Canaan Clocks ~22% Sequential Revenue Growth In Q3

  • Canaan Inc CAN reported third-quarter FY21 revenue growth of 708.2% year-on-year to $204.5 million. Revenue increased 21.8% sequentially.
  • Total computing power sold increased 128.4% Y/Y to 6.7 million Thash/s, mainly driven by the solid market demand and the delivery of Bitcoin mining machines.
  • Products revenue grew 721.4% Y/Y to $203.6 million. Earnings per ADS was $0.41.
  • Canaan held $263.6 million in cash and equivalents.
  • In the third quarter, we continued to navigate through various market and regulatory dynamics and achieved new highs in multiple operating and financial metrics, Chairman and CEO Nangeng Zhang said.
  • Outlook: Canaan sees sequential revenue growth of 35% - 50% for Q4.
  • Price Action: CAN shares traded lower by 0.10% at $10.14 in the premarket session on the last check Tuesday.
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