Canaan posts record quarterly revenue from miner sales

In the third quarter of 2021, Canaan’s revenue from miner sales reached a record $204.5 million. This was up 708.2% from the comparable period last year and 21.8% above the second-quarter result.

\n\n\n\n

In the quarter, the company sold crypto mining equipment with a total hash rate of 6.7 million TH/s, up 12.9% from the second quarter. Year-over-year sales of capacity rose 128.4%.

\n\n\n\n

\”Stable year-over-year and sequential growth was largely driven by sustained market demand and increased shipments of Bitcoin mining devices,\” the press release said.

\n\n\n\n

As of September 30, cash and cash equivalents stood at $263.6 million. Since the start of the year their amount had more than tripled, primarily due to a large number of advance payments from customers, noted Canaan.

\n\n\n\n

For the quarter the company posted net income of $72.5 million, up 179.3% from the second quarter. A year ago Canaan posted losses.

\n\n\n\n

\”Despite the outstanding results we also recognise potential risks, including price pressures and volatility in the supply of components, Bitcoin price volatility, regulatory changes in various countries and other factors,\” said Canaan CEO James Jin Chen.

\n\n\n\n

According to him, to mitigate the impact of negative factors the company expanded its partnerships with suppliers, joined the mining business and entered global markets.

\n\n\n\n

Earlier in September, the Nasdaq-listed Canaan announced a share buyback program worth up to $20 million.