Canaan Inc. (CAN) has released an update.
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Canaan Inc., a top provider of high-performance computing solutions, reported increased revenues of $35.1 million in Q1 2024, surpassing forecasts and marking a substantial sequential growth in mining revenue by 182.1%. The company has also achieved a record-high Bitcoin holding of 1,057 coins, while reducing net losses significantly compared to the previous quarter and year-over-year. These financial improvements reflect Canaan’s successful adaptation ahead of the Bitcoin halving and its proactive market strategy, positioning it for future revenue growth with the upcoming delivery of its A14 series products.
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