Canaan Technology Q1 Financial Report: Total Revenue Reaches $82.78 Million, Up 135.9% Year-on-Year

According to official news, cryptocurrency mining company Canaan Inc. (NASDAQ: CAN) has released its unaudited financial report for the first quarter. The report shows that driven by its proprietary Bitcoin mining business, the company's total revenue for the first quarter reached $82.78 million, exceeding the previous financial forecast guidance of $75 million, and representing a 135.9% increase compared to the same period last year.

The financial report indicates that Canaan Inc.'s total sales hash rate for the first quarter was as high as 5.5 million TH/s, a year-on-year increase of 62.6%. The company also achieved good results in proprietary mining: first-quarter mining revenue reached $24.25 million, a year-on-year increase of 131.9%, with a total of 259 Bitcoins mined, and an average revenue of $93,466 per Bitcoin. In terms of gross profit, Canaan Inc.'s gross profit for the first quarter was approximately $650,000, compared to a gross loss of $37.33 million in the same period last year, significantly improving the previous downturn.