Summary by Moomoo AI
Canaan delivered strong Q4 2024 results with total revenue of $88.8M, up 80.9% YoY and exceeding guidance. Computing power sold reached a record 9.1M TH/s, rising 65.9% YoY. Mining revenue surged 312.5% YoY to $15.3M with 186 Bitcoins mined. Despite improvements in top-line performance, the company recorded a net loss of $92.9M, though narrowing from $139.0M year-over-year.For full year 2024, total revenue grew 27.4% to $269.3M, with computing power sold up 32.6% to 26.0M TH/s. Mining revenue increased 29.6% to $44.0M. The company's net loss narrowed 39.7% to $249.8M. As of December 31, 2024, Canaan held 1,371.9 bitcoins and cash of $96.5M.Looking ahead, Canaan expects FY2025 revenue between $900M-$1.1B, with Q1 2025 revenue projected at $75M and Q2 2025 between $120M-$150M. The company recently expanded its North American mining operations, signing agreements to add 4.7 EH/s of computing power through new facilities in Pennsylvania and Texas.
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