Chinese Bitcoin mining company Canaan reported slight improvements in some of its financial metrics in the first quarter of 2023. The progress, however, is still far behind where it was last year in this period.According to an unaudited report posted on its investor relations page, Canaan’s net loss was $84.4 million in Q1, lower than its $91.6 million net loss in the previous quarter. The net loss represents a major reversal compared to the same period in 2022, when the firm reported a net income of $65.1 million. Diluted net loss per American depositary share (ADS) in the first quarter of 2023 was $0.51, down from $0.55 in the previous quarter, while diluted net earnings per ADS in the same period of 2022 stood at $0.38. According to Investopedia, an ADS is an equity share in a non-U.S. company held by a United States depositary bank and available for purchase by investors.
