Contributing to CleanSpark's Immersion Mining Operations SINGAPORE, Nov. 1, 2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced that Canaan U.S. Inc., a wholly owned subsidiary of the Company, has entered into a purchase agreement with a new customer, CleanSpark Inc., for its Avalon A1566I miners. According to the purchase agreement, Canaan U.S. Inc. will provide CleanSpark with 3800 Avalon A1566I Immersion Cool ...

Plans to fund self-mining expansion and Bitcoin mining machine business in North America SINGAPORE, Sept. 30, 2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced that it has closed the third and final tranche of its previously announced preferred shares financing (the "Preferred Shares Financing"), raising additional total gross proceeds of $50 million. Pursuant to the third tranche of Preferred Shares Financing ...

SINGAPORE, Sept. 12, 2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) has been recognized for its solid operations by Rosenblatt, a Wall Street investment firm that defines Canaan Inc. as "promising" in light of the upcoming BTC bull market, and initiating with a "buy" rating and a $3 price target for its stock over the next 12 months. The report shows that Canaan is significantly undervalued, trading at 0.6x EV/Sales, compared to 3.9x for its peer group, an undervaluation that stems from concerns about the c ...

SINGAPORE, Sept. 5, 2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced that the Company will participate in the following investor conference. Canaan's management plans to have a presentation and host one-on-one meetings with institutional investors at the conference.H.C. Wainwright 26th Annual Global Investment ConferenceLotte New York Palace HotelPresentation Session: 8:30 am ET on September 9, 2024Presenters ...

SINGAPORE, Sept. 4, 2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced that the Company will participate in the following investor conference. Canaan's management plans to have a presentation and host one-on-one meetings with institutional investors at the conference.The 4th Annual Needham Virtual Crypto ConferenceVirtualSeptember 5, 2024Presentation Session: 1:30 PM ET on September 5, 2024When available, a lin ...

SINGAPORE, Sept. 3, 2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced that the Company will participate in the following investor conference. Canaan's management plans to host one-on-one meetings with institutional investors at the conference.Benchmark's 11th Annual TMT One-on-One ConferenceNew York CitySeptember 4, 2024When available, a link to the webcast will be posted at Events | Canaan Inc. (canaan-creati ...

