Canaan Inc. ( (CAN) ) has released its Q4 earnings. Here is a breakdown of the information Canaan Inc. presented to its investors.
Canaan Inc. is a technology company specializing in ASIC high-performance computing chip design, production of computing equipment, and software services, primarily serving the cryptocurrency mining industry.
In its latest earnings report, Canaan Inc. announced a significant increase in its fourth-quarter and full-year 2024 financial results. The company reported total revenues of $88.8 million for the fourth quarter, exceeding its guidance and marking an 80.9% year-over-year increase. For the full year, revenues rose to $269.3 million, a 27.4% increase from 2023.
Key financial metrics highlighted in the report include a record high in computing power sold, reaching 9.1 million TH/s, and a substantial increase in Bitcoin mining revenues, which soared by 312.5% year-over-year to $15.3 million in the fourth quarter. Despite a net loss of $92.9 million in the fourth quarter, the company narrowed its full-year net loss by 39.7% to $249.8 million. Additionally, Canaan achieved a positive non-GAAP adjusted EBITDA of $19.3 million for the quarter.
Looking ahead, Canaan Inc. remains optimistic about its growth prospects. The company plans to continue expanding its mining operations, particularly in North America, and aims to achieve a global mining hash rate of 15 EH/s by mid-2025. Canaan is focused on delivering advanced products and capitalizing on favorable market conditions to enhance its market presence.