Aug. 18, 2022, 12:16 p.m. EDT

CryptoNewsBreaks - Canaan Inc. (US: CAN) Announces Unaudited Q2 2022 Financial Results

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/zigman2/quotes/215105791/composite CAN -2.38%

Aug 18, 2022 (Investor Brand Network via COMTEX) -- Canaan , a leading high-performance computing solutions provider, today announced its unaudited financial results for the three months ended June 30, 2022. "We went through a challenging second quarter as the Bitcoin price continued to tumble down to under US$20 thousand. The COVID-19 containment lockdown in key cities in China also brought severe disruptions to our daily operations and demand for our AI chips," said Nangeng Zhang, chairman and CEO of Canaan. "Facing these obstacles, we strived to deliver for our clients and achieved total computing power sold of 5.5 million Thash/s, up 27.5% sequentially. In order to support our global expansion, we further integrated operations overseas in our Singapore international headquarters, which now features a research and development team and other operational functions. Leveraging our Singapore office, we extended our supply chain into Southeast Asia during the second quarter and completed the initial batch of deliveries. During the second quarter, we continued to collaborate with mining farm partners to ramp up our mining business and generated an increasing number of Bitcoins with an improved power supply. As of June 30, 2022, we held a total of 346.84 Bitcoins. Overall, we are fully aware of the downward pressure from the Bitcoin price since the last fourth quarter and expect it to bring prolonged headwinds to our performance in the coming quarters. Nevertheless, we believe in the unique value of Bitcoin and its long-term prospects. We are committed to developing our supercomputing technology on more advanced nodes and providing competitive products and best-of-class services to clients around the world."

To view the full press release, visit https://ccw.fm/AtPIq

About Canaan Inc.

Established in 2013, Canaan is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. The company's vision is "super computing is what we do, social enrichment is why we do it." Canaan has a rich experience in chip design and streamlined production in the ASIC field. In 2013, it released and mass produced its first ASIC Bitcoin mining machine. In 2018, Canaan released the world's first 7nm ASIC chip, providing energy efficient computing equipment to the cryptocurrency mining industry. In the same year, Canaan released the world's first RISC-V architecture commercial edge AI chip, further harnessing the potential of ASIC technology in the field of high-performance computing and artificial intelligence.

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COMTEX_412560461/2557/2022-08-18T12:15:58

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/zigman2/quotes/215105791/composite
US : U.S.: Nasdaq
$ 3.28
-0.08 -2.38%
Volume: 356,199
Oct. 5, 2022 11:58a
P/E Ratio
1.37
Dividend Yield
N/A
Market Cap
$576.25 million
Rev. per Employee
$2.92M
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