- Canaan Inc's (NASDAQ:CAN) fourth-quarter FY21 revenue jumped 57 fold year-on-year to $342.8 million. Revenue increased 65.8% sequentially.
- Total computing power sold increased 15.5% Q/Q to 7.7 million Thash/s, mainly driven by the solid market demand and the delivery of Bitcoin mining machines.
- Products revenue grew 57 fold Y/Y to $340.4 million. Earnings per ADS was $1.07.
- Canaan held $421.2 million in cash and equivalents.
- Shaoke Li, the board Secretary, resigned due to personal reasons agreed to continue as a consultant. Lu Meng succeeded Li.
- Nangeng Zhang, Chair and CEO, commented, "Against the backdrop of Bitcoin price fluctuations and challenging industry dynamics, we made encouraging progress in our operations and finished the year with a strong fourth-quarter performance."
- Outlook: Canaan sees Q1 FY22 revenue of approximately $235.4 million - $251.1 million, up 275% - 300% Y/Y.
- Price Action: CAN shares traded higher by 14.6% at $6.20 in the premarket session on the last check Thursday.
