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 ...

Canaan Inc. (NASDAQ:CAN) Q2 2024 Earnings Conference Call August 15, 2024 8:00 AM ET Company Participants Nangeng Zhang - Chairman and CEO James Cheng - CFO Conference Call Participants Kevin Dede - H.C. Wainwright Shuang Sun - Guosheng Securities Bill Papanastasiou - Stifle Operator Ladies and gentlemen, thank you for standing by and welcome to Canaan Inc.'s Second Quarter 2024 Earnings Conference Call. At this time, all participants are in the listen-only mode. After the management's prepared remarks, we ...

Operating & Financial Results For the Second Quarter Ended June 30, 2024 August 15, 2024 Chairman & CEO CFO Nangeng Zhang Jin Cheng "James" Safe Harbor Statement NASDAQ: CAN AUGUST 2024 2 This presentation contains certain financial measures that are not recognized under generally accepted accounting principles in the United States ("GAAP"), including adjusted EBITDA (including adjusted EBITDA margin), non-GAAP net income, non-GAAP diluted earnings per share/ADS and cash flow. These non-GAAP measures should ...

Company Performance - Canaan reported a quarterly loss of $0.15 per share, better than the Zacks Consensus Estimate of a loss of $0.30, and an improvement from a loss of $0.58 per share a year ago, indicating a 50% earnings surprise [1] - The company achieved revenues of $71.86 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 38.46%, although this represents a decline from year-ago revenues of $73.85 million [1] - Over the last four quarters, Canaan has exceeded consensus EPS estimates two times and topped consensus revenue estimates four times [1] Stock Outlook - Canaan shares have declined approximately 64% since the beginning of the year, contrasting with the S&P 500's gain of 14.4% [2] - The company's earnings outlook is mixed, with the current consensus EPS estimate for the upcoming quarter at -$0.30 on $61 million in revenues, and -$0.90 on $225 million in revenues for the current fiscal year [4] Industry Context - The Computer - Software industry, to which Canaan belongs, is currently ranked in the bottom 46% of over 250 Zacks industries, suggesting potential challenges for stock performance [5] - Another company in the same industry, Verint Systems, is expected to report quarterly earnings of $0.53 per share, reflecting a year-over-year increase of 10.4%, with revenues projected at $213.22 million, up 1.3% from the previous year [5]

- Revenue Surpasses Guidance, up 104.8% QoQ - - Profitability Improves with Operating Loss Narrows by 60.9% YoY and 31.5% QoQ -SINGAPORE, Aug. 15, 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 June 30, 2024.Second Quarter 2024 Operating and Financial HighlightsRevenues were US$71.9 million, which beat the previous guidance of US$70 million and incr ...

SINGAPORE, Aug. 6, 2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced that it plans to report its financial results for the second quarter ended June 30, 2024, before the U.S. market opens on August 15, 2024. The Company's management team will hold a conference call at 8:00 A.M. on August 15, 2024, U.S. Eastern Time (8:00 P.M. on the same day, Singapore Time) to discuss the financial results. Details for the co ...