Bitcoin Mining Rig Maker Canaan Surges After Strong Results and Guidance

Bitcoin Mining Rig Maker Canaan Surges After Strong Results and Guidance

Hangzhou, China-based Canaan (CAN), one of the industry's largest manufacturers of crypto mining machines, saw its stock jump 16% in premarket action after reporting revenue of $342.8 million in the fourth quarter of 2021, an increase of more than 60% compared to the previous quarter.

The company previously provided guidance estimating sequential revenue to rise in the 35%-50% range in the fourth quarter.

“The higher-than-expected top-line result was powered by our business development efforts, which drove the growth of our customer base, enabling us to achieve a larger proportion of spot sales with a higher averaging selling price,” said Chief Financial Officer James Jin Cheng.