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Canaan | 6-K: Report of foreign private issuer (related to financial reporting)

SEC announcement ·  Feb 27 07:50
Summary by Moomoo AI
Canaan Inc., a leading high-performance computing solutions provider, reported its unaudited financial results for the fourth quarter and full year of 2023. The company saw a significant increase in computing power sold, with 5.5 million Thash/s in Q4, marking a 45.7% increase from Q3 and a 191.9% increase year-over-year. Revenues for Q4 reached $49.1 million, up from $33.3 million in Q3, but down from $58.3 million in the same period of 2022. Full-year revenues were $211.5 million, a decrease from $651.5 million in 2022. The company's mining revenue also saw changes, with a 13.6% increase in Q4 compared to Q3, but a 65.5% decrease from the same period in 2022. Canaan's CEO, Nangeng Zhang, highlighted the company's operational and financial foundations, attributing the improved sales performance to the Bitcoin price recovery in...Show More
Canaan Inc., a leading high-performance computing solutions provider, reported its unaudited financial results for the fourth quarter and full year of 2023. The company saw a significant increase in computing power sold, with 5.5 million Thash/s in Q4, marking a 45.7% increase from Q3 and a 191.9% increase year-over-year. Revenues for Q4 reached $49.1 million, up from $33.3 million in Q3, but down from $58.3 million in the same period of 2022. Full-year revenues were $211.5 million, a decrease from $651.5 million in 2022. The company's mining revenue also saw changes, with a 13.6% increase in Q4 compared to Q3, but a 65.5% decrease from the same period in 2022. Canaan's CEO, Nangeng Zhang, highlighted the company's operational and financial foundations, attributing the improved sales performance to the Bitcoin price recovery in Q4. The company also expanded its computing power deployment in Africa and the Middle East. Despite challenges in the mining machine market, Canaan remains committed to technological advancements and optimizing mining operations. CFO James Jin Cheng noted the favorable Bitcoin price recovery in December, leading to higher revenue and customer cash advances for future sales contracts. Canaan also reported a non-cash inventory write-down and other provisions totaling $55.5 million. The company secured approximately $136 million in financing from an ATM program and preferred shares, and plans to use the proceeds for research and development, production expansion, and general corporate purposes. Canaan resumed Bitcoin mining operations in Kazakhstan in early January 2024, complying with local regulations, and settled a dispute concerning a U.S. joint mining project. Looking ahead, Canaan expects Q1 2024 revenues of approximately $33 million and Q2 2024 revenues of $70 million, reflecting current market conditions.

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