Canaan Inc., a leading high-performance computing solutions provider, reported its unaudited financial results for the third quarter of 2024, ending September 30. The company announced a significant year-over-year revenue increase to US$73.6 million, up 120.9%, surpassing the previous guidance of US$73 million. Total computing power sold reached 7.3 million Thash/s, a 93.8% increase from the previous year. Despite a challenging quarter for the industry and soft Bitcoin prices, Canaan achieved a 5% sequential increase in Bitcoin mining, producing 147 Bitcoins at an average revenue of US$61,034 per Bitcoin. The loss from operations narrowed by 49.6% year-over-year to US$56.8 million. Canaan's CEO Nangeng Zhang highlighted the successful delivery of the A14 and the commencement of the A15 series deliveries, which contributed to the highest...Show More

Canaan Inc., a leading high-performance computing solutions provider, reported its unaudited financial results for the third quarter of 2024, ending September 30. The company announced a significant year-over-year revenue increase to US$73.6 million, up 120.9%, surpassing the previous guidance of US$73 million. Total computing power sold reached 7.3 million Thash/s, a 93.8% increase from the previous year. Despite a challenging quarter for the industry and soft Bitcoin prices, Canaan achieved a 5% sequential increase in Bitcoin mining, producing 147 Bitcoins at an average revenue of US$61,034 per Bitcoin. The loss from operations narrowed by 49.6% year-over-year to US$56.8 million. Canaan's CEO Nangeng Zhang highlighted the successful delivery of the A14 and the commencement of the A15 series deliveries, which contributed to the highest sales volume in the past 11 quarters. The company also made progress in the North American market, securing orders from companies like CleanSpark and HIVE. CFO Jin 'James' Cheng noted the record high Bitcoin holdings of the company, which reached 1,231 Bitcoins, and an increase in cash reserves to US$72 million. Canaan expects revenues of approximately US$80 million for the fourth quarter of 2024. The company also expanded its mining operations in Texas and Pennsylvania and secured new orders for its Avalon miners. Canaan closed the third tranche of Series A preferred shares financing, raising US$50.0 million for further expansion.