Canaan Inc. Stock Price, News & Analysis

Canaan (NASDAQ: CAN) reported its Q4 2022 financial results, revealing a significant decline in total computing power sold, dropping 45.8% sequentially and 75.8% year-over-year. Revenues fell by 59.9% to RMB391.9 million ($56.8 million), with mining revenue increasing by 16.3% to RMB72.2 million ($10.5 million). For the full year, total revenues decreased by 12.2% to RMB4,378.9 million ($634.9 million). Despite losses in Q4, Canaan achieved a record-high bitcoin mining computing power of 3.8 EH/s. The company expects total net revenues of approximately RMB450 million ($65 million) for Q1 2023 amid challenging market conditions.

Canaan Inc. (NASDAQ: CAN) plans to report its fourth quarter and full year 2022 financial results on March 7, 2023, before U.S. market opens. A conference call will be held at 8:00 A.M. ET on the same day to discuss the results. Investors can register for the call online and submit questions up to 24 hours in advance. Canaan is noted for its innovation in ASIC high-performance computing chips, highlighted by its first ASIC Bitcoin mining machine in 2013 and the launch of the world's first 7nm ASIC chip in 2018. The company aims to enhance social enrichment through advanced computing technologies.

Bitwise Index Services has announced the results of its monthly reconstitution of the Bitwise Crypto Indexes. As of December 30, 2022, Intel (INTC), CBOE Global Markets (CBOE), Nu Holdings (NU), and Applied Blockchain (APLD) have been added to the Bitwise Crypto Innovators 30 Index, while Nvidia (NVDA), AMD, and others have exited. The Bitwise 10 Large Cap Crypto Index remains unchanged, holding 63.53% Bitcoin (BTC) and 28.75% Ethereum (ETH). The reconstitution reflects ongoing developments in the cryptocurrency sector.

Bitwise Asset Management announced changes in its crypto indexes following the November 30, 2022 reconstitution. Notably, Chainlink (LINK) re-entered both the Bitwise 10 Large Cap Crypto Index and the Bitwise 10 ex Bitcoin Large Cap Crypto Index, replacing Cosmos (ATOM). The Bitwise Decentralized Finance Crypto Index welcomed Balancer (BAL), replacing 0x (ZRX). As of the same date, the Bitwise 10 Large Cap Crypto Index comprises 61.66% Bitcoin (BTC) and 29.29% Ethereum (ETH), while the Bitwise Decentralized Finance Crypto Index features 55.05% Uniswap (UNI).

Canaan Inc. (NASDAQ: CAN) reported its Q3 2022 financial results, revealing significant declines across key metrics. The total computing power sold was 3.5 million Thash/s, a drop of 37.1% from Q2 2022 and 48.5% year-over-year. Revenues decreased by 40.8% sequentially to RMB978.2 million (US$137.5 million) and dropped 25.8% compared to Q3 2021. Net income plunged 90% to RMB61.1 million (US$8.6 million). Despite these challenges, Canaan launched the Avalon Made A13 mining machines, aiming to enhance its market position amid a tough bitcoin market.

Canaan Inc. (NASDAQ: CAN) is set to release its financial results for the third quarter ending September 30, 2022, on November 14, 2022, before U.S. market opens. A conference call will be held the same day at 7:00 A.M. ET, with details available through registration. Canaan, established in 2013, specializes in high-performance computing solutions, including ASIC chip design and production. The company has made significant strides in the cryptocurrency mining sector since its first product launch in 2013, further innovating with its 7nm ASIC chip and RISC-V architecture AI chip.

Litecoin (LTC) has re-entered both the Bitwise 10 Large Cap Crypto Index and the Bitwise 10 ex Bitcoin Large Cap Crypto Index as of October 31, 2022, replacing Chainlink (LINK). In the Bitwise 10 Large Cap Crypto Index, Bitcoin (BTC) constitutes 61.11%, Ethereum (ETH) 29.46%, while LTC holds 0.61%. For the Bitwise 10 ex Bitcoin Index, Ethereum dominates at 75.76%, with LTC at 1.58%. The monthly reconstitution reflects Bitwise's commitment to maintaining index integrity and responding to market dynamics.

Canaan Inc. (NASDAQ: CAN) announced the launch of its new Avalon Made A13 series of bitcoin mining machines on October 24, 2022. The A13 series includes two models: A1346 with a hash rate of 110 TH/s and power efficiency of 30J/TH, and A1366 with a hash rate of 130 TH/s and efficiency of 25J/TH. CEO Nangeng Zhang highlighted the importance of these advancements in computing power and efficiency for the bitcoin ecosystem. Despite current industry challenges, Canaan remains optimistic about the long-term growth of bitcoin and its role in supercomputing.

Bitwise Index Services has announced the monthly reconstitution results for its crypto indexes effective September 30, 2022. Uniswap (UNI) has re-entered the Bitwise 10 Large Cap Crypto Index, replacing Litecoin. The index now comprises 62.99% Bitcoin (BTC) and 27.25% Ethereum (ETH), among others. Additionally, Visa (V) has been added to the Bitwise Crypto Innovators 30 Index, replacing Tesla (TSLA). No changes were made to the Bitwise Decentralized Finance Crypto Index.