Canaan Inc. Stock Price, News & Analysis

Canaan Inc. (NASDAQ: CAN) has filed its annual report on Form 20-F with the SEC for the fiscal year ending December 31, 2022. This filing was completed on April 19, 2023, and the report is accessible through the SEC website and Canaan's investor relations page.

Shareholders and ADS holders can request a hard copy of the report free of charge by contacting the Investor Relations Department. Established in 2013, Canaan specializes in ASIC high-performance computing chip design and production, having made significant contributions to the cryptocurrency mining and AI industries with their innovative products, including the world's first 7nm ASIC chip and RISC-V architecture chip.

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.