Mining-Rig Maker Canaan Q1 Revenue More Than Triples

Canaan shares rose in premarket trading after first-quarter earnings beat one analyst’s estimates.

Super computing solutions company Canaan (CAN), which specializes in bitcoin mining hardware, said revenue surged 237% from the year-earlier quarter to $213.9 million.

  • The one analyst cited on Yahoo Finance had forecast $27.37 million.
  • Net income at the Beijing-based company climbed to $69.7 million or 50 cents a share, compared with the analyst’s estimate of 6 cents.
  • “Looking ahead, while we are cognizant of the near-term headwinds, we are confident that our extensive experience, increasingly globalized operations, and execution capabilities put us in a solid position to navigate the current period of uncertainty,” said CEO Nangeng Zhang.
  • The company held 166.96 bitcoins on its balance sheet as of March 31.
  • Shares of the company rose about 11% to $3.14 in premarket trading.