Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Anusuya Lahiri

Canaan Revenue Jumps 57 Times In Q4 Backed By Computing Power Sales; Issues Robust Outlook

CAN (Organization) Canaan Canaan Inc
  • Canaan Inc's (NASDAQ:CAN) fourth-quarter FY21 revenue jumped 57 fold year-on-year to $342.8 million. Revenue increased 65.8% sequentially.
  • Total computing power sold increased 15.5% Q/Q to 7.7 million Thash/s, mainly driven by the solid market demand and the delivery of Bitcoin mining machines.
  • Products revenue grew 57 fold Y/Y to $340.4 million. Earnings per ADS was $1.07.
  • Canaan held $421.2 million in cash and equivalents.
  • Shaoke Li, the board Secretary, resigned due to personal reasons agreed to continue as a consultant. Lu Meng succeeded Li.
  • Nangeng Zhang, Chair and CEO, commented, "Against the backdrop of Bitcoin price fluctuations and challenging industry dynamics, we made encouraging progress in our operations and finished the year with a strong fourth-quarter performance."
  • Outlook: Canaan sees Q1 FY22 revenue of approximately $235.4 million - $251.1 million, up 275% - 300% Y/Y.
  • Price Action: CAN shares traded higher by 14.6% at $6.20 in the premarket session on the last check Thursday.
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Miranda Lambert's porch color offers a unique selling point that improves curb appeal, according to experts
The country musician contrasts rustic, wood porch details with gray-painted floorboards – a move that experts say is a win
Homes & Gardens
Homes & Gardens
DNA data preserved in amber-like polymer by MIT scientists — Jurassic Park inspires new long-term 'T-REX' preservation method
New DNA storage method based on Jurassic Park stores DNA in an amber-like polymer. Unlike previous styles which freeze DNA or embed it in silica, the amber method is easy to embed and extract, and is highly scalable.
Tom’s Hardware
Tom’s Hardware
Martha Stewart says this exact shade of gray is her 'signature color' – she uses it in abundance around her Bedford home
'There is a definite gray theme here at the farm': Here's the specific hue she uses to ensure her home is as personal as it is good-looking
Homes & Gardens
Homes & Gardens
Instagram is tagging real photos as 'Made with AI' – and photographers aren't happy
Instagram's binary approach for pointing out images that have some AI involvement in their creation is causing confusion and some photographers don't like it.
TechRadar
TechRadar
Parents attending their child’s job interview? As a manager, I’m all for it!
There’s only one thing parents love more than their kids: complaining about them. I want to hear what they say
The Guardian - US
The Guardian - US
Hotdog beef: will ‘greatest eater ever’ really miss Fourth of July contest?
Champion may be out as Nathan’s of Coney Island find Joey Chestnut’s deal with a plant-based rival hard to stomach
The Guardian - US
The Guardian - US
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.
Download on the AppStore Get it on Google Play