Canaan Inc. Reports Strong Q4 Growth, Plans Mining Expansion

Canaan Inc. reported strong financial results for the fourth quarter and full year of 2024, with total revenues reaching $88.8 million for Q4, an 80.9% increase from the previous year, and full-year revenues of $269.3 million, reflecting a 27.4% rise. Despite a Q4 net loss of $92.9 million, the company narrowed its full-year net loss by 39.7% to $249.8 million and achieved a positive non-GAAP adjusted EBITDA of $19.3 million. Canaan's performance was driven by record computing power sold at 9.1 million TH/s and a significant 312.5% increase in Bitcoin mining revenues, totaling $15.3 million in Q4. Looking ahead, Canaan is optimistic about growth, planning to expand its mining operations primarily in North America and aiming for a global mining hash rate of 15 EH/s by mid-2025. This positive outlook is supported by the favorable market conditions for cryptocurrency mining and the launch of advanced products. The results indicate that Canaan is strategically positioning itself to enhance its market presence as it navigates the evolving landscape of the cryptocurrency industry.