Canaan Inc. American Depositary Shares - CAN STOCK NEWS

Canaan Inc. (NASDAQ: CAN) announced a significant purchase order from Genesis Digital Assets for 30,000 Avalon Bitcoin mining machines, with deliveries slated for Q1 2022. This order is part of a larger agreement allowing Genesis to buy up to 180,000 units. The partnership aims to enhance mining operations and renewable energy applications. Canaan, established in 2013, continues to innovate in high-performance computing and Bitcoin mining technology, underscoring its commitment to the cryptocurrency industry's infrastructure and growth.

Canaan Inc. (NASDAQ: CAN) reported strong Q3 2021 results with total revenues of RMB1,317.6 million (US$204.5 million), marking a remarkable 708.2% increase year-over-year. Computing power sold reached 6.7 million Thash/s, a record high, driven by robust demand for Bitcoin mining machines. Net income surged to RMB467.2 million (US$72.5 million), up 179.3% from the previous quarter. Cash and cash equivalents rose by 334.0% to RMB1,698.5 million (US$263.6 million). The company expects Q4 revenues to increase by 35% to 50% sequentially.

Canaan Inc. (NASDAQ: CAN) will release its third quarter 2021 financial results on November 16, 2021, before market open. A conference call will follow at 7:00 A.M. ET, allowing for a discussion of the results. Investors can register for the call using a provided link and submit questions up to 24 hours in advance. A replay will be available until November 23, 2021. Established in 2013, Canaan specializes in high-performance computing solutions, including ASIC chip design and manufacture.

Canaan Inc. (NASDAQ: CAN) has announced a follow-on order from HIVE Blockchain for 6,500 Avalon Bitcoin mining machines, following previous purchases of 4,000 and 6,400 units in August and January 2021. This order demonstrates the strong partnership and trust between the companies, with HIVE aiming to increase its Bitcoin mining capacity to 2 Exahash by December 2021 and 3 Exahash by March 2022. Canaan, established in 2013, specializes in ASIC development and production, positioning itself as a key player in the cryptocurrency mining sector.

Canaan Inc. (NASDAQ: CAN) announced a share repurchase program, allowing the company to buy back up to US$20 million of its outstanding American depositary shares and Class A ordinary shares over the next year starting September 20, 2021. The decision reflects the board's confidence in the company's growth potential and aims to enhance shareholder value. The repurchases will be conducted in compliance with relevant regulations and will depend on market conditions. Canaan plans to fund the buyback from its existing cash balance.

Canaan Inc. (NASDAQ: CAN) announced its inclusion in the FTSE Global Equity Index Series China Regional Index effective September 17, 2021. This addition is expected to enhance the company's visibility in the global investment landscape and potentially broaden its investor base. Chairman Nangeng Zhang highlighted the achievement as a reflection of the company’s strong earnings and growth momentum. Canaan specializes in high-performance computing solutions, particularly in ASIC chip design for cryptocurrency mining and AI applications.

Canaan Inc. (NASDAQ: CAN) reported record financial results for Q2 2021, with total revenues soaring 507.3% year-over-year to RMB1,081.8 million (US$167.5 million). The company achieved a net income of RMB245.0 million (US$37.9 million), a significant turnaround from a net loss of RMB16.8 million in Q2 2020. Computing power sold reached 5.9 million Thash/s, an increase of 126.9% from the previous year. Canaan continues to enhance its cash position, totaling RMB1,220.2 million (US$189.0 million), up 211.8%. The company expects a sequential revenue increase of 10% to 30% for Q3 2021.

Canaan Inc. (NASDAQ: CAN), a leader in high-performance computing solutions, has announced the dismissal of PricewaterhouseCoopers Zhong Tian LLP as its independent auditor, effective September 9, 2021. The appointment of KPMG Huazhen LLP as the new auditor is effective immediately as of September 13, 2021. The change follows a thorough evaluation by the company's Audit Committee and Board of Directors. Canaan's prior auditor had no adverse opinions during their tenure, and there were no disagreements regarding accounting practices.

Canaan Inc. (NASDAQ: CAN) has announced that it will release its second quarter 2021 financial results on September 15, 2021, before the market opens. Following the release, the company will hold a conference call at 8:00 A.M. Eastern Time to discuss the results, with registration required for participants. Investors can submit questions prior to the call, and a replay will be available until September 22, 2021. Established in 2013, Canaan specializes in ASIC chip design and technology for high-performance computing, including cryptocurrency mining.