Canaan Inc., a leading high-performance computing solutions provider, reported its unaudited financial results for the second quarter ended June 30, 2024. The company announced a significant revenue increase of 104.8% quarter-over-quarter to US$71.9 million, surpassing its guidance of US$70 million. The total computing power sold reached 6.2 million Thash/s, marking an 83.9% increase from the previous quarter. Canaan's loss from operations narrowed by 60.9% year-over-year and 31.5% sequentially to US$46.6 million. The company's chairman and CEO, Nangeng Zhang, attributed the strong performance to the successful execution of their product delivery plan and sales campaigns, despite the Bitcoin halving and market fluctuations. Canaan's new product, the A1566, received active customer orders, contributing to a 30.2% increase in customer advances. The company...Show More

Canaan Inc., a leading high-performance computing solutions provider, reported its unaudited financial results for the second quarter ended June 30, 2024. The company announced a significant revenue increase of 104.8% quarter-over-quarter to US$71.9 million, surpassing its guidance of US$70 million. The total computing power sold reached 6.2 million Thash/s, marking an 83.9% increase from the previous quarter. Canaan's loss from operations narrowed by 60.9% year-over-year and 31.5% sequentially to US$46.6 million. The company's chairman and CEO, Nangeng Zhang, attributed the strong performance to the successful execution of their product delivery plan and sales campaigns, despite the Bitcoin halving and market fluctuations. Canaan's new product, the A1566, received active customer orders, contributing to a 30.2% increase in customer advances. The company's mining revenue stood at US$9.3 million. Canaan held a record high of 1,114.2 Bitcoins by the end of the quarter. CFO James Jin Cheng highlighted the improved gross margins and reduced total expenses, which contributed to the narrowed operating loss. Canaan's balance sheet showed increased liquidity with cash inflows from product sales, and the company continued to invest in R&D and supply capacity. The company expects total revenues of approximately US$73 million for the third quarter of 2024.