Nangeng, headquarters at CEO sharing joining James Singapore, for you report the call. company's you. are the and call quarterly Hello, of Canaan. the in I our with everyone. I’m Thank conference conference
QX to of year, to become Compared of QX has XXXX more previous industry. mining brought hope (ph) the
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Although, the affected purchasing This power is of the construction market. and positive the environment. trend not still flow limited cash facility of the of financing large miners by phase has
still Regarding, first and is state. mining is (ph) in still declining quarter machine a the market the bad selling market price the in
sheet. market changing keep value that that market ever important. continuity decisions company's believe equally to tactical in assets this environment, need handling we In while according balance to bring our maintaining economics carefully words, we In strategic other and also adjusting long-term and business investing timely are
and to concentrating in introduce focuses investors to the like strategic we have been would our I on four that area. this actions
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improve and multifaceted to customers. sales to global assist our and continue we system Second, develop connect
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potential. great sheet solid a balance maintain and valuable we accumulate Finally, assets with
one I elaborate on these by four one. will points
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product always We put development first.
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design our has expectations term in series and performance. process and of AXX actual Our rate yield reached exceeded
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was product Even mass when the in yet market at bearish, -- full series development always swing. productive and AXX deployment new was was most our not its
mainstream aware and requires, every year we launch market of We big must continuous a take are the that products it investments. step the supply And new up. half products, keep chain continued a of well to about the openings performance of forward
the chain supply In the quarter, million. production will in investments $XX mass exceeded chain first and subsequent improvement supply in performance input stability. product that our our and pay-off efforts the and results believe I
Secondly, our industry we are sales undergoes both and ones joining, location of The as each constantly worldwide, a the growing reshuffling. unpredictable. to are identity are is changing. reach the new miners and energy ship, customers. leaving continually wasted into transforming develop energy developing standard global bear dedicated miners miners enhancing and system fast reusable In stick some cycle and power, fruit With the to in industry and we the
development first system. the quarter of sales international the our from this of year, we comprehensive accelerated Starting and improvement the construction
reach customers it is parts, online And and and allowing by clients, Our development, large sales retail. divided three now and the convert to original worldwide. business system channels stores is assisted into us better
by quarter affected first competition, flow. XXXX, cash industry and was financing overall conditions In inventory, the of the
in in remain the to computing we compared in a of saw mining bear markets continuous slightly recovery QX volume XXXX, machine power. with still average sales of a price Although market a selling decline
million factors sales revenue see some quarterly terahash bank in small However, U.S. for of sized total had of shipment XXX.X%, this total series second, growth resulted sequential These delays expectations the in than the aspects. sales and below was failures million quarter of but positive $XX late quarter. orders. also IBO causing A per We some revenue we of X.XX payment in achieved the and our medium less impact in also for
from fluctuated. demands Over clients large in U.S.
sales many Our sees other sales system in opportunities quickly regions. expanding
the With the XXX first Thailand in of QX, over purchase actively in to rising the quarter, total Asia sales cooperation established in orders for Southeast and we first local time. number in distributors developed and Malaysia, channels with
countries targeting overseas Philippines. the include from attracted online Netherlands, about several time Argentina, and Our store such first as the XX countries customers in contacts Brazil, Mexico retail orders Greece,
implemented are starting the The QX to [indiscernible]. QX and to efforts more results. [indiscernible] show we enter As market we actives and in
recently of AXX units listed order institutional we contract in a America. of publicly Cipher, instance, For a signed North clients our XX,XXX product with mining
participate of products we to for products extreme conditions. our alliance on-site at Before series, the contact ultimately our weather that, recognized conducting mining AXX set their excellent client tests The the extensive under Texas. performance (ph) contract, in relative
Recently, the business a the The an we series to multiple contract XXXX. machines for additional that correct. markets are be contract mining other large fourth have also recent of which the delivered signed regions, expected scale quarter in XX,XXX strategies across of our in end are of large orders these product and of appearance confirm before orders [indiscernible]
help will improve sales contract our situation. of flow cash us also orders return the Lastly,
mining. have challenges. bitcoin the mining our global, Since this, deployment. Thirdly, many second and mining developing the operations we XXXX, industry ourselves strategic in we we of seek expand the rapidly strategy the established company of to firmly secure place faced have half mining our for and mining started Despite priority on continue the in
assumes In by quarter XXXX were prices (ph) to to the first of shut that due bitcoin the forced operations. were of profitability able restart the down quarter in and mining XXXX, improved to fourth recovery of of
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but decade maintaining early from gathered health our price the quarter Lastly, prediction managing proved its quarter dedicated unique Canaan and our balance to full of in cash we sheet. just of a and was mostly strong potential. growth flow We of bitcoin has more gained accurate, this with some difficult. downs mining In inception of the are market our in the a be XXXX. completed about many year, machines have ups sales first the assets first to experience XXXX to accumulating and
and chain price and bitcoin improvements accumulated achieved years to sales that noting -- in at the the healthy sales and which of healthy produce our and over the contract helped continued to seize the we orders machines prices. us also mining contribute the was and deliver return quarter flow. in cash supply the of stable second resources have opportunities mass This We revenue
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term. machines mining mining products can with can sites power the the potential deployed are huge for we to mining rise deployed as self-produced and mining and in machines long growth producing self-developed the cases, Our important continue contains bitcoin, and already be to assets warranties. restored medium some In price
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second above to and cautious the about actual revenue forecast comprehensive are quarter second situation operating situation, expected of company on based The market extremely expectations the about This is be conditions on Based may $XX million. for current vary. and quarter of is XXXX XXXX. the the we the of for
bitcoin. and We the In the here final insights new share section, thoughts I would my about open to decentralization bitcoin. some leads like of personal on utility about
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of past XX the X largely blockchain the leading completed, years, the smart two contract pieces power has based technology. to been Over digital and currencies namely Web
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block trustworthy of process entire the the of provider transparent, Most computing productivity Today, society. chain promoting improving a level and in efficient, greatly industry. products of power the and we the are services
future, I in broader power forward, opportunity and and products expand support the customers the the services further computing to and to of our society. value to progress in Going technology hope changes with participate bringing have
I everyone. our concludes over This the my Thank turn CFO, remarks. you, Thank call James. prepared you. will now to
