Canaan Inc. Sponsored ADR Class A (CAN.US) net losses narrowed by 39.7% in 2024. Q1 revenue guidance falls short of expectations.

Canaan Inc. Sponsored ADR Class A (CAN.US) announced its unaudited financial performance for the three months and twelve months ending December 31, 2024, before the US stock market opens on Wednesday. The financial report data shows that Canaan Inc. Sponsored ADR Class A's Q4 cryptocurrency mining revenue was approximately $15.3 million, a year-on-year increase of 312.5%. They mined 186 bitcoins with an average revenue of $82,174 per bitcoin. The total revenue for Q4 reached $88 million, exceeding the $80 million target, with a year-on-year growth of 80.9%. Canaan Inc. Sponsored ADR Class A's total sales computing power for Q4 was about 9.1 million TH/s, a year-on-year increase of 65.9%. The net loss for Q4 narrowed to $92.9 million, a 33.2% improvement from the $139 million loss in the same period in 2023. Adjusted EBITDA under the NON-GAAP guidelines achieved a profit of $19.3 million, a significant improvement from the $69.4 million loss in the same period in 2023. For the full year of 2024, Canaan Inc. Sponsored ADR Class A's total revenue was approximately $269.3 million, a 27.4% increase from $211.5 million in 2023; total sales computing power was around 26 million TH/s, a 32.6% increase from 19.6 million TH/s in 2023; cryptocurrency mining revenue for the full year was about $44 million, a 29.6% increase from $34 million in 2023; the net loss for the full year narrowed by 39.7% to a loss of $249.8 million; and the adjusted EBITDA loss under NON-GAAP guidelines narrowed by about 73.9% to a loss of $71.5 million. Looking ahead, for the fiscal year 2025, the company's management maintains its revenue target, expecting total revenue to be between $900 million and $1.1 billion, while the market generally expects $725.13 million. For the first quarter of 2025, the company expects total revenue to be approximately $75 million, while the market expectation is around $96.1 million. For the second quarter of 2025, the company expects total revenue to be between $120 million and $150 million, with the midpoint of the guidance being below the market expectation of $147.66 million.