Canaan Inc (NASDAQ:CAN) reported a fiscal first-quarter 2024 revenue decline of 36.5% year-on-year to $35.09 million, beating the analyst consensus estimate of $30.10 million.
Earnings per ADS loss of $(0.16) beat the analyst consensus estimate loss of $(0.36). The stock price gained after the print.
Products revenue in the first quarter of 2024 was $23.4 million, compared to $44.1 million Y/Y. Mining revenue in the first quarter of 2024 was $10.5 million, representing a decrease of 5.7% Y/Y.
The company sold a total computing power of 3.4 million Thash/s. Canaan held $54.7 million in cash and equivalents as of March-end.
The company's holdings of Bitcoin surpassed 1,000 for the first time, reaching 1,057 Bitcoins.
Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, "Furthermore, the introduction of our new A1566 mining machines and the continued demand for our A14 series post the halving underscore our consistent capabilities in product innovation and market responsiveness."
Outlook: For the second quarter of 2024, the company maintained total revenues of $70 million versus $70.2 million analyst consensus. For the third quarter of 2024, the company expects total revenues of $70 million versus $91.4 million analyst consensus.
Canaan stock plunged 55% in the last 12 months. Investors can gain exposure to the stock via Vanguard Total International Stock ETF (NASDAQ:VXUS) and IShares Core MSCI Emerging Markets ETF (NYSE:IEMG).
Price Action: CAN shares traded higher by 1.10% at $1.18 at the last check Friday.
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