Canaan Inc. Stock Price, News & Analysis

Canaan Inc. (NASDAQ: CAN) reported that its business outlook for Q1 2022 will be adversely affected by delays in delivery logistics due to COVID-19 quarantine measures in certain regions of China. A five-day lockdown was implemented on March 14, 2022, impacting the delivery of pre-ordered mining machines, potentially pushing revenue recognition to Q2 2022. The company is cooperating with local authorities to ensure employee safety and is monitoring the situation closely for future logistics and product deliveries.

Canaan Inc. (NASDAQ: CAN) reported record financial results for Q4 and full year 2021. Total net revenues soared to RMB2,184.6 million, up 65.8% sequentially, and RMB4,986.7 million for the year, a 1,030% increase. Computing power sold rose dramatically to 7.7 million Thash/s in Q4, up 15.5% QoQ and 238.5% YoY. Net income reached RMB1,196.5 million for Q4, up 114.6% from Q3, and RMB2,000.3 million for the year. Cash and equivalents increased 586% YoY to RMB2,684.3 million. Positive outlook for Q1 2022 anticipates revenues of RMB1,500 to RMB1,600 million, reflecting continued market demand.

Canaan Inc. (NASDAQ: CAN) will announce its fourth quarter and full year 2021 financial results on March 3, 2022, before market opening. A conference call is scheduled for 7:00 A.M. ET on the same day, providing an opportunity for management to discuss the results. Investors can register for the call through an online portal and submit questions in advance. The call will also be available via a live and archived webcast on the Company's investor relations website through March 9, 2022.

Canaan Inc. (NASDAQ: CAN) announced a strategic collaboration with multiple crypto mining firms for joint operations in Kazakhstan. As of December 31, 2021, the company has deployed 10,300 AvalonMiner units in the country, marking a significant step in its Bitcoin mining endeavors. Chairman Mr. Nangeng Zhang highlighted that this collaboration enhances Canaan's global presence and aims to maximize profits in the digital asset sector. Established in 2013, Canaan specializes in high-performance computing solutions, particularly in ASIC chip design for Bitcoin mining.

Canaan Inc. (NASDAQ: CAN) announced a significant purchase order from Genesis Digital Assets for 30,000 Avalon Bitcoin mining machines, with deliveries slated for Q1 2022. This order is part of a larger agreement allowing Genesis to buy up to 180,000 units. The partnership aims to enhance mining operations and renewable energy applications. Canaan, established in 2013, continues to innovate in high-performance computing and Bitcoin mining technology, underscoring its commitment to the cryptocurrency industry's infrastructure and growth.

Canaan Inc. (NASDAQ: CAN) reported strong Q3 2021 results with total revenues of RMB1,317.6 million (US$204.5 million), marking a remarkable 708.2% increase year-over-year. Computing power sold reached 6.7 million Thash/s, a record high, driven by robust demand for Bitcoin mining machines. Net income surged to RMB467.2 million (US$72.5 million), up 179.3% from the previous quarter. Cash and cash equivalents rose by 334.0% to RMB1,698.5 million (US$263.6 million). The company expects Q4 revenues to increase by 35% to 50% sequentially.

Canaan Inc. (NASDAQ: CAN) will release its third quarter 2021 financial results on November 16, 2021, before market open. A conference call will follow at 7:00 A.M. ET, allowing for a discussion of the results. Investors can register for the call using a provided link and submit questions up to 24 hours in advance. A replay will be available until November 23, 2021. Established in 2013, Canaan specializes in high-performance computing solutions, including ASIC chip design and manufacture.

Canaan Inc. (NASDAQ: CAN) has announced a follow-on order from HIVE Blockchain for 6,500 Avalon Bitcoin mining machines, following previous purchases of 4,000 and 6,400 units in August and January 2021. This order demonstrates the strong partnership and trust between the companies, with HIVE aiming to increase its Bitcoin mining capacity to 2 Exahash by December 2021 and 3 Exahash by March 2022. Canaan, established in 2013, specializes in ASIC development and production, positioning itself as a key player in the cryptocurrency mining sector.

Canaan Inc. (NASDAQ: CAN) announced a share repurchase program, allowing the company to buy back up to US$20 million of its outstanding American depositary shares and Class A ordinary shares over the next year starting September 20, 2021. The decision reflects the board's confidence in the company's growth potential and aims to enhance shareholder value. The repurchases will be conducted in compliance with relevant regulations and will depend on market conditions. Canaan plans to fund the buyback from its existing cash balance.