The Chinese manufacturer of ASIC miners Canaan has filed a financial results report with the US Securities and Exchange Commission (SEC), from which it follows that the company’s revenue for the last quarter of the year collapsed by 82%.

The report says that the company’s revenue for October-December amounted to $56.8 million, and the loss for the same quarter reached $63.6 million. For comparison, a year earlier, the company reported a net profit of $182 million for the fourth quarter of 2021.

The company is also engaged in mining independently. Over the year, Canaan’s cryptocurrency mining revenue grew by 368.2% to $10.46 million.

“In order to stay resilient in the face of a falling market, we are improving and developing our mining business. At the end of February, the total hashrate of our equipment reached 3.8 exahashes per second. We have made large-scale investments in the development of our mining business, launched farms in those regions of the world where they offer more favorable conditions,” said Canaan Chairman and CEO Nangeng Zhang.

Canaan’s CFO Jin Cheng stressed that the company’s losses are related to the reorganization of the business and the development of new types of equipment. Also, the indicators were affected by the general fall of the cryptocurrency market.

Last November, it was reported that Canaan was expanding its operations significantly.