Crypto firm Canaan's Q4 revenue doubles, loss misses estimates
Overview
Crypto mining innovator's Q4 revenue rose 121.1% yr/yr, driven by record computing power sold
Q4 pretax loss wider than analyst expectations
Outlook
Canaan expects Q1 2026 revenue between $60 mln and $70 mln
Company aims to secure substantial power capacity by year-end 2026
Canaan focuses on expanding product portfolio for households and SMBs
Result Drivers
RECORD COMPUTING POWER SALES - Canaan sold a record 14.6 EH/s in Q4, driven by large-scale North American orders
PRODUCT MIX OPTIMIZATION - Gross profit improved due to product mix optimization and supply chain resilience
STABLE MINING REVENUE - Despite crypto market volatility, mining revenue remained stable at US$30.4 million, aided by increased operational hashrate
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q4 Net Income |
| -$85.04 mln |
|
Q4 Pretax Profit | Miss | -$84.23 mln | -$22.64 mln (6 Analysts) |
Q4 Income From Operations |
| -$23.62 mln |
|
Q4 Operating Expenses |
| -$38.20 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"
Wall Street's median 12-month price target for Canaan Inc is $2.50, about 312.1% above its February 9 closing price of $0.61
Press Release: ID:nPn8qCJX8a
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