Bitcoin mining rig manufacturer Canaan on Aug. 31 released its unaudited financial results for the second quarter of 2022.

While gross profit was upwards both year on year and quarter on quarter, the company still posted a net loss, albeit one which has narrowed significantly in the last twelve months.

The amount of computing power sold in its application specific integrated circuit (ASIC) hardware was 2.half-dozen million THash/s. This represents an increase of about 200% on Q1 figures of 0.nine meg THash/southward, but is an 18.ii% drop on figures from the previous year.

Revenues were also up 160% on last quarter, but downwardly a quarter from last year, at RMB 178.1 million ($25.2 million).

However, gross turn a profit of RMB 43.3 meg ($6.1 million) was upwardly over 300% yr on year, and over 1,700% on figures from Q1.

This was accompanied by a significant increase in gross margin for the quarter to almost 25%. For comparison the gross margin was 3.five% in the previous quarter and iv.5% in Q2 2022.

The result of this was a reported net loss of RMB16.eight million ($2.4 million). This was less than half of the net loss posted in the previous quarter and over 90% less than the RMB 263.1 million reported in the same quarter last year.

Canaan was the kickoff mining rig manufacturer to successfully concur an IPO, in November 2022, although information technology raised less than 25% of the $400 meg projected. Share cost has crashed some 75% since then, with today's value existence merely $2.19 of their initial $9 sale price.