Canaan publishes the financial report for Q1 2022; here are the shocking results
Today, the leading computing solutions provider Canaan Inc. announced its unaudited financial results for the first quarter of this year.
Canaan Inc. marks a major YoY success
Canaan, which recently entered the bitcoin mining business with deals to jointly operate facilities in Kazakhstan, has revealed operating and financial results for the first three months of 2022.According to the announcement, the total computing power sold has increased by 119% from Q1 2021 and is currently 4.3 million Thash/s. The company recorded a year-to-year rise of 236% in its revenue. The first quarter of this year recorded a revenue of $213.9 million as compared to $63.5 million in the same period of 2021.
The significant YoY increase was primarily due to the rise in total computing power sold as well as the average selling price per Thash/s, according to the company. The cost of revenues in the first quarter of 2022 was $83.0 million, up 152.4% from $32.9 million in the first quarter of 2021. The cost of revenues increased in synch with revenue growth.
Canaan recorded a YoY increase of 327.2% in Gross Profit in Q1 2022. Gross profit in the first three months of this year was $130.9 million, with $30.6 million in the same period of 2021. In the first quarter of 2022, the China-based company earned $69.7 million in net income, compared to RMB1.2 million in the first quarter of 2021.
Mr. Nangeng Zhang, Chairman and CEO of Canaan, commented on the significant success of the company and stated:
"We kicked off the year 2022 in an increasingly unpredictable environment due to macroeconomic uncertainties and logistic disruptions caused by the COVID-19 pandemic."
Massive expansion plans
Talking about the company's balance sheet, CEO Zhang said that the company holds a total of 166.96 bitcoins as of March 31, 2022. He added that the team is ramping up its mining business despite the ongoing power shortages.The apparent goal of solid expansion is visible from the statement of James Jin Cheng, Chief Financial Officer of Canaan, who stated:
"Our solid balance sheet with a cash position of RMB2,643.2 million as of March 31, 2022, provides us considerable liquidity to further strengthen product offerings, optimize services, and expand our presence in international markets."
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