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Mining-Rig Maker Canaan Q1 Revenue More Than Triples

www.coindesk.com 19 May 2022 12:11, UTC
Reading time: ~2 m

Supercomputing solutions company Canaan (CAN), which specializes in bitcoin mining hardware, said revenue surged 237% from the year-earlier quarter to $213.9 million.

The one analyst cited on Yahoo Finance had forecast $27.37 million.

Net income at the Beijing-based company climbed to $69.7 million or 50 cents a share, compared with the analyst's estimate of 6 cents.

"Looking ahead, while we are cognizant of the near-term headwinds, we are confident that our extensive experience, increasingly globalized operations, and execution capabilities put us in a solid position to navigate the current period of uncertainty," said CEO Nangeng Zhang.

The company held 166.96 bitcoins on its balance sheet as of March 31.

Shares of the company rose about 11% to $3.14 in premarket trading.

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