Canaan Inc. Reports Significant Revenue Growth In Q3 2024

According to PANews, Canaan Inc. (NASDAQ: CAN) has released its unaudited financial results for the quarter ending September 30, 2024. The report reveals a total revenue of $73.61 million, surpassing the previous expectation of $73 million and marking a 120.9% increase compared to the same period last year. The company's total sales computing power reached approximately 7.3 million Thash/s, reflecting a 93.8% year-over-year growth. Canaan Inc. also reported mining revenue of $8.96 million, having mined 147 bitcoins with an average income of $61,034 per bitcoin. The operating loss for the quarter was $56.84 million, which represents a 49.6% reduction compared to the previous year. As of September 30, 2024, the company holds a total of 1,231.3 bitcoins. The fair value of its cryptocurrency assets and cryptocurrency receivables amounts to $79.02 million.