Welcome to our dedicated page for Canaan American Depositary Shares news (Ticker: CAN), a resource for investors and traders seeking the latest updates and insights on Canaan American Depositary Shares stock.
Canaan Inc. (NASDAQ: CAN), established in 2013 and based in China, is a leading technology company specializing in high-performance computing chip design, research and development of ASIC microprocessors, and the production of advanced blockchain computing equipment. Founded by Mr. Nangeng Zhang, Canaan pioneered the release of the world's first ASIC-based Bitcoin mining machines under the brand name Avalon in 2013. By 2019, Canaan had successfully launched its initial public offering on the Nasdaq Global Market.
Canaan's core business revolves around developing and manufacturing digital blockchain computing hardware and providing comprehensive computing solutions. The company's primary revenues stem from the sales of Bitcoin mining machines and their related components. Leveraging its deep expertise in ASIC design, Canaan has been at the forefront of Bitcoin mining technology, continually releasing innovative products such as the Avalon A15 series and the portable Avalon Nano 3.
In April 2024, Canaan reinforced its market position by introducing the cutting-edge Avalon A1566 mining machine, offering industry-leading energy efficiency and hashing power, providing significant benefits in the post-halving era of Bitcoin mining. The company's strategy also focuses on green mining initiatives, promoting environmentally friendly mining practices with advanced air-cooling and immersion cooling technologies.
Recent developments include the filing of the company's annual report for the fiscal year ending December 31, 2023, and participation in Blockchain Life 2024 in Dubai, where Canaan showcased its One-Stop Mining Solutions and emphasized sustainable mining practices. Additionally, Canaan announced a significant purchase agreement with Cipher Mining Technologies Inc. for 6,600 units of the Avalon Miner A1566, illustrating the strong demand for their high-performance products.
Financially, Canaan reported a revenue of US$35.1 million for the first quarter of 2024, outperforming previous guidance. Despite a challenging market, the company achieved substantial growth in mining revenue and reduced net losses, demonstrating resilience and strategic foresight. With a robust R&D pipeline and strategic partnerships, Canaan continues to advance its technological capabilities and market presence, positioning itself as a key player in the global blockchain and high-performance computing sectors.
Canaan Inc. (NASDAQ: CAN) has signed a purchase agreement with AGM Group Holdings Inc. (AGMH) through its Singapore subsidiary Canaan Creative Global Pte. The deal includes an initial order of 2,000 Avalon A15 Hydro Bitcoin mining machines.
The agreement also provides AGMH with an option to acquire approximately 30,000 additional BTC mining units, potentially reaching a combined power capacity of up to 300 megawatts. The Avalon Miner A15 Hydro is designed to enhance performance and lifespan while reducing energy consumption and noise pollution, supporting Canaan's ESG initiatives.
Canaan Inc. (NASDAQ: CAN), a high-performance computing solutions provider, has announced its participation in three upcoming investor conferences in December 2024. The company's management will be available for one-on-one meetings with institutional investors at these events:
- B. Riley Securities Energy Convergence Conference in New York on December 4
- Benchmark 13th Annual Discovery One-on-One Conference in New York on December 11
- Northland Growth Conference (Virtual) on December 12
Interested parties can schedule meetings through their institutional representatives or by contacting Canaan directly.
Canaan (NASDAQ: CAN), a high-performance computing solutions provider, has completed its previously announced Series A-1 preferred shares financing, successfully raising US$30 million in gross proceeds. The financing involved selling 30,000 Series A-1 Convertible Preferred Shares to an institutional investor at US$1,000.00 per share, as per the securities purchase agreement dated November 19, 2024.
Canaan Inc. (NASDAQ: CAN) reported Q3 2024 financial results with total revenue of US$73.6 million, up 120.9% year-over-year, exceeding guidance of US$73 million. Total computing power sold reached 7.3 million Thash/s, up 93.8% YoY. The company mined 147 Bitcoins with mining revenue of US$9.0 million. Despite improvements in operations, the company recorded an operating loss of US$56.8 million, though narrowing 49.6% YoY. Canaan secured significant orders for its new A15 series miners from CleanSpark and HIVE, and expanded mining operations in Texas and Pennsylvania. The company completed its third tranche of Series A preferred shares financing, raising US$50.0 million.
Canaan Inc. (NASDAQ: CAN) has entered into a securities purchase agreement with an institutional investor to issue and sell up to 30,000 Series A-1 Preferred Shares at US$1,000.00 per share. The proceeds will be used to manufacture or invest in digital mining sites and equipment for deployment or sale in North America. This follows the completion of a previous Series A preferred shares financing of 125,000 shares with the same investor on September 30, 2024. CEO Nangeng Zhang emphasized that this investment demonstrates growing opportunities and will help ensure timely product delivery and partnership development in Bitcoin mining projects.
Canaan Inc. has secured a follow-on order from HIVE Digital Technologies for 5,000 Avalon A15-194T miners, following their earlier November order of 6,500 Avalon A1566 miners. The new miners, with an average computing power of 194 Terahash per second, are scheduled for delivery in Q1 2025. HIVE's strategic expansion in Bitcoin mining operations emphasizes their focus on ESG initiatives, including green energy integration, grid balancing, and heat recovery. The Avalon A1566, Canaan's second generation of 1xJ/T series products, offers improved power efficiency and enhanced mining reliability.
Canaan Inc. (NASDAQ: CAN) has expanded its Bitcoin mining operations in Texas and Pennsylvania through strategic partnerships. The company entered a joint mining agreement with Luna Squares Texas to deploy approximately 3,480 Avalon A14 and 5,664 A15 series mining machines at a 30 MW site in Willow Wells, Texas, expected to provide 1.62 EH/s of computing power by Q1 2025. Revenue sharing varies between 50-50 and 70-30 splits. Additionally, Canaan's subsidiary amended its hosting agreement with Stronghold Digital Mining to upgrade 6,000 machines at Panther Creek facility, targeting 0.9 EH/s computing power. These expansions are part of Canaan's goal to reach 10 EH/s capacity in North America by mid-2025.
Canaan Inc. (NASDAQ: CAN), a high-performance computing solutions provider, has announced it will release its third quarter 2024 financial results on November 20, 2024, before U.S. market opens. The management will host a conference call at 8:00 A.M. U.S. Eastern Time (9:00 P.M. Singapore Time) on the same day to discuss the results. Investors can submit questions via email up to 24 hours before the call, and a live and archived webcast will be available on the company's investor relations website.
Canaan Inc. has signed a purchase agreement with HIVE Digital Technologies for 6,500 Avalon A1566 miners through its Singapore subsidiary. The miners, with an average computing power of 185 Terahash per second, will be delivered in phases: 500 units immediately and the remaining 6,000 in four monthly shipments of 1,500 units from December 2024 through March 2025. The A1566 is Canaan's second-generation 1xJ/T series product, designed for improved power efficiency and reliability in mining operations.
Canaan has upgraded its Avalon Miner A15 series with enhanced performance features. The new lineup includes four models: the A15Pro (215T+ hashrate, 16.8J/T efficiency), A15XP (200-212T hashrate, 17.8J/T efficiency), A15 (188-203T hashrate, 18.8J/T efficiency), and A15SE (170-185T hashrate, 19.9J/T efficiency). This upgrade follows the April 2024 release of the A1566 air cooling machine. The series integrates with Avalon Box and includes 24/7 multilingual support across 20+ countries.
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