Canaan Q4 Recap: Clocks 82% Revenue Decline Amid Bitcoin Meltdown; Expands Globally
Canaan Inc (NASDAQ: CAN) reported a fourth-quarter FY22 revenue decline of 82.1% year-on-year to $56.8 million, beating the consensus of $43.59 million.
Adjusted EPS loss of $(0.30) missed the consensus loss of $(0.15).
Total computing power sold decreased 75.8% Y/Y to 1.9 million Thash/s.
Canaan held $102.5 million in cash and equivalents.
Canaan held 757.14 bitcoins on its balance sheet as of December 31.
Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, "We went through a tough fourth quarter as the further sinking bitcoin price during the quarter led to lackluster market demand for mining machines as we expected...We expanded globally and established overseas supply chains and headquarters in Singapore. Our teams gained experience in operating our mining business in various overseas locations. We have also debuted our new mining machine series incorporating the latest cutting-edge process node, driving our computing power and efficiency to a new level."
Price Action: CAN shares closed lower by 8.39% at $2.51 on Monday.
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This article Canaan Q4 Recap: Clocks 82% Revenue Decline Amid Bitcoin Meltdown; Expands Globally originally appeared on Benzinga.com
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