Canaan reports Q1 EPS ($1.79) vs. ($1.06) last year

Reports Q1 revenue $82.78M vs.35.09M last year. Nangeng Zhang, chairman, and chief executive officer of Canaan (CAN), commented, “In the first quarter, our industry endured intensified volatility stemming from a combined effect of seasonal softness and the abrupt rollout of new U.S. tariff measures. Despite this turbulent landscape, we delivered total revenues of US$82.8 million, which was substantially above our prior guidance. Driven by continued mass shipments of our A15 series, we successfully sold over 5.5 million TH/s of computing power, a remarkable 62.6% increase year over year. At the same time, our mining business demonstrated strong momentum. Through solid execution of project expansion in North America and collaboration optimization, we rapidly enhanced our installed mining capacity to 6.6 EH/s by March 31, 2025. This, coupled with a higher average bitcoin price during the period, enabled us to achieve record-high quarterly mining revenue of US$24.3 million in the first quarter, a 58.6% sequential increase. As of the end of April, our global installed hashrate further grew to surpass 8 EH/s, including over 3 EH/s in North America.”