TechFlow news, April 12 — ASIC and mining machine manufacturer Canaan Inc. (NASDAQ: CAN) released its unaudited financial results for 2020. In 2020, Canaan reported net revenue of $447 million, a 78.9% year-on-year decline, while net loss stood at $215 million, narrowing by 79.2% compared to the previous year.
The report attributed the revenue decline primarily to reduced computing power sales during the first three quarters. Cost of revenue dropped from $1.9 billion to $400 million due to lower computing power sales. R&D expenses decreased from $169 million to $140 million due to changes in R&D materials, while general and administrative expenses fell by 62.1% year-on-year. Following the earnings release, Canaan's stock price dropped over 30%, currently trading at $13.14.
