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Canaan | 6-K: Report of foreign private issuer (related to financial reporting)

SEC announcement ·  May 17 06:08
Summary by Moomoo AI
Canaan Inc., a leading high-performance computing solutions provider, announced its unaudited financial results for the first quarter ended March 31, 2024, on May 17, 2024. The company reported revenues of $35.1 million, surpassing its guidance by 6% and marking a significant sequential growth in mining revenue by 182.1%. Canaan's net loss narrowed to $39.4 million, a 71.7% sequential and 53.3% year-over-year improvement. The company's Bitcoin holdings exceeded 1,000, reaching a record-high of 1,057 Bitcoins. Canaan's CEO, Nangeng Zhang, highlighted the resilience of the company through the last full quarter before the Bitcoin halving and the successful delivery of 3.4 million Thash/s of computing power. The company's CFO, James Jin Cheng, noted the proactive market approach and the strategic investment in wafer supply capacities for...Show More
Canaan Inc., a leading high-performance computing solutions provider, announced its unaudited financial results for the first quarter ended March 31, 2024, on May 17, 2024. The company reported revenues of $35.1 million, surpassing its guidance by 6% and marking a significant sequential growth in mining revenue by 182.1%. Canaan's net loss narrowed to $39.4 million, a 71.7% sequential and 53.3% year-over-year improvement. The company's Bitcoin holdings exceeded 1,000, reaching a record-high of 1,057 Bitcoins. Canaan's CEO, Nangeng Zhang, highlighted the resilience of the company through the last full quarter before the Bitcoin halving and the successful delivery of 3.4 million Thash/s of computing power. The company's CFO, James Jin Cheng, noted the proactive market approach and the strategic investment in wafer supply capacities for mass production. Canaan anticipates renewed interest in mining hardware upgrades post-Bitcoin halving and is prepared to meet the demand surge. The company maintains its revenue guidance for the second and third quarters of 2024 at approximately $70 million each. Canaan's management also announced their intention to purchase no less than $2 million of the company's Class A ordinary shares. The company has 11 active mining projects globally, with a total of 4.0 Exahash/s installed and 3.0 Exahash/s energized computing power.

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