Canaan Technology (CAN.US) reports mixed Q3 results, Q4 revenue guidance beats expectations

Canaan Technology (CAN.US) reported Q3 revenue of US$73.6mn, up 120.9% YoY, US$5.03mn above market expectations; and a loss per ADS of US$0.27 under GAAP accounting, US$0.19 below market expectations.

Adjusted EBITDA under non-GAAP accounting was US$-34.1mn, compared with US$-68mn in the same period last year. The Company had US$71.8mn in cash as of September 30, 2024.

Total sales of computing power was 7.3 million Thash/s, up 93.8% YoY. Mining revenue was US$9mn, with 147 bitcoins mined, and the average revenue per bitcoin was US$61,034.

Looking ahead, the Company expects Q4 revenue of ~US$80mn, compared with market expectations of US$78.94mn.