Canaan Inc. Reports Record-Breaking Financial Results for 2024 Fourth Quarter
Canaan Inc. (NASDAQ: CAN), a trailblazer in the crypto mining industry, has released its unaudited financial results for the fourth quarter and the full year of 2024, marking an impressive performance that outstrips prior forecasts. The company reported total revenues of $88.8 million for the fourth quarter, realizing an 80.9% year-on-year increase, significantly surpassing the guidance of $80 million. Leading this surge was the total computing power sold, which reached a monumental 9.1 million Terahash per second (TH/s), a remarkable escalation of 65.9% from the previous year.
During this quarter, Canaan's mining operations demonstrated exceptional growth, pulling in revenues of $15.3 million from stark bitcoin prices, effectively soaring by 312.5% year-on-year. The company successfully mined 186 bitcoins, averaging $82,174 in revenue per bitcoin. Despite these gains, Canaan faced a net loss of $92.9 million for the quarter, which, while considerable, represented a narrowing from the net loss of $139 million recorded in the same quarter of 2023. The fourth quarter saw a substantial improvement in non-GAAP adjusted EBITDA, registering a gain of $19.3 million in contrast to a loss of $69.4 million in Q4 2023.
The full year 2024 also saw substantial financial delivery from Canaan. Total revenues climbed to $269.3 million, marking a 27.4% rise from $211.5 million in 2023. The overall computing power sold reached 26 million TH/s, a year-over-year increase of 32.6%. Mining revenue also witnessed growth, reaching $44 million, a rise of 29.6% from $34 million in 2023. Despite these achievements, Canaan reported a net loss of $249.8 million for the full year, a 39.7% reduction compared to the previous year.
Canaan’s Chairman and CEO, Nangeng Zhang, expressed optimism regarding the company’s trajectory. “We closed out 2024 on a strong note, delivering robust results in the fourth quarter that exceeded our guidance, with a significant revenue of $88.8 million,” he noted. Zhang attributed this success to the large-scale delivery of the latest A15 series mining units, which catapulted the total computing power sold to a record high.
Further expansion of Canaan's mining operations is on the horizon with the anticipated addition of 4.7 EH/s through new projects in Pennsylvania and Texas, enhancing their North American presence.
CFO Jin Cheng highlighted that the exceptional results in Q4 were driven by robust sales of the A15 miners, leading to a 63.6% year-on-year revenue increase of products, reaching $73.5 million. Canaan's strategic focus remains on optimizing operational efficiencies in its mining business, capitalizing on favorable bitcoin market conditions to boost its bitcoin holdings to 1,292.5 bitcoins at year-end.
Looking ahead, Canaan maintains a positive outlook for 2025 with a forecasted revenue between $900 million and $1.1 billion for the fiscal year. As the company aims to establish a stronger footing in the global crypto mining industry, Zhang affirmed, “bitcoins long-term potential remains bright as we continue to innovate within this space.” Canaan Inc. is constantly adapting to the changing landscape of crypto mining through strategic partnerships and a robust product portfolio that aims to meet the demands of a diverse customer base.
In summary, Canaan Inc.'s financial performance for both Q4 2024 and the full year showcases a significant rebound and growth trajectory in the competitive crypto mining space, setting the stage for further innovation and expansion in the coming year. With a focus on strategic initiatives and product enhancements, Canaan looks poised to continue its leadership in the crypto mining market as it navigates a dynamic environment.
During this quarter, Canaan's mining operations demonstrated exceptional growth, pulling in revenues of $15.3 million from stark bitcoin prices, effectively soaring by 312.5% year-on-year. The company successfully mined 186 bitcoins, averaging $82,174 in revenue per bitcoin. Despite these gains, Canaan faced a net loss of $92.9 million for the quarter, which, while considerable, represented a narrowing from the net loss of $139 million recorded in the same quarter of 2023. The fourth quarter saw a substantial improvement in non-GAAP adjusted EBITDA, registering a gain of $19.3 million in contrast to a loss of $69.4 million in Q4 2023.
The full year 2024 also saw substantial financial delivery from Canaan. Total revenues climbed to $269.3 million, marking a 27.4% rise from $211.5 million in 2023. The overall computing power sold reached 26 million TH/s, a year-over-year increase of 32.6%. Mining revenue also witnessed growth, reaching $44 million, a rise of 29.6% from $34 million in 2023. Despite these achievements, Canaan reported a net loss of $249.8 million for the full year, a 39.7% reduction compared to the previous year.
Canaan’s Chairman and CEO, Nangeng Zhang, expressed optimism regarding the company’s trajectory. “We closed out 2024 on a strong note, delivering robust results in the fourth quarter that exceeded our guidance, with a significant revenue of $88.8 million,” he noted. Zhang attributed this success to the large-scale delivery of the latest A15 series mining units, which catapulted the total computing power sold to a record high.
Further expansion of Canaan's mining operations is on the horizon with the anticipated addition of 4.7 EH/s through new projects in Pennsylvania and Texas, enhancing their North American presence.
CFO Jin Cheng highlighted that the exceptional results in Q4 were driven by robust sales of the A15 miners, leading to a 63.6% year-on-year revenue increase of products, reaching $73.5 million. Canaan's strategic focus remains on optimizing operational efficiencies in its mining business, capitalizing on favorable bitcoin market conditions to boost its bitcoin holdings to 1,292.5 bitcoins at year-end.
Looking ahead, Canaan maintains a positive outlook for 2025 with a forecasted revenue between $900 million and $1.1 billion for the fiscal year. As the company aims to establish a stronger footing in the global crypto mining industry, Zhang affirmed, “bitcoins long-term potential remains bright as we continue to innovate within this space.” Canaan Inc. is constantly adapting to the changing landscape of crypto mining through strategic partnerships and a robust product portfolio that aims to meet the demands of a diverse customer base.
In summary, Canaan Inc.'s financial performance for both Q4 2024 and the full year showcases a significant rebound and growth trajectory in the competitive crypto mining space, setting the stage for further innovation and expansion in the coming year. With a focus on strategic initiatives and product enhancements, Canaan looks poised to continue its leadership in the crypto mining market as it navigates a dynamic environment.
Topics Financial Services & Investing）
【About Using Articles】
You can freely use the title and article content by linking to the page where the article is posted.
※ Images cannot be used.
【About Links】
Links are free to use.