Canaan Q4 2024 Earnings Report
Key Takeaways
Canaan delivered robust Q4 2024 results with revenue of $88.77 million, surpassing expectations, driven by record computing power sales and significant growth in mining revenue. Despite improvements in top-line performance and EBITDA turning positive, the company reported a net loss due to non-cash expenses and tax adjustments.
Total revenue reached $88.77 million, up 80.9% year-over-year.
Mining revenue soared to $15.30 million, a 312.5% increase year-over-year.
Total computing power sold hit 9.1 million TH/s, a record high.
Non-GAAP adjusted EBITDA showed a gain of $19.27 million, marking strong operational progress.
Canaan
Canaan
Canaan Revenue by Segment
Forward Guidance
Canaan expects to maintain strong growth in 2025, targeting total revenues between $900 million and $1.1 billion for the full year, with Q1 revenues expected around $75 million and Q2 between $120 million and $150 million.
Positive Outlook
- Strong anticipated demand for A15 series products.
- Expansion of mining operations in North America.
- Continued growth in computing power deployment.
- Solid financial positioning with cryptocurrency reserves.
- Optimized inventory structure favoring latest product models.
Challenges Ahead
- Potential regulatory challenges in global markets.
- Volatility in Bitcoin prices impacting mining revenue.
- High inventory write-downs remain a risk factor.
- Rising staff and administrative costs impacting margins.
- Exposure to currency exchange fluctuations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income