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Total Revenue: $89 million in Q4 2024, up 81% year-over-year.
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Full-Year Revenue: Approximately $270 million, up 27.4% year-over-year.
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Mining Revenue: $15.3 million in Q4 2024, up 313% year-over-year.
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Bitcoin Mined: 186 Bitcoins in Q4 2024, up 84% year-over-year.
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Computing Power Sold: 9.1 million terahashes per second in Q4 2024, up 66% year-over-year.
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Gross Margin: Mining gross margin increased to 42% in Q4 2024.
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Adjusted EBITDA: $19.3 million gain in Q4 2024.
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Cash Flow from Operations: Positive $17 million in Q4 2024.
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Cash Balance: $96 million at the end of Q4 2024.
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Bitcoin Holdings: 1,293 Bitcoins at the end of 2024, valued at approximately $123 million.
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Inventory Write-Down: $13.6 million in Q4 2024, decreased 76% year-over-year.
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Operating Expenses: $49.3 million in Q4 2024, increased $10.1 million year-over-year.
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Revenue Guidance Q1 2025: Approximately $75 million.
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Revenue Guidance Q2 2025: $120 million to $150 million.
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Full-Year 2025 Revenue Guidance: $900 million to $1.1 billion.
Release Date: March 26, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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Canaan Inc (NASDAQ:CAN) achieved approximately $89 million in total revenues for Q4, surpassing their guidance of $80 million.
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The company reported a 27.4% year-over-year increase in full-year revenue, reaching nearly $270 million.
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Canaan Inc (NASDAQ:CAN) successfully launched and delivered the high-performance A15 series, contributing significantly to revenue growth.
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The company’s mining operations saw a substantial increase, with mining revenue reaching $15.3 million, up 313% year-over-year.
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Canaan Inc (NASDAQ:CAN) expanded its presence in North America, with the region accounting for approximately 40% of mining machine sales.
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The company faced a gross loss of $6.4 million in Q4, despite narrowing it by 70.5% quarter-over-quarter.
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Canaan Inc (NASDAQ:CAN) recorded a non-cash income tax expense of $85 million due to a valuation allowance against deferred tax assets.
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The company expressed caution regarding the uncertain economic environment and Bitcoin price volatility, impacting future revenue expectations.
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Operating expenses increased by $10.1 million year-over-year, driven by global business expansion and risk mitigation activities.
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Canaan Inc (NASDAQ:CAN) faced challenges in managing supply chain constraints due to new US regulations affecting the semiconductor supply chain.
Q: Can you give us an update on site acquisition activity and how you’re approaching procuring power infrastructure in the current environment? A: Nangeng Zhang, CEO: We are actively looking for sites in energy-rich regions across North America. Our flexible cooperation model includes fixed-rate hosting, joint mining with profit sharing, or acquiring and building our own sites. We have secured enough site resources to support our current deployment plan of 10 exa hash in the first half of the year. Recent US policy changes may make new power generation capacity available, benefiting us further.