Bulletin
Investor Alert

May 19, 2022, 1:57 p.m. EDT

CryptoNewsBreaks - Canaan Inc. (US: CAN) Releases Q1 2022 Financial Report

(NAS:CAN)

May 19, 2022 (Investor Brand Network via COMTEX) -- Canaan , a leading high-performance computing solutions provider, is reporting its unaudited financial results for the three-month period endedMarch 31, 2022. Highlights of the report include increase in total computing power sold (4.3million Thash/s, an increase of 119.1% from the same period in 2021), revenue ($213.9 million, a 236.7% fromQ1 2021) and gross profile ($130.9 million, an increase of 327.2% from the same period of 2021). In addition, the company also reported net income of $69.7 million for the quarter. "We kicked off the year 2022 in an increasingly unpredictable environment due to macroeconomic uncertainties and logistic disruptions caused by the COVID-19 pandemic," said Canaan chair and CEO Nangeng Zhang in the press release. "While confronting these challenges, we remained steadfast in our commitment to strengthening our partnerships with clients and expanding our global coverage. As a result, our computing power sold in the first quarter reached 4.3 million Thash/s, representing an increase of 119.1% from 2.0million Thash/s in the same period of 2021. As we continued to develop globally, we established an international headquarters inSingapore,which has already earned recognition and support from the local authorities. In order to provide best-in-class service and amplify our global reach, we are investing in building up our network of after-sales service centers overseas. We also recently launched an online store to enable global retail clients to seamlessly purchase our products. We have also been ramping up our mining business despite power shortages, and we now hold a total of 166.96 Bitcoins on our balance sheet as ofMarch 31, 2022. Looking ahead, while we are cognizant of the near-term headwinds, we are confident that our extensive experience, increasingly globalized operations, and execution capabilities put us in a solid position to navigate the current period of uncertainty."

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

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 states that "super computing is what we do, social enrichment is why we do it." Canaan has rich experience in chip design and streamlined production in the ASIC field. In 2013, the company 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. For additional information about this company, visit www.Canaan.io .

About CryptoCurrencyWire ("CCW")

CryptoCurrencyWire (CCW) is a financial news and content distribution company that provides (1) access to a network of wire services via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with CCW Prime . As a multifaceted organization with an extensive team of contributing journalists and writers, CCW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today's market, CCW brings its clients unparalleled visibility, recognition and brand awareness.

To receive instant SMS alerts, text "CRYPTO" to 844-397-5787 (U.S. Mobile Phones Only)

CryptoCurrency News Wire is where News, content and information converge via Crypto.

For more information, please visit https://www.CryptoCurrencyWire.com

Please see full terms of use and disclaimers on the CryptoCurrencyWire (CCW) website applicable to all content provided by CCW, wherever published or re-published: http://CCW.fm/Disclaimer

CryptoCurrencyWire (CCW)
New York, New York
www.CryptoCurrencyWire.com
212.994.9818 Office
Editor@CryptoCurrencyWire.com

CryptoCurrencyWire is part of the InvestorBrandNetwork

COMTEX_407467907/2557/2022-05-19T13:56:51

Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.

Link to MarketWatch's Slice.