Canaan Revenue Jumps 57 Times In Q4 Backed By Computing Power Sales; Issues Robust Outlook

Canaan Revenue Jumps 57 Times In Q4 Backed By Computing Power Sales; Issues Robust Outlook
  • 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.

Posted In: BriefsEarningsNewsGuidanceSmall CapMoversTechTrading Ideas