[Canaan Inc. First Quarter 2024 Financial Results](index=1&type=section&id=Canaan%20Inc.%20First%20Quarter%202024%20Financial%20Results) [Operating and Financial Highlights](index=1&type=section&id=1.%20Operating%20and%20Financial%20Highlights) The company exceeded Q1 2024 revenue guidance at US$35.1 million, driven by a 182.1% sequential surge in mining revenue and record Bitcoin holdings, while significantly narrowing its net loss | Metric | Q1 2024 Value | Change | | :--- | :--- | :--- | | **Revenues** | US$35.1 million | Beat guidance of US$33M by 6% | | **Mining Revenue** | US$10.5 million | +182.1% sequentially | | **Bitcoin Holdings** | 1,057 Bitcoins | Record high, surpassed 1,000 for the first time | | **Net Loss** | US$39.4 million | Narrowed 71.7% sequentially, 53.3% YoY | [Management Commentary](index=1&type=section&id=2.%20Management%20Commentary) Management highlighted resilient sales and operational optimization in a pre-halving quarter, positioning the company for a new bullish cycle with product innovation and a strengthened balance sheet - CEO Nangeng Zhang emphasized resilience, surpassing revenue forecasts with **US$35 million in revenue** and **US$10.5 million in mining revenue**, driven by sales efforts and operational optimization[2](index=2&type=chunk) - The company is well-prepared for a new bullish cycle post-halving, supported by mass deliveries of the **A14 series** and the launch of the **A1566 Avalon Miner**[2](index=2&type=chunk) - CFO James Jin Cheng noted that **customer advances nearly doubled** from the end of 2023, which are expected to convert to revenue in Q2 and Q3, while the balance sheet was strengthened by a record holding of **1,057 bitcoins**[2](index=2&type=chunk) - Despite inventory write-downs, **net loss narrowed significantly** due to stringent expense control and strategic investments in the supply chain[2](index=2&type=chunk) [Detailed Financial Results](index=2&type=section&id=3.%20Detailed%20Financial%20Results) Q1 2024 revenues were US$35.1 million with a gross loss of US$37.3 million, while the net loss narrowed to US$39.4 million, aided by a significant unrealized gain on cryptocurrency holdings [Revenues](index=2&type=section&id=3.1%20Revenues) Q1 2024 total revenues of US$35.1 million declined year-over-year due to lower product sales, though mining revenue surged 182.1% sequentially | Revenue Stream | Q1 2024 (US$M) | Q4 2023 (US$M) | Q1 2023 (US$M) | | :--- | :--- | :--- | :--- | | **Total Revenues** | **35.1** | **49.1** | **55.2** | | Products Revenue | 23.4 | 44.9 | 44.1 | | Mining Revenue | 10.5 | 3.7 | 11.1 | | Other Revenues | 1.2 | 0.5 | 0.03 | - The decrease in product revenue was attributed to **lower total computing power sold** and a **reduced average selling price** resulting from softened demand before the Bitcoin halving event[3](index=3&type=chunk) - The sequential increase in mining revenue was mainly driven by the **recovery of the Bitcoin price** and **resumed mining computing power** in Kazakhstan[4](index=4&type=chunk) [Costs and Gross Loss](index=2&type=section&id=3.2%20Costs%20and%20Gross%20Loss) Q1 2024 cost of revenues was US$72.4 million, leading to an improved gross loss of US$37.3 million, which included a US$47.5 million inventory write-down | Cost/Loss Item | Q1 2024 (US$M) | Q4 2023 (US$M) | Q1 2023 (US$M) | | :--- | :--- | :--- | :--- | | **Cost of Revenues** | **72.4** | **103.1** | **102.8** | | Product Costs | 59.8 | 95.8 | 75.4 | | Mining Costs | 12.2 | 6.0 | 27.3 | | **Gross Loss** | **(37.3)** | **(54.1)** | **(47.5)** | - Inventory write-down, prepayment write-down, and provision for inventory purchase commitments totaled **US$47.5 million** in Q1 2024, compared to US$55.5 million in Q4 2023[5](index=5&type=chunk) [Operating Expenses](index=2&type=section&id=3.3%20Operating%20Expenses) Total operating expenses in Q1 2024 decreased to US$30.7 million, driven by lower G&A and S&M costs | Expense Category | Q1 2024 (US$M) | Q4 2023 (US$M) | Q1 2023 (US$M) | | :--- | :--- | :--- | :--- | | **Total Operating Expenses** | **30.7** | **39.2** | **38.1** | | Research & Development | 15.3 | 10.8 | 19.1 | | Sales & Marketing | 1.1 | 1.8 | 1.5 | | General & Administrative | 14.3 | 20.2 | 17.6 | [Net Loss and EPS](index=3&type=section&id=3.4%20Net%20Loss%20and%20EPS) The company's net loss narrowed significantly to US$39.4 million in Q1 2024, influenced by a US$33.6 million unrealized gain on cryptocurrency holdings | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | **Loss from Operations** | (US$68.0 M) | (US$93.3 M) | (US$85.7 M) | | **Net Loss** | (US$39.4 M) | (US$139.0 M) | (US$84.4 M) | | **Net Loss per ADS** | (US$0.16) | (US$0.77) | (US$0.51) | - A significant factor in the reduced net loss was an **unrealized gain of US$33.6 million** from the change in fair value of cryptocurrency, a result of adopting new accounting standards as Bitcoin's price increased during the quarter[12](index=12&type=chunk) [Balance Sheet and Financial Position](index=4&type=section&id=4.%20Balance%20Sheet%20and%20Financial%20Position) As of March 31, 2024, the company held total assets of US$534.1 million, including US$90.2 million in cryptocurrency, with total liabilities of US$122.4 million | Balance Sheet Item | March 31, 2024 (US$M) | December 31, 2023 (US$M) | | :--- | :--- | :--- | | **Cash** | 54.7 | 96.2 | | **Cryptocurrency Assets** | 90.2 | 28.3 | | **Total Assets** | 534.1 | 493.3 | | **Contract Liabilities** | 38.9 | 19.6 | | **Total Liabilities** | 122.4 | 145.1 | - As of March 31, 2024, the Company held **1,271.7 bitcoins** with a fair value of **US$90.2 million**, consisting of 1,057.4 bitcoins owned by the Company and 214.3 bitcoins from customer deposits[15](index=15&type=chunk) - The company had **263,746,289 ADSs outstanding** as of March 31, 2024, with each ADS representing 15 Class A ordinary shares[16](index=16&type=chunk) [Recent Developments](index=4&type=section&id=5.%20Recent%20Developments) Key activities include proposed insider share purchases, mining expansion to 4.0 Exahash/s, a US$49.9 million financing round, and adoption of new crypto accounting rules - The Chairman/CEO and CFO announced their intention to jointly purchase at least **US$2 million** of the company's ADSs with personal funds[17](index=17&type=chunk) - As of May 16, 2024, energized mining computing power increased by **58%** from the end of Q4 2023 to **3.0 Exahash/s**, with **4.0 Exahash/s** installed globally[18](index=18&type=chunk) - The company closed the second tranche of its preferred shares financing on January 22, 2024, raising net proceeds of **US$49.9 million** by issuing 50,000 Preferred Shares[21](index=21&type=chunk) - Effective January 1, 2024, the company adopted new accounting rule ASU 2023-08, measuring crypto assets at fair value, which led to a cumulative adjustment of US$18.9 million and an **unrealized gain of US$33.6 million** in Q1 2024[23](index=23&type=chunk) [Business Outlook](index=6&type=section&id=6.%20Business%20Outlook) The company projects total revenues of approximately US$70 million for both the second and third quarters of 2024 | Period | Expected Total Revenues | | :--- | :--- | | **Q2 2024** | ~US$70 million | | **Q3 2024** | ~US$70 million | [Financial Statements (Unaudited)](index=8&type=section&id=7.%20Financial%20Statements%20(Unaudited)) Unaudited statements detail the company's financial position, including a balance sheet, statement of comprehensive loss, and a non-GAAP to GAAP reconciliation [Condensed Consolidated Balance Sheets](index=8&type=section&id=7.1%20Condensed%20Consolidated%20Balance%20Sheets) [Condensed Consolidated Statements of Comprehensive Loss](index=9&type=section&id=7.2%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) [Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA](index=10&type=section&id=7.3%20Reconciliation%20of%20Net%20Loss%20to%20Non-GAAP%20Adjusted%20EBITDA)

SINGAPORE, Aug. 26, 2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced that the Company will participate in the following investor conference. Canaan's management plans to host one-on-one meetings with institutional investors at the conference.Macquarie's ASEAN Conference 2024The Fullerton Hotel Singapore, 1 Fullerton Square, SingaporeAugust 27-28, 2024When available, a link to the webcast will be posted at Eve ...

Canaan (CAN) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.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 chan ...

SINGAPORE, Aug. 16, 2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced that the Company will participate in the following investor conference. Canaan's management plans to host one-on-one meetings with institutional investors at the conference.Rosenblatt 4th Annual Technology Summit - The Age of AIVirtualPanel: The Evolution of Bitcoin Mining ASICsAugust 19, 2024, 12 pm ETWhen available, a link to the webcast w ...