Canaan reports Q1 EPS (16c) vs. (51c) last year

Reports Q1 revenue $35.1M vs. $49.1M last year. Nangeng Zhang, chairman and CEO of Canaan, commented, “As we navigate through the last full quarter before the Bitcoin halving, Canaan has demonstrated resilience and strategic foresight. Despite the traditional slow season in the first quarter of 2024, we successfully delivered 3.4 million Thash/s of computing power sold while driving our mining revenue to an impressive US$10.5 million, a significant sequential growth of 182.1%. Our total revenue for the quarter reached US$35 million, surpassing our previous forecasts. This topline performance is underpinned by relentless sales efforts and the optimization of our mining operations. Furthermore, the introduction of our new A1566 mining machines and the continued demand for our A14 series post the halving underscore our consistent capabilities in product innovation and market responsiveness.”