Canaan Inc. - CAN STOCK NEWS

Canaan Inc. (NASDAQ: CAN) released its December 2024 bitcoin mining update and FY2025 guidance, projecting total revenues between US$900 million to US$1.1 billion. The company mined 62 bitcoins in December 2024, holding 1,293 bitcoins on its balance sheet. Canaan's month-end deployed hashrate reached 5.44 EH/s with an operating hashrate of 4.75 EH/s.

The company secured significant orders from major players including CleanSpark (3,800 miners), HIVE Digital Technologies (11,500 miners), and AGM Group Holdings (2,000 miners with option for 30,000 more). Canaan expanded its mining operations in Texas through a partnership with Luna Squares Texas and upgraded its fleet with Stronghold Digital Mining in Pennsylvania.

Canaan aims to reach 10 EH/s of mining hash rate in North America and 15 EH/s globally by mid-2025. The company also launched new consumer products in the Avalon Home series at CES 2025.

Canaan (NASDAQ: CAN) has unveiled two new Bitcoin mining devices at CES 2025: the Avalon Mini 3 and Nano 3S. The Avalon Mini 3, priced at $899, features a 37.5Th/s hashrate and doubles as a home heating system, offering an innovative solution for energy efficiency. The Avalon Nano 3S, an upgrade to the Nano 3, delivers 6Th/s hashrate and is priced at $249, targeting individual users with its compact, portable design.

Both devices aim to democratize cryptocurrency mining while promoting network decentralization. The Avalon Mini 3 stands out with its dual-purpose functionality, allowing users to mine Bitcoin while heating their living spaces, potentially offsetting energy costs. The devices are available for preorder until February 2025 through Canaan's website.

Canaan Inc. (NASDAQ: CAN) has secured a significant new order through its U.S. subsidiary for 2,800 Avalon A15XP miners from a new strategic U.S. customer. The air-cooled miners, featuring a hash performance of 207 Terahash per second (TH/s), will be integrated into the customer's existing large mining fleet. The delivery is scheduled for the first quarter of 2025. This deal marks an expansion of Canaan's North American market presence and demonstrates the company's capability in developing high-performance Bitcoin mining solutions.

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.