{"id":49515,"date":"2021-09-15T15:42:53","date_gmt":"2021-09-15T12:42:53","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=49515"},"modified":"2025-09-02T13:01:20","modified_gmt":"2025-09-02T10:01:20","slug":"canaan-posts-record-quarterly-revenue-of-167-5-million","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/canaan-posts-record-quarterly-revenue-of-167-5-million\/","title":{"rendered":"Canaan posts record quarterly revenue of $167.5 million"},"content":{"rendered":"<p>In the second quarter of 2021, Canaan&#8217;s revenue from its mining equipment manufacturing stood at $167.5 million. This marked the highest quarterly sales volume in the company&#8217;s history.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Canaan Inc. Reports Unaudited Second Quarter 2021 Financial Results and Announces Change of Board Composition.<\/p>\n<p>Read more\uff1a<a href=\"https:\/\/t.co\/gxlLyyFydI\">https:\/\/t.co\/gxlLyyFydI<\/a> <a href=\"https:\/\/t.co\/deE8r5Y8O6\">pic.twitter.com\/deE8r5Y8O6<\/a><\/p>\n<p>\u2014 Canaan (@canaanio) <a href=\"https:\/\/twitter.com\/canaanio\/status\/1438077629148516354?ref_src=twsrc%5Etfw\">September 15, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the earnings report, total cumulative hashrate sold during the period reached 5.9 million TH\/s, up 200% from the first quarter. Year over year, sales by power rose 126.9% compared with 2020.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cSustainable year-over-year and period-over-period growth is largely driven by the increase in the number of Bitcoin mining devices shipped, supported by strong market demand,\u201d according to the press release. <\/p>\n<\/blockquote>\n<p>The company reported net income of $37.9 million, the best result since Canaan&#8217;s IPO in November 2019.<\/p>\n<p>In the first quarter, the firm\u2019s profit amounted to about $186,500.<\/p>\n<p>CEO Nangeng Zhang said the solid results have secured \u201csignificant pre-orders\u201d for equipment. Largely due to upfront payments, cash and cash equivalents on hand as of June 30 reached $189 million, he added.<\/p>\n<p>In April, Canaan agreed to supply miners <a href=\"https:\/\/forklog.com\/en\/news\/canaan-to-supply-genesis-digital-assets-with-miners-worth-nearly-93-63-million\">for a value of $93.63 million<\/a> to Genesis Digital Assets, with which it has formed a strategic partnership. In the same month, Mawson Infrastructure Group <a href=\"https:\/\/forklog.com\/en\/news\/canaan-creative-to-supply-mawson-infrastructure-with-11760-asic-miners\">placed an order for 11,760 devices<\/a> for Bitcoin mining.<\/p>\n<p>In June, Canaan announced an expansion of its cooperation with Genesis Digital, under which <a href=\"https:\/\/forklog.com\/en\/news\/canaan-to-supply-genesis-digital-assets-with-10000-asic-miners\">it will supply another 10,000 ASIC miners<\/a>.<\/p>\n<p>Commenting on the quarter&#8217;s results, Canaan&#8217;s CEO said the company will continue to develop <a href=\"https:\/\/forklog.com\/en\/news\/canaan-starts-bitcoin-mining-in-kazakhstan\">its own mining business<\/a>. He also noted demand from a number of clients for the company\u2019s Kendryte K510 edge AI chip for edge computing.<\/p>\n<p>Shares rose nearly 5% in premarket trading versus the closing price.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/sNxvq8P0LeUuyz6CnOB6nNXESCrwM_JU23EyfJRbbD7zyfGNQIVYr5-Cm7TEmfaKpimmoo3GPZg8xaVZUymQ710udhbeeLYoLxPvYrTYr5aoHeb8t6cbOpmYoHXRtbXu1dVe52bg=s0\" alt=\"Canaan posts record quarterly revenue of $167.5 million\"\/><figcaption>Data: <a href=\"https:\/\/www.nasdaq.com\/market-activity\/stocks\/can\">Nasdaq<\/a>.<\/figcaption><\/figure>\n<p>As noted, after Canaan&#8217;s IPO, Iterative Capital Management&#8217;s Leo Zhang predicted the company would exit mining to focus on AI.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the second quarter of 2021, Canaan&#8217;s revenue from its mining equipment manufacturing stood at $167.5 million. This marked the highest quarterly sales volume in the company&#8217;s history.<\/p>\n","protected":false},"author":1,"featured_media":49516,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[845,1137],"class_list":["post-49515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-canaan","tag-cryptocurrency-mining"],"aioseo_notices":[],"amp_enabled":true,"views":"38","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/49515","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=49515"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/49515\/revisions"}],"predecessor-version":[{"id":49517,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/49515\/revisions\/49517"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/49516"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=49515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=49515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=49515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}