Benzinga -
- Canaan Inc (NASDAQ: CAN) reported a first-quarter FY23 revenue decline of 72.6% year-on-year to $55.2 million, missing the consensus of $62.1 million.
- Products revenue in the first quarter of 2023 was $44.1 million, compared to $196.9 million in 2022, mainly due to the lower total computing power sold and lower selling price resulting from the declined Bitcoin price.
- Mining revenue in the first quarter of 2023 was $11.1 million, representing an increase of 130.2% from $4.8 million in 2022, mainly attributable to the increased computing power energized for mining.
- Adjusted EPS loss of $0.43 missed the consensus loss of $0.21.
- Total computing power sold was 4.2 million Thash/s, compared to 1.9 million Thash/s in the fourth quarter of 2022 and 4.3 million Thash/s in 2022.
- Canaan held $72 million in cash and equivalents.
- Canaan held 623 bitcoins on its balance sheet as of March 31.
- Outlook: Canaan expects Q2 revenue of $72 million vs. consensus of $77.4 million.
- Price Action: CAN shares traded lower by 6.20% at $2.42 premarket on the last check Friday.
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