Summary by Futu AI
Canaan Inc., a leading high-performance computing solutions provider, reported its unaudited financial results for the second quarter ended June 30, 2024. The company announced a significant revenue increase of 104.8% quarter-over-quarter to US$71.9 million, surpassing its guidance of US$70 million. The total computing power sold reached 6.2 million Thash/s, marking an 83.9% increase from the previous quarter. Canaan's loss from operations narrowed by 60.9% year-over-year and 31.5% sequentially to US$46.6 million. The company's chairman and CEO, Nangeng Zhang, attributed the strong performance to the successful execution of their product delivery plan and sales campaigns, despite the Bitcoin halving and market fluctuations. Canaan's new product, the A1566, received active customer orders, contributing to a 30.2% increase in customer advances. The company...Show More