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 filed its annual report on Form 20-F with the SEC for the fiscal year ending December 31, 2022. This filing was completed on April 19, 2023, and the report is accessible through the SEC website and Canaan's investor relations page.
Shareholders and ADS holders can request a hard copy of the report free of charge by contacting the Investor Relations Department. Established in 2013, Canaan specializes in ASIC high-performance computing chip design and production, having made significant contributions to the cryptocurrency mining and AI industries with their innovative products, including the world's first 7nm ASIC chip and RISC-V architecture chip.
Canaan (NASDAQ: CAN) reported its Q4 2022 financial results, revealing a significant decline in total computing power sold, dropping 45.8% sequentially and 75.8% year-over-year. Revenues fell by 59.9% to RMB391.9 million ($56.8 million), with mining revenue increasing by 16.3% to RMB72.2 million ($10.5 million). For the full year, total revenues decreased by 12.2% to RMB4,378.9 million ($634.9 million). Despite losses in Q4, Canaan achieved a record-high bitcoin mining computing power of 3.8 EH/s. The company expects total net revenues of approximately RMB450 million ($65 million) for Q1 2023 amid challenging market conditions.
Canaan Inc. (NASDAQ: CAN) plans to report its fourth quarter and full year 2022 financial results on March 7, 2023, before U.S. market opens. A conference call will be held at 8:00 A.M. ET on the same day to discuss the results. Investors can register for the call online and submit questions up to 24 hours in advance. Canaan is noted for its innovation in ASIC high-performance computing chips, highlighted by its first ASIC Bitcoin mining machine in 2013 and the launch of the world's first 7nm ASIC chip in 2018. The company aims to enhance social enrichment through advanced computing technologies.
Bitwise Index Services has announced the results of its monthly reconstitution of the Bitwise Crypto Indexes. As of December 30, 2022, Intel (INTC), CBOE Global Markets (CBOE), Nu Holdings (NU), and Applied Blockchain (APLD) have been added to the Bitwise Crypto Innovators 30 Index, while Nvidia (NVDA), AMD, and others have exited. The Bitwise 10 Large Cap Crypto Index remains unchanged, holding 63.53% Bitcoin (BTC) and 28.75% Ethereum (ETH). The reconstitution reflects ongoing developments in the cryptocurrency sector.
Bitwise Asset Management announced changes in its crypto indexes following the November 30, 2022 reconstitution. Notably, Chainlink (LINK) re-entered both the Bitwise 10 Large Cap Crypto Index and the Bitwise 10 ex Bitcoin Large Cap Crypto Index, replacing Cosmos (ATOM). The Bitwise Decentralized Finance Crypto Index welcomed Balancer (BAL), replacing 0x (ZRX). As of the same date, the Bitwise 10 Large Cap Crypto Index comprises 61.66% Bitcoin (BTC) and 29.29% Ethereum (ETH), while the Bitwise Decentralized Finance Crypto Index features 55.05% Uniswap (UNI).
Canaan Inc. (NASDAQ: CAN) reported its Q3 2022 financial results, revealing significant declines across key metrics. The total computing power sold was 3.5 million Thash/s, a drop of 37.1% from Q2 2022 and 48.5% year-over-year. Revenues decreased by 40.8% sequentially to RMB978.2 million (US$137.5 million) and dropped 25.8% compared to Q3 2021. Net income plunged 90% to RMB61.1 million (US$8.6 million). Despite these challenges, Canaan launched the Avalon Made A13 mining machines, aiming to enhance its market position amid a tough bitcoin market.
Canaan Inc. (NASDAQ: CAN) is set to release its financial results for the third quarter ending September 30, 2022, on November 14, 2022, before U.S. market opens. A conference call will be held the same day at 7:00 A.M. ET, with details available through registration. Canaan, established in 2013, specializes in high-performance computing solutions, including ASIC chip design and production. The company has made significant strides in the cryptocurrency mining sector since its first product launch in 2013, further innovating with its 7nm ASIC chip and RISC-V architecture AI chip.
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