There Was a Significant Decline Since the IPO of $ 90 million, Canaan’s share price has now declined to about $ 3.5 per share, which is almost 61 percent below the IPO price. The firm posted a net loss of $ 114.7 million in the first quarter of 2019, which grew further with a net loss of $ 31.2 million in the first nine months of 2019. Canaan’s CEO and founder, Nangeng Zhang, said the firm saw a “significant drop” amid volatility in Bitcoin price in December, despite sales growth in October and November. The remarkable point in the earnings report is: Cost. Canaan’s sales have increased over the past year, but the cost has also increased and profitability has decreased. The revenue cost for Canaan in 2019 was $ 278 million, which is $ 78 million more than the total revenue for the year. Canaan’s revenue costs generally include raw material, production and logistics costs, as well as written values of prepayments and stocks to produce mining equipment.
