Canaan Technology (CAN.US) reports mixed Q3 results, Q4 revenue guidance beats expectations
Wednesday, Nov 20, 2024 7:30 am ET
1min read 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.
Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.