{"id":61713,"date":"2022-05-19T14:21:20","date_gmt":"2022-05-19T11:21:20","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=61713"},"modified":"2025-09-05T13:49:53","modified_gmt":"2025-09-05T10:49:53","slug":"canaan-posts-327-jump-in-quarterly-profit-in-q1-2022","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/canaan-posts-327-jump-in-quarterly-profit-in-q1-2022\/","title":{"rendered":"Canaan posts 327% jump in quarterly profit in Q1 2022"},"content":{"rendered":"<p>For the first quarter of 2022, the Chinese manufacturer of mining equipment Canaan posted gross profit of $130.9 million. Compared with the same period last year, the figure rose by 327.2%.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Canaan Inc. Reports Unaudited First Quarter 2022 Financial Results <a href=\"https:\/\/twitter.com\/hashtag\/Mining?src=hash&#038;ref_src=twsrc%5Etfw\">#Mining<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a><a href=\"https:\/\/t.co\/pss9YPfdzk\">https:\/\/t.co\/pss9YPfdzk<\/a><\/p>\n<p>\u2014 Canaan Inc. (@canaanio) <a href=\"https:\/\/twitter.com\/canaanio\/status\/1527209064920252418?ref_src=twsrc%5Etfw\">May 19, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The quarter\u2019s revenue totalled $213.9 million \u2014 up 236.7% year over year. Canaan sold miners with a combined hash rate of 4.3 EH\/s versus 2.0 EH\/s in January\u2013March 2021.<\/p>\n<p>The CEO of the company, Nangeng Zhao, noted the contribution to strengthening financial results from increasing <a href=\"https:\/\/u1f987.com\/en\/news\/overseas-customers-accounted-for-78-of-canaans-revenue\">sales outside China<\/a>, the development of <a href=\"https:\/\/u1f987.com\/en\/news\/canaan-opens-service-centre-in-kazakhstan\">an overseas service network<\/a> and <a href=\"https:\/\/u1f987.com\/en\/news\/canaan-starts-bitcoin-mining-in-kazakhstan\">the mining business<\/a>. As of March 31, the company held 166.96 BTC mined in-house.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe expected weaker results for the quarter, given the sudden logistics disruption in the second half of March due to anti-COVID measures in the city where our factory and warehouses are located. We are gradually resuming production and deliveries, following local authorities\u2019 guidance,\u201d said Chief Financial Officer James Jin Chen.<\/p>\n<\/blockquote>\n<p>According to him, the company had already managed to ship a large portion of overdue orders.<\/p>\n<p>Following the earnings release, Canaan\u2019s shares in premarket trading rose to $3.46 \u2014 up almost 10% (as of writing). In November 2019, during its Nasdaq IPO, the company raised $90 million by listing 10 million American depository receipts at $9 apiece.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/9vO8x9JwLSGjsIj9w6TmH08v3GpF0kUUHIwmhacABHGpH8Ei965w4531h7PhhQNtmcJfCRmzODGxL_ujV5WXu9L-oaw6gIeOZVJf5gdA2ZgY_dqAXRtMXipoY7mERo67MVjVRDjQFLSLOinfKg\" alt=\"\u041f\u0440\u043e\u0438\u0437\u0432\u043e\u0434\u0438\u0442\u0435\u043b\u044c \u043c\u0430\u0439\u043d\u0435\u0440\u043e\u0432 Canaan \u0443\u0432\u0435\u043b\u0438\u0447\u0438\u043b \u043a\u0432\u0430\u0440\u0442\u0430\u043b\u044c\u043d\u0443\u044e \u043f\u0440\u0438\u0431\u044b\u043b\u044c \u043d\u0430 327%\"\/><figcaption>Data: <a href=\"https:\/\/www.marketwatch.com\/investing\/stock\/can?mod=mw_quote_switch\">MarketWatch<\/a>.<\/figcaption><\/figure>\n<p>In May, the U.S. Securities and Exchange Commission placed Canaan on a preliminary list of Chinese companies <a href=\"https:\/\/u1f987.com\/en\/news\/sec-puts-canaan-on-preliminary-delisting-list\">subject to delisting<\/a> from U.S. exchanges.<\/p>\n<p>Earlier in April, Canaan <a href=\"https:\/\/u1f987.com\/en\/news\/canaan-unveils-new-bitcoin-asic-miner\">introduced a new Bitcoin miner<\/a>, which in energy efficiency comes close to the benchmarks of flagships from <a href=\"https:\/\/u1f987.com\/en\/news\/bitmain-unveils-the-antminer-s19-xp-hyd-a-liquid-cooled-bitcoin-miner\">Bitmain<\/a> and <a href=\"https:\/\/u1f987.com\/en\/news\/microbt-unveils-bitcoin-miners-in-the-whatsminer-m50-series\">MicroBT<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For the first quarter of 2022, the Chinese manufacturer of mining equipment Canaan posted gross profit of $130.9 million. Compared with the same period last year, the figure rose by 327.2%.<\/p>\n","protected":false},"author":1,"featured_media":61714,"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-61713","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":"14","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/61713","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=61713"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/61713\/revisions"}],"predecessor-version":[{"id":61715,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/61713\/revisions\/61715"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/61714"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=61713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=61713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=61713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}