Canaan ( (CAN) ) has shared an announcement.
Canaan Inc. reported its unaudited financial results for the fourth quarter and full year of 2024, showcasing significant growth in revenue and computing power sold. The company’s total revenues for the fourth quarter reached $88.8 million, exceeding guidance and marking an 80.9% increase year-over-year. This growth was driven by the successful deployment of the A15 series mining machines and favorable bitcoin price conditions, resulting in a record high computing power sold of 9.1 million TH/s and a 312.5% increase in bitcoin mining revenue. Despite a net loss of $92.9 million, Canaan narrowed its losses and achieved a positive adjusted EBITDA of $19.3 million, reflecting strong operational performance and strategic expansion in North America.
More about Canaan
Canaan Inc. is a company operating in the cryptocurrency mining industry, primarily focusing on the development and sale of crypto mining hardware and solutions. The company is known for its high-performance mining machines and has a significant market presence in North America, where it has established strategic partnerships with leading mining companies.
YTD Price Performance: -51.35%
Average Trading Volume: 15,404,927
Technical Sentiment Signal: Strong Buy
Current Market Cap: $308.5M
See more data about CAN stock on TipRanks’ Stock Analysis page.