Canaan Q2 Profit Rises; Revenues Up 52.8%

(RTTNews) - Canaan Inc. (CAN) reported second quarter net income of RMB 608.9 million, an increase of 148.6% from a year ago. Net earnings per ADS was RMB 3.53 compared to RMB 1.40. Non-GAAP adjusted net income was RMB 688.2 million, an increase of 115.0% from last year.

Revenues were RMB 1.65 billion, an increase of 52.8% from last year. Total computing power sold was 5.5 million Thash/s, a decrease of 7.7%.

For the third quarter of 2022, the company expects total net revenues to be in the range of RMB 900 million to RMB 1.1 billion, representing a decrease of 17% to 32% from prior year.

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