Canaan reports fourth-quarter and full-year 2021 results

The cryptocurrency mining equipment manufacturer Canaan reported revenue of $342.8 million for the fourth quarter of 2021. The figure is 67% higher than in the prior reporting period.

Canaan Inc. Reports Unaudited Fourth Quarter and Full Year 2021 Financial Resultshttps://t.co/hx4QyMRUQk

— Canaan (@canaanio) March 3, 2022

“Growth higher than expected was driven by our efforts to develop the business, which helped expand the customer base. This allowed us to increase the share of spot sales at a higher average price per TH/s,” said Jin Cheng, the company’s chief financial officer.

In the fourth quarter, Canaan sold devices with a combined hash rate of 7.7 million TH/s.

The equipment maker also reported full-year 2021 results. Its revenue reached $785.5 million. By comparison, the figure for the previous year was $447.7 million.

Over the 12 months the company sold miners with a total hash rate of 22.3 million TH/s. As of December 31, 2021, it held $421.2 million in cash and cash equivalents.

Following the positive report, Canaan’s stock rose about 16% in pre-market trading, but after the market opened the price corrected. At the time of writing, the company’s shares traded near $6.

Recall, in November 2021, Canaan oreported deliveries to Kazakhstan of a batch of 2,000 Avalon-model Bitcoin miners model Avalon.

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