Canaan Inc. Posts Record Net Revenue of US$167.5 M in Q2 2021

Canaan Inc. (Canaan), a Nasdaq-listed leading provider of supercomputing solutions that is renowned for having invented the world’s first ASIC (Application-Specific Integrated Circuit)-powered bitcoin mining machine in 2013, has released its unaudited Q2 2021 financial results, disclosing that its total net revenue reached US$167.5 million, up YoY 507.3% and MoM 168.6%, marking the strongest quarterly sales in the company’s operating history.

Canaan’s total computing power sold set a new mark of 5.9 million Thash/s, raising by 126.9% compared to that of the same period of last year at 2.6 million Thash/s.

As of June 30, 2021, the firm’s cash and cash equivalents increased by 211.8% compared to the number of as of December 31, 2020, to US$189.0 million.

In terms of gross profit, the figure was US$66.2 million, up 887.0% compared to that of Q2 2020. The net income surged to US$37.9 million, marking the highest quarterly net profit since the Company’s initial public offering in 2019. And Non-GAAP adjusted net income was US$49.6 million.

“We delivered a remarkable performance in the second quarter of 2021. Despite unexpected regulatory policy dynamics and Bitcoin price volatility, we achieved record-high topline results”, Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented.