Canaan Registers Upbeat Q1; Aims To Navigate Through Bitcoin Price Fluctuation

  • Canaan Inc CAN reported first-quarter FY22 revenue growth of 236.7% year-on-year to $213.9 million. Earnings per ADS were $0.41.
  • The Y/Y increase was mainly attributable to the rise in total computing power sold and the average selling price per Thash/s.
  • Total computing power sold increased 119.1% Y/Y to 4.3 million Thash/s.
  • Canaan held $417 million in cash and equivalents.
  • Chair and CEO Nangeng Zhang commented, "We kicked off the year 2022 in an increasingly unpredictable environment due to macroeconomic uncertainties and logistic disruptions caused by the COVID-19 pandemic."
  • "Looking ahead, while we are cognizant of the near-term headwinds, we are confident that our extensive experience, increasingly globalized operations, and execution capabilities put us in a solid position to navigate the current period of uncertainty," Zhang added.
  • Canaan held a total of 166.96 bitcoins on its balance sheet as of March 31, 2022.
  • Outlook: Canaan sees Q2 revenue of $252.4 million - $283.9 million, up 48% - 67% Y/Y.
  • Share Buyback: On March 16, the board authorized a share repurchase program of up to $100 million.
  • Price Action: CAN shares traded higher by 7.29% at $3.37 on the last check Thursday.
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