According to Bitcoin Magazine, Canaan reported a net profit of $8 million in the third quarter, driven primarily by a $51.9 million fair value gain on its Bitcoin holdings and derivatives. During the same period, the company still posted an operating loss of $42.9 million, with mining machine product sales plummeting 96% year-over-year to $4.8 million, bringing total revenue to $14.5 million. The turnaround in net profit on the balance sheet contrasts with its core business operating performance.