Canaan Clocks 26% Revenue Decline In Q3 As Bitcoin Mining Market Deteriorated; See More Tough Times Ahead

Canaan Inc CAN reported a third-quarter FY22 revenue decline of 25.8% year-on-year to $137.5 million, missing the consensus of $151.6 million.
Adjusted EPS of $0.14 beat the consensus of $0.07.
Total computing power sold decreased 48.5% Y/Y to 3.5 million Thash/s.
Canaan held $281.5 million in cash and equivalents.
Canaan held 535.48 bitcoins on its balance sheet as of September 30.
Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, "The bitcoin mining market deteriorated during the third quarter, as the bitcoin price fluctuated and further dipped to around sixteen thousand dollars recently. The negative market dynamics have significantly hindered bitcoin miners' revenues and cash flows."
"Looking forward, we face a very tough industry period as the bitcoin price is sinking to lows the market has not seen in two years."
Outlook: Canaan sees Q4 revenue of $43.6 million.
Price Action: CAN shares traded lower by 0.74% at $2.67 in the premarket on the last check Monday.