CryptoNewsBreaks – Canaan Inc. (NASDAQ: CAN) Releases Q3 2022 Financial Report
Canaan (NASDAQ: CAN), a leading high-performance computing solutions provider, is reporting its unaudited financial and operating results for the three-month period ended Sept. 30, 2022. Numbers of note from the report include computing power sold during the quarter totaling 3.5 million Thash/s, a 37.1% decrease from Q2 2022 and a 48.5% from 6.7 million Thash/s in the same period of 2021. CAN revenues reached $137.5 million, a decrease of 40.8% from the second quarter 2022 and a 25.8% decrease from the same period in 2021, with gross profit coming in at$32.9 million, net income totaling $8.6 million, and non-GAAP adjusted net reaching $23.4 million. “The Bitcoin mining market deteriorated during the third quarter, as the Bitcoin price fluctuated and further dipped to around $16,000 recently,” said Canaan CEO and chair Nangeng Zhang in the press release.
“The negative market dynamics have significantly hindered Bitcoin miners’ revenues and cash flows. As miners are forced to cut their demand for computing power, we had to adjust down our selling price in response. As a result of contract sales that we secured from previous quarters and the delivery of these orders, our topline performance in the third quarter was within our expectations, with total computing power sold of 3.5 million Thash/s. In late October, we officially released our new mining machine series, AvalonMade 13. Powered by advanced ASIC technology on the next-generation process node, the new series product achieves prominently accelerated computing power and escalated power efficiency. The launch of the new generation product reaffirms our confidence in the fundamental value of the Bitcoin ecosystem and reflects our constant efforts in the research and development of supercomputing technology. Looking forward, we face a very tough industry period as the Bitcoin price is sinking to lows the market has not seen in two years. Our priority is to conserve our cash, minimize our expenses, and endure this market downturn. Without any interest-bearing debt, we will also remain prudent as we invest in key strategic areas such as research and development and wafer production capacity on advanced nodes.”
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About Canaan Inc.
Canaan is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. The company’s vision states that “super computing is what we do, social enrichment is why we do it.” Canaan has rich experience in chip design and streamlined production in the ASIC field. In 2013, the company released and mass produced its first ASIC Bitcoin mining machine. In 2018, Canaan released the world’s first 7nm ASIC chip, providing energy-efficient computing equipment to the cryptocurrency mining industry. In the same year, Canaan released the world’s first RISC-V architecture commercial-edge AI chip, further harnessing the potential of ASIC technology in the field of high-performance computing and artificial intelligence. For additional information about this company, visit www.Canaan.io.
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