Canaan Inc. reported revenue of $180.6M for the nine months ended September 30, 2024, including $149.8M from products and $28.7M from mining operations. The company recorded a net loss of $156.9M, with gross loss narrowing to $78M compared to $186.7M in the same period of 2023.The company completed multiple financing rounds in 2024, including a $50M second tranche and $50M third tranche of Series A Preferred Shares in January and September respectively. All second tranche shares were converted to 741.4M Class A ordinary shares. Additionally, the company secured $24M in Bitcoin-collateralized loans with terms of 18 months.In November 2024, Canaan entered into a new agreement to issue up to 30,000 Series A-1 Convertible Preferred Shares at $1,000 each, completing the financing on November 25 with net proceeds of $30M. The company held $71.8M in cash and $32.6M in cryptocurrency as of September 30, 2024.

Canaan Inc. reported revenue of $180.6M for the nine months ended September 30, 2024, including $149.8M from products and $28.7M from mining operations. The company recorded a net loss of $156.9M, with gross loss narrowing to $78M compared to $186.7M in the same period of 2023.The company completed multiple financing rounds in 2024, including a $50M second tranche and $50M third tranche of Series A Preferred Shares in January and September respectively. All second tranche shares were converted to 741.4M Class A ordinary shares. Additionally, the company secured $24M in Bitcoin-collateralized loans with terms of 18 months.In November 2024, Canaan entered into a new agreement to issue up to 30,000 Series A-1 Convertible Preferred Shares at $1,000 each, completing the financing on November 25 with net proceeds of $30M. The company held $71.8M in cash and $32.6M in cryptocurrency as of September 30, 2024.