Canaan Revenue Jumps 57 Times In Q4 Backed By Computing Power Sales; Issues Robust Outlook - Canaan (NASDAQ:CAN)

Canaan Inc's CAN fourth-quarter FY21 revenue jumped 57 fold year-on-year to $342.8 million. Revenue increased 65.8% sequentially.
Total computing power sold increased 15.5% Q/Q to 7.7 million Thash/s, mainly driven by the solid market demand and the delivery of Bitcoin mining machines.
Products revenue grew 57 fold Y/Y to $340.4 million. Earnings per ADS was $1.07.
Canaan held $421.2 million in cash and equivalents.
Shaoke Li, the board Secretary, resigned due to personal reasons agreed to continue as a consultant. Lu Meng succeeded Li.
Nangeng Zhang, Chair and CEO, commented, "Against the backdrop of Bitcoin price fluctuations and challenging industry dynamics, we made encouraging progress in our operations and finished the year with a strong fourth-quarter performance."
Outlook: Canaan sees Q1 FY22 revenue of approximately $235.4 million - $251.1 million, up 275% - 300% Y/Y.
Price Action: CAN shares traded higher by 14.6% at $6.20 in the premarket session on the last check Thursday.