Canaan Inc
NASDAQ:CAN
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Canaan Inc
Canaan, Inc. provides high-performance computing solutions to efficiently solve complex problems. The company is headquartered in Hangzhou, Zhejiang. The company went IPO on 2019-11-21. The firm provides a holistic AI (Artificial Intelligence) solution to customers, including AI chips, algorithm development and optimization, hardware module, end-product and software services.
Canaan, Inc. provides high-performance computing solutions to efficiently solve complex problems. The company is headquartered in Hangzhou, Zhejiang. The company went IPO on 2019-11-21. The firm provides a holistic AI (Artificial Intelligence) solution to customers, including AI chips, algorithm development and optimization, hardware module, end-product and software services.
Revenue Beat: Canaan reported Q3 revenue of $150.5 million, up 50.2% quarter-over-quarter and 104.4% year-over-year, topping guidance of $125–$145 million.
Margin Expansion: Gross profit rose to $16.6 million from $9.3 million last quarter, with product gross margin reaching 17% and Avalon Home series gross margin at 33%.
Record Mining Revenue: Mining revenue hit a record $30.6 million, as the company mined 267 BTC and expanded self-mining hashrate.
Strong Cash Flow: Net cash inflow reached $53 million in Q3, with an ending cash balance of $119 million, up 80.9% from the prior quarter.
Big Orders & Guidance: Canaan secured a major 50,000-unit A15 Pro order for delivery through 2025 and guided Q4 revenue to $175–$205 million.
Home Mining Growth: Avalon Home series sales surged 115% quarter-over-quarter to $12.2 million and now contribute over 10% of product revenue.
Strategic Progress: The company launched its new A16 series, expanded pilot projects in North America and Canada, and closed $72 million in strategic investment.
