Canaan reports Q4 EPS ($2.17) vs. ($5.14) last year

Reports Q4 revenue $88.77M vs. $49.07M. Nangeng Zhang, chairman, and chief executive officer of Canaan (CAN), commented, “We closed out 2024 on a strong note, delivering robust results in the fourth quarter that exceeded our guidance, with total revenue reaching US$88.8 million. This outstanding top-line performance was primarily driven by the large-scale delivery of our latest A15 series, which contributed to a record-breaking 9.1 million TH/s in total computing power sold. Simultaneously, our mining operations capitalized on the favorable bitcoin price environment in Q4, achieving a remarkable 186 bitcoins mined and generating US$15.3 million in mining revenue, marking a sequential increase of 70.7%. Recently, we further expanded 4.7EH/s for our mining operations in North America through two new projects in Pennsylvania and Texas.”