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 secured a new customer agreement with CleanSpark Inc. for the supply of 3,800 Avalon A1566I Immersion Cooling Miners. The miners, featuring an average compute power of 249 Terahash per second (TH/s) without overclocking, will be delivered in Q4 2024 through Canaan's U.S. subsidiary. The miners will be integrated into CleanSpark's immersion mining operations, which is known for operating one of the industry's highest-performing and most power-efficient mining fleets.
Frost & Sullivan has released the 2024 Global Blockchain Hardware Industry White Paper, providing comprehensive insights into market trends and opportunities in the blockchain hardware sector. The report highlights key developments including the improvement in Bitcoin mining hardware efficiency from 516.6 J/TH in 2016 to 29.6 J/TH in 2024, and notes that Canaan (NASDAQ: CAN) ranked second in computing power sold among Bitcoin hardware providers in 2023. The white paper analyzes various aspects including DeFi growth, cryptocurrency adoption, NFT market expansion (reaching $48.74 billion in 2023), and the industry's shift towards green technologies, with renewable energy now accounting for up to 78% of mining energy sources.
Canaan Inc. (NASDAQ: CAN) has closed the third and final tranche of its previously announced preferred shares financing, raising additional gross proceeds of $50 million. The company issued 50,000 Preferred Shares at $1,000.00 per share. The proceeds will be used to manufacture or invest in digital mining sites and equipment in North America. This strategic move aims to diversify revenue streams, reduce volatility, and capitalize on the anticipated Bitcoin bull market.
Key changes in the third tranche include:
- Shares issued as 'restricted securities'
- Convertible into Class A Ordinary Shares after six months
- weekly sales of Conversion Shares to 10% of ADS trading volume
- Fixed Conversion Price increased to $4.00
- Addition of a 90-day average SOFR factor to the Conversion Amount calculation
Canaan Inc. (NASDAQ: CAN) has received a 'buy' rating from Wall Street investment firm Rosenblatt, with a $3 price target over the next 12 months. The firm views Canaan as promising in light of the upcoming Bitcoin bull market. Rosenblatt notes that Canaan is significantly undervalued, trading at 0.6x EV/Sales compared to 3.9x for its peer group. The report highlights Canaan's strategy of expanding self-mining operations, particularly in North America, aiming to increase capacity from 0.65EH/s to 10EH/s by H1 2025. Canaan's Avalonminer products, known for their durability and efficiency, are expected to see increased demand. The company's extensive patent portfolio and focus on energy-efficient mining solutions are seen as key strengths.
Canaan Inc. (NASDAQ: CAN), a leading high-performance computing solutions provider, has announced its participation in the H.C. Wainwright 26th Annual Global Investment Conference from September 9-11, 2024. The event will take place at the Lotte New York Palace Hotel.
Key details include:
- Presentation session on September 9, 2024, at 8:30 am ET
- Presenters: James Cheng (CFO), Leo Wang (Senior Director/Head of Capital Markets), and Gwyn Lauber (Director of Investor Relations)
- One-on-one meetings with institutional investors from September 9-11, 2024
Investors can access the webcast link, when available, on Canaan's website. For more information or to schedule meetings, contact H.C. Wainwright representatives or Canaan's IR team.
Canaan Inc. (NASDAQ: CAN), a leading high-performance computing solutions provider, has announced its participation in the 4th Annual Needham Virtual Crypto Conference on September 5, 2024. The company's management plans to deliver a presentation and host one-on-one meetings with institutional investors during the event.
Key details of Canaan's participation include:
- Presentation Session: Scheduled for 1:30 PM ET on September 5, 2024
- A webcast link will be available on the company's website under the Events section
- Investors can schedule one-on-one meetings through their Needham representative or by contacting Canaan directly
This virtual conference provides an opportunity for Canaan to engage with investors and showcase its position in the high-performance computing and cryptocurrency mining hardware industry.
Canaan Inc. (NASDAQ: CAN), a leading high-performance computing solutions provider, has announced its participation in Benchmark's 11th Annual TMT One-on-One Conference on September 4, 2024 in New York City. The company's management team plans to host one-on-one meetings with institutional investors during the event.
Canaan has indicated that a webcast link for the conference will be made available on their website's Events page when ready. Interested parties seeking more information about the conference or wishing to schedule a one-on-one meeting are encouraged to contact their Benchmark representative or reach out directly to Canaan's investor relations team at IR@canaan-creative.com.
Canaan Inc. (NASDAQ: CAN), a leading high-performance computing solutions provider, has announced its participation in Macquarie's 15th Annual ASEAN Conference. The event is scheduled for August 27-28, 2024, at The Fullerton Hotel in Singapore. Canaan's management team plans to host one-on-one meetings with institutional investors during the conference.
Investors interested in scheduling a meeting can contact their Macquarie representative or reach out directly to Canaan at IR@canaan-creative.com. The company will post a webcast link on their website's Events page when available. This conference provides an opportunity for Canaan to engage with potential investors and showcase their high-performance computing solutions.
Canaan Inc. (NASDAQ: CAN), a leading high-performance computing solutions provider, has announced its participation in Rosenblatt's 4th Annual Technology Summit. The event, themed 'The Age of AI', will feature a virtual panel discussion on 'The Evolution of Bitcoin Mining ASICs' on August 19, 2024, at 12 pm ET.
Canaan's management team plans to host one-on-one meetings with institutional investors during the conference. Interested parties can access the webcast link, when available, on the Events page of Canaan's website. For additional information or to schedule meetings, investors are encouraged to contact their institutional representatives or reach out directly to Canaan's investor relations team.
Canaan Inc. (NASDAQ: CAN) reported its unaudited Q2 2024 financial results, showing a 104.8% increase in revenue to $71.9 million, surpassing the $70 million guidance.
The company sold 6.2 million Thash/s of computing power, up 83.9% sequentially. Operating loss narrowed by 60.9% YoY to $46.6 million. Mining revenue was $9.3 million, down from $10.5 million in Q1 2024. Gross loss reduced to $19.1 million.
Expenses were reduced significantly with G&A expenses down by 27% sequentially. The company held 1,133.5 bitcoins and cash of $66.8 million as of June 30, 2024. Total operating expenses decreased to $27.5 million.
Product delivery and market expansion, especially in North America and the Middle East, contributed to growth. Canaan expects Q3 2024 revenue to be approximately $73 million.
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