Canaan Inc. Reports Unaudited Fourth Quarter and Full Year 2024 Financial Results

Core Insights - Canaan Inc. reported total revenues of US$88.8 million for Q4 2024, exceeding guidance and reflecting an 80.9$15.3 million, marking a significant increase of 312.5% year-over-year [2][12] Financial Performance - For the full year 2024, total revenues were US$269.3 million, a 27.4$211.5 million in 2023 [4][30] - The net loss for Q4 2024 was US$92.9 million, a reduction from US$139.0 million in the same period of 2023 [3][27] - Non-GAAP adjusted EBITDA for Q4 2024 was a gain of US$19.3 million, compared to a loss of US$69.4 million in Q4 2023 [3][27] Operational Highlights - The company mined 186 Bitcoins in Q4 2024, with an average revenue of US$82,174 per Bitcoin [2][8] - Canaan's mining operations expanded by 4.7 EH/s through new projects in Pennsylvania and Texas [6][42] - The A15 series product line significantly contributed to revenue growth, with product revenue reaching US$73.5 million, a 63.6% year-over-year increase [8][11] Cost Management - The cost of revenues in Q4 2024 was US$95.1 million, consistent with the previous quarter but down from US$103.1 million in Q4 2023 [13] - Gross loss narrowed to US$6.4 million in Q4 2024, compared to US$54.1 million in the same period of 2023 [16][27] - Total operating expenses for Q4 2024 were US$49.3 million, up from US$39.2 million in Q4 2023 [16] Market Position and Strategy - Canaan is focused on expanding its market presence in North America and enhancing brand recognition through strategic partnerships [7] - The company aims to achieve a mining hash rate of 10 EH/s in North America and 15 EH/s globally by mid-2025 [7] - Canaan's commitment to innovation and operational excellence is underscored by its ongoing research and development efforts [7][30]