SINGAPORE, June 6, 2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced that it has signed a large purchase agreement (the "Agreement") with one of the Company's long-term partners, Cipher Mining Technologies Inc. (NASDAQ: CIFR) ("Cipher").According to the Agreement, Cipher Mining has acquired 6,600 units of Canaan's latest product, the Avalon Miner A1566, which features advanced computing power and power efficie ...

Canaan (CAN) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.Since a changin ...

Canaan Inc. (NASDAQ:CAN) Q1 2024 Earnings Conference Call May 17, 2024 8:00 AM ET Company Participants Clark Soucy - IR Director Nangeng Zhang - Chairman and CEO James Cheng - CFO Conference Call Participants Kevin Dede - H.C. Wainwright Shuang Sun - Guosheng Securities Operator Ladies and gentlemen, thank you for standing by and welcome to Canaan Inc.'s First Quarter of 2024 Earnings Conference Call. At this time, all participants are in listen-only mode. After the managements’ prepared remarks, we will ha ...

Operating & Financial Results For the First Quarter Ended March 31, 2024 May 17, 2024 Chairman & CEO CFO Nangeng Zhang Jin Cheng “James” Safe Harbor Statement ...

Company Performance - Canaan reported a quarterly loss of $0.16 per share, significantly better than the Zacks Consensus Estimate of a loss of $0.60, and an improvement from a loss of $0.43 per share a year ago, representing an earnings surprise of 73.33% [1] - The company posted revenues of $35.09 million for the quarter ended March 2024, exceeding the Zacks Consensus Estimate by 16.58%, but down from $55.23 million in the same quarter last year [1] - Over the last four quarters, Canaan has surpassed consensus revenue estimates four times, but has only done so for EPS estimates once [1] Stock Performance - Canaan shares have declined approximately 49.4% since the beginning of the year, contrasting with the S&P 500's gain of 11.1% [2] - The current consensus EPS estimate for the upcoming quarter is -$0.30 on revenues of $70.2 million, and for the current fiscal year, it is -$1.35 on revenues of $294.2 million [4] Industry Outlook - The Computer - Software industry, to which Canaan belongs, is currently ranked in the top 25% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [5] - Descartes Systems, another company in the same industry, is expected to report quarterly earnings of $0.42 per share, reflecting a year-over-year increase of 23.5%, with revenues anticipated to be $150 million, up 9.8% from the previous year [5][6]

SINGAPORE, May 17, 2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced its unaudited financial results for the three months ended March 31, 2024. First Quarter 2024 Operating and Financial Highlights Revenues were US$35.1 million, which beat the previous guidance of US$33 million by 6%. Mining revenue was US$10.5 million, representing a sequential increase of 182.1%. The number of Bitcoins held by the Company su ...

SINGAPORE, May 9, 2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today debuted its newest product, the A1566 of the Avalon A15 series, at the Bitcoin Asia exhibition in Hong Kong on May 9th, 2024. The Avalon Miner A1566, with an outstanding computing power of 185Thash/s and a targeted optimized energy efficiency ratio of 18.5J/T, is the second generation of 1xJ/T series products released by Canaan. The A1566 provides a mor ...

HONG KONG, May 9, 2024 /PRNewswire/ --  Canaan Inc. launched the star product A 1566 of Avalon A15 series, an upgraded bitcoin mining machine with Canaan's most advanced technology. Building on the pioneering 1xJ/T series, the Avalon A15, particularly the A1566 model, with an industry-leading energy efficiency ratio of 18.5J/T, with its 185T hashing power and 3420W power consumption, sets a new benchmark in performance with improved power efficiency. This series reflects Canaan's intensified efforts in pro ...

SINGAPORE, April 22, 2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced that Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, and Mr. James Jin Cheng, Chief Financial Officer of Canaan, informed the Company their intention to use their personal funds to jointly purchase no less than US$2 million of the Company's Class A ordinary shares represented by American depositary shares ("ADSs"), each A ...

SINGAPORE, April 19, 2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced that it has filed a universal shelf registration statement on Form F-3 (File No. 333-278762) with the United States Securities and Exchange Commission (the "SEC") on April 17, 2024. The Company believes it is prudent to file the shelf registration statement as a matter of standard corporate procedure and to streamline any response to future ...