Canaan Inc. Secures A15XP Order from New United States Customer

Canaan Inc. (NASDAQ: CAN) has secured a significant new order through its U.S. subsidiary for 2,800 Avalon A15XP miners from a new strategic U.S. customer.

Rhea-AI Summary

Canaan Inc. (NASDAQ: CAN) has secured a significant new order through its U.S. subsidiary for 2,800 Avalon A15XP miners from a new strategic U.S. customer. The air-cooled miners, featuring a hash performance of 207 Terahash per second (TH/s), will be integrated into the customer's existing large mining fleet. The delivery is scheduled for the first quarter of 2025. This deal marks an expansion of Canaan's North American market presence and demonstrates the company's capability in developing high-performance Bitcoin mining solutions.

Positive

• Secured new strategic U.S. customer, expanding market presence
• Large order of 2,800 A15XP miners
• Entry into established mining operation with large fleet
• Strengthening North American market position

Negative

• Delivery scheduled for Q1 2025 indicates delayed revenue recognition
• High dependency on single large order

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SINGAPORE, Jan. 6, 2025 /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, strategic United States customer for its Avalon A15XP miners.

According to the purchase agreement, Canaan U.S. Inc. will provide the customer with 2800 air-cooled Avalon A15XP miners that will be added to its large mining fleet.  The miners, with a benchmark Hash performance of 207 Terahash per second (TH/s), are scheduled to be delivered in the first quarter of 2025. 

"Adding another well-respected, vertically integrated Bitcoin firm to our customer base demonstrates our commitment to developing world-class Bitcoin mining machines and the success that our sales team is having in North American market," said Mr. Nangeng Zhang, chairman and chief executive officer of Canaan. "We are excited to support our new client in advancing its Bitcoin strategies."

About Canaan Inc.

Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology in bitcoin's history under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.

Safe Harbor Statement

This press release contains forward−looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward−looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward−looking statements. Canaan Inc. may also make written or oral forward−looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.'s beliefs and expectations, are forward−looking statements. Forward−looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company's expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company's expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company's investment plans and strategies, fluctuations in the Company's quarterly operating results; competition in its industry; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward−looking statement, except as required under applicable law.

Investor Relations Contact

Canaan Inc.
Xi Zhang
Email: IR@canaan-creative.com

ICR, LLC.
Robin Yang
Tel: +1 (347) 396-3281
Email: canaan.ir@icrinc.com

View original content:https://www.prnewswire.com/news-releases/canaan-inc-secures-a15xp-order-from-new-united-states-customer-302342760.html

SOURCE Canaan Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many Avalon A15XP miners did Canaan (CAN) sell in their latest U.S. order?

Canaan secured an order for 2,800 air-cooled Avalon A15XP miners from their new U.S. customer.

What is the hash rate performance of Canaan's A15XP miners in the 2025 U.S. deal?

The Avalon A15XP miners in this deal feature a benchmark Hash performance of 207 Terahash per second (TH/s).

When will Canaan (CAN) deliver the A15XP miners to their new U.S. customer?

The miners are scheduled to be delivered in the first quarter of 2025.

What is the significance of Canaan's latest U.S. mining equipment order?

The order represents Canaan's expansion in the North American market and demonstrates their ability to attract large, strategic customers with their Bitcoin mining technology.