesis Digital Assets revealed in August that it has purchased 20,000 Bitcoin miners from Canaan, with intentions to purchase another 180,000 rigs.
“Despite unanticipated regulatory policy dynamics and Bitcoin price volatility, we produced record-high topline results as we delivered a solid 5.9 million TH/s of computing power to our clients,” said Canaan CEO Nangeng Zhang of the company’s Q2 performance.
Canaan’s stock is up more than 5% as of this writing, but it has yet to match its mid-March 2021 high above $36. In terms of price performance, the company’s stock is still net positive for the year, having risen almost 37% since January 1.