KANAN Technologies reported Q2 revenue of $71.9 million and held 1,133.5 bitcoins

KANAN TECHNOLOGIES, INC. today announced its unaudited financial results for the three months ended June 30, 2024.Revenues for the second quarter of 2024 were $71.9 million, which exceeded the previous estimate of $70.0 million, and represented an increase of 104.8% over the prior year quarter. Total arithmetic sold was 6.2 million Thash/s, up 83.9% sequentially. Loss from operations was $46.6 million, narrowing 60.9% from the prior year period and 31.5% from the prior quarter. As of June 30, 2024, the Company's cryptocurrency asset holdings consisted primarily of 1,133.5 bitcoins with an aggregate fair value of $69.9 million, including 584.2 bitcoins owned by the Company, 530 bitcoins pledged and 19.3 bitcoins received as customer deposits. As of June 30, 2024, the Company had cash of $66.8 million compared to $96.2 million as of December 31, 2023.