BRIEF: Canaan’s revenue doubles on booming demand from crypto miners

Cryptocurrency mining machine manufacturer Canaan Inc. (CAN.US) on Wednesday reported third-quarter revenue of $73.6 million, up 120.9% year-over-year. Its net loss narrowed by 5.6% to $75.6 million from $80.1 million in the same period last year. The company said it expects fourth-quarter revenue to be approximately $80 million, exceeding market expectations.

Canaan’s total computer power sales reached 7.3 million Thash/s during the period, the highest in the past 11 quarters and up 93.8% year-on-year, on large deliveries for its Avalon Miner A14 series of machines. Its self-mining business minted 147 bitcoins in the quarter, up 5% sequentially. Mining revenue reached $9 million, with average revenue of $61,034 per bitcoin.

Canaan also announced its Singapore subsidiary, Canaan Creative Global, received a follow-up order for 5,000 Avalon A15 series mining machines from HIVE Digital Technologies Ltd. (HIVE.US), with delivery expected in the first quarter of 2025. Previously, the two parties had signed an order for 6,500 units of the A15 series.

Canaan’s stock rose 5.03% to $1.67 in New York on Wednesday after the report’s release.

By Lee Shih Ta

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