Bitcoin rig maker Canaan reports over $200 mln in Q1 revenue

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Chinese crypto mining rig maker Canaan booked robust revenue growth in Q1 2022 despite logistical issues and supply chains disruptions from the pandemic, the company said on Thursday.

See related article: SEC places Chinese crypto mining rig maker Canaan on pre-delisting list

Fast facts

  • Canaan recorded 1.36 billion yuan (US$214 million) in revenue in the first quarter, up 236.7% year-on-year, the Nasdaq-listed company said in its latest earnings report.
  • Its net income expanded to 441.6 million yuan from 1.2 million yuan in the same period last year.
  • There was a suspension of delivery logistics in March due to Covid-19 control measures, but Canaan has since resumed usual production and delivery, the rig producer said.
  • Earlier this month, the U.S. Securities and Exchange Commission placed Canaan on a pre-delisting list for using an auditor whose working papers cannot be inspected or investigated completely by the Public Company Accounting Oversight Board.
  • Canaan announced in March a plan to buy back up to US$100 million worth of shares over the next two years.
  • As of the end of March, Canaan repurchased shares worth US$20 million from its previous buyback program approved in September.

See related article: China banned Bitcoin mining and became world’s No.2 Bitcoin miner

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