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 ...

Core Viewpoint - Canaan Inc. has filed a universal shelf registration statement with the SEC to streamline future strategic needs, although it is not obligated to offer or sell securities under this registration [1][2]. Company Overview - Canaan Inc. is a technology company established in 2013, focusing on ASIC high-performance computing chip design, research and development, production of computing equipment, and software services [4]. - The company is recognized for shipping the world's first batch of ASIC technology mining machines for bitcoin under the brand name Avalon [4]. - Canaan went public on the Nasdaq Global Market in 2019 [4]. Registration Statement Details - The registration statement has been filed but is not yet effective, meaning securities cannot be sold or offered until it becomes effective [2]. - The terms of any offerings under the registration will be determined at the time of the offering and will depend on market conditions [2]. Current Operations - Canaan's operations remain stable as it continues to support the ecosystem and miner partners globally with computing power and mining solutions [2]. - For detailed information on current operations, the company refers to its annual report on Form 20-F for the fiscal year ended December 31, 2023 [2].

DUBAI, UAE, April 18, 2024 /PRNewswire/ -- Canaan Inc. (Nasdaq: CAN), the creator of ASIC Bitcoin miners, captured the spotlight at the highly anticipated Blockchain Life 2024 event in Dubai, UAE, on April 15th-17th. Canaan introduced its cutting-edge One-Stop Mining Solutions, flagship Avalon miners, the eye-catching Avalon Nano 3 which designated to revolutionize accessible Bitcoin mining for all. Canaan also emphasized strategies of green mining of Bitcoin in the Middle East. (Source: Canaan's booth i ...

Canaan (NASDAQ:CAN) stock is falling on Thursday following the release of the crypto mining equipment company’s annual report for 2023.Canaan’s annual report includes several warnings about its business operations. The company is closely tied to Bitcoin (BTC-USD) as its miners are designed for that network. They can also mine Bitcoin Cash (BCH-USD) as it uses the same system.Canaan also notes that other dangers to its business include a potential change to the Bitcoin system that would leave its miners inop ...

Core Insights - Canaan Inc. has filed its annual report on Form 20-F for the fiscal year ended December 31, 2023, with the U.S. SEC on April 17, 2024 [1] - The annual report is accessible on the SEC's website and the company's investor relations website [1] - Canaan offers a hard copy of the annual report free of charge to shareholders and ADS holders upon request [1] Company Overview - Canaan Inc. was established in 2013 and focuses on ASIC high-performance computing chip design, research and development, production of computing equipment, and software services [2] - The company's vision emphasizes the importance of supercomputing and its social impact [2] - Canaan is known for its pioneering work in ASIC technology, having shipped the world's first batch of mining machines for bitcoin under the Avalon brand in 2013 [2] - The company went public on the Nasdaq Global Market in 2019 [2]

Regulatory Environment - The PCAOB's ability to inspect audit firms in mainland China and Hong Kong will determine if the company can avoid being identified as a "Commission-Identified Issuer" under the HFCAA[18]. - The company faces risks related to regulatory approvals for overseas offerings and foreign investments due to its operations in China[18]. - The company must comply with new regulatory requirements regarding overseas capital-raising activities, which may impose additional restrictions[26]. - The company is subject to various legal and regulatory risks in multiple jurisdictions, which could adversely affect its operations and financial condition[57]. - Compliance with evolving PRC laws on data privacy and cybersecurity poses challenges and potential costs for the company[150]. - The CSRC published regulations on confidentiality and archives management for overseas issuance and listing of securities, effective March 31, 2023[198]. - There are uncertainties regarding compliance with new regulatory requirements for future overseas capital-raising activities, which may lead to more stringent requirements[199]. - New laws may impose significant obligations on overseas listed companies regarding data security and compliance with China's securities laws, potentially affecting external financing capabilities[200]. - PRC residents and corporate entities must register with SAFE for offshore investment activities, which may limit capital contributions and profit distributions[203]. - Failure of PRC-Resident Shareholders to comply with foreign exchange registration could prohibit profit distributions and capital injections into PRC subsidiaries[204]. - The PCAOB's inability to inspect auditors in China has historically deprived investors of the benefits of such inspections, affecting confidence in financial statements[205]. - The Holding Foreign Companies Accountable Act (HFCAA) may lead to delisting if the PCAOB cannot inspect auditors in China for three consecutive years[206]. - The SEC's amendments to the HFCAA reduce the identification period for Commission-Identified Issuers from three years to two years[211]. - If identified as a Commission-Identified Issuer for two consecutive years, trading of the company's securities may be prohibited in the U.S.[212]. - Legal challenges against PRC-based accounting firms could result in non-compliance with the Exchange Act, potentially leading to delisting[216]. Financial Performance - For the fiscal years ended December 31, 2021, 2022, and 2023, no dividends or distributions were made to Canaan Inc. by its PRC subsidiaries[29]. - The company has not declared or paid any dividends on its ordinary shares since inception and does not plan to do so in the foreseeable future[31]. - The company recorded inventory write-downs of US$93.6 million in 2022 and US$190.2 million in 2023 due to low demand and prices in the Bitcoin mining machines market[48]. - The company experienced negative cash flow from operating activities of US$123.6 million and a net loss of US$414.2 million in 2023[94]. - Trade receivables increased to US$3.0 million in 2023, up from US$0.1 million in 2021 and nil in 2022[98]. - The outstanding balance of prepayments to third-party foundry partners decreased from US$203.9 million in 2021 to US$37.7 million in 2023[97]. - The company has a preferred shares forward contract liability of approximately $40 million as of December 31, 2023, with no outstanding borrowings[168]. - The company’s insurance coverage may not be adequate to cover potential losses, which could materially affect its financial condition[166]. - Adverse developments in the financial services industry could impact the company's business operations and financial condition[171]. - The company's access to cash could be significantly impaired by liquidity constraints or failures in financial institutions, potentially impacting business operations and financial condition[173]. - Widespread investor concerns regarding financial systems may lead to less favorable financing terms, including higher interest rates, adversely affecting the company's ability to meet operating expenses and financial obligations[174]. Business Operations - The company operates primarily through its PRC subsidiaries, which have obtained all necessary permissions from Chinese authorities for operations[19]. - The company has not faced difficulties in transferring cash between its subsidiaries as of the date of the report[30]. - The company temporarily shut down approximately 2.0 Exahash/s of its mining computing power in Kazakhstan in July 2023 to comply with new regulatory requirements[58]. - The company has ceased providing credit sales since the second half of 2020 and started implementing an installment policy for major customers in Q2 2023[49]. - The company may face significant risks due to fluctuations in Bitcoin prices, which can directly impact the demand for its mining machines[46]. - The company’s business model is heavily reliant on the expected economic returns of Bitcoin mining, which are influenced by Bitcoin price fluctuations[45]. - The company may face challenges in expanding its operations globally due to various risks associated with international markets[43]. - The company’s ability to innovate and adapt to rapid technological changes is critical for maintaining its market position and customer base[52]. - The company has experienced fluctuations in revenue due to the volatility of Bitcoin prices and market demand[86]. - The company must enhance research and development capabilities to support future growth strategies[88]. - The company may face challenges in achieving high final test yields for ASICs, which could delay product launches[100]. - The company has faced disruptions in operations due to COVID-19, resulting in delays in product shipments to customers[113]. - The company has adopted a strategy to initiate Bitcoin mining operations in international markets through collaborations with cryptocurrency mining farms, but faces significant risks including supply chain disruptions and regulatory challenges[114]. - The demand for electrical power for Bitcoin mining operations is expected to grow significantly, and the company may face challenges in obtaining sufficient power cost-effectively[116]. - The company has limited operating history in the Bitcoin mining space, which presents uncertainties regarding future operating and financial results[118]. - The company's operations are subject to uncertainties in the legal system of China, which may complicate compliance and limit legal protections available[194]. Market and Competition - The company’s business is significantly impacted by the economic returns of Bitcoin mining, which constitutes a major portion of its revenue[33]. - In 2021, 2022, and 2023, sales of Bitcoin mining machines accounted for 99.1%, 94.8%, and 83.1% of the company's revenues, respectively[50]. - The company faces intense competition in the Bitcoin mining machine and AI product markets, which may lead to aggressive pricing strategies and reduced product prices[71]. - Regulatory actions in the PRC have led to a crackdown on cryptocurrency mining, which could adversely affect the sales of the company's mining machines[59]. - The Bitcoin mining difficulty is expected to increase as more computing power joins the network, potentially decreasing the economic returns for miners and affecting demand for the company's products[67]. - Changes in the Bitcoin algorithm or mining mechanism could materially affect the company's business and results of operations[64]. - The average selling prices of products may decrease due to technological advancements, potentially impacting profitability[82]. - The presence of counterfeit products under the company's brand could damage its reputation and financial results, leading to a loss of customer trust[186]. - Geopolitical risks could adversely affect the company's international expansion and operations, particularly in relation to production partners outside of China[181]. - Changes in U.S. trade policies and potential retaliatory measures from China could hinder the company's ability to import necessary equipment, affecting production capabilities[182]. Research and Development - The company incurred research and development expenses of $52.2 million, $81.8 million, and $64.8 million in 2021, 2022, and 2023, respectively[70]. - The company may not be able to make adequate research and development investments if it fails to generate enough revenue or raise sufficient capital[70]. - The company plans to enhance visibility in new market trends by increasing resources for research and development and may recruit more employees for product development[108]. - The company may encounter difficulties in maintaining competitive research and development investments necessary for its business[38]. - The company relies heavily on the contributions of its senior management team, particularly Mr. Nangeng Zhang, for future success[129]. - The company faces challenges in attracting and retaining qualified personnel, especially in research and development, due to competitive hiring conditions in the semiconductor industry[130]. - Loss of key employees, particularly in design and technical roles, could adversely affect the company's ability to implement business strategies and respond to market changes[131]. Intellectual Property and Brand - The effectiveness of the company's quality control systems is critical, as defects in products could lead to additional costs and damage to reputation[109]. - The company relies on a combination of protections for its intellectual property rights, but there is no assurance that these protections will be sufficient[121]. - The company may face claims from third parties alleging infringement of patents or intellectual property rights, which could be costly to defend[125]. - The company’s brand recognition is crucial for competitive differentiation, and failure to maintain it could adversely affect business and financial condition[112]. - Mr. Nangeng Zhang holds approximately 57.5% of the voting power of the company's issued share capital, which may lead to conflicts of interest with other shareholders[133]. - The company is classified as a "controlled company" under Nasdaq rules, allowing it to rely on exemptions from certain corporate governance requirements[134]. - Future acquisitions or strategic alliances may disrupt operations and increase expenses, with no assurance of successful integration or favorable terms[136].

SHANGHAI--(BUSINESS WIRE)--VeriSilicon (688521.SH) today announced the integration of its Image Signal Processor (ISP) IP ISP8000, DeWarp Processor IP DW200, and 2.5D Graphics Processor Unit (GPU) IP GCNanoV into Canaan’s K230 chip, the world’s first commercial mass production edge AIoT chip supporting the RISC-V Vector 1.0 standard. This collaboration marks a significant advancement in the high-precision, low-latency edge AIoT solutions for a wide range of intelligent products, such as large-model and mult ...