Canaan Inc. Announces February 2025 Bitcoin Production, Mining Operation Updates, and Preliminary Fourth Quarter 2024 Financial Results

Core Viewpoint - Canaan Inc. continues to enhance its bitcoin mining operations and product innovation, reporting a sequential increase in hashrate and improved financial performance for Q4 2024 [2][4]. Mining Operations Update - In February 2025, Canaan mined 82 bitcoins, increasing its total bitcoins owned to 1,355 [4]. - The month-end operating hashrate rose from 5.53 EH/s to 5.73 EH/s, while the deployed hashrate was reported at 6.28 EH/s [4][6]. - The average revenue split improved from 57.3% to 59.0%, maintaining a competitive all-in power cost of US$0.04/kWh [2][4]. Product Innovation - Canaan launched the Avalon Q, a compact home mining machine with 90 TH/s computing power, designed for 110V home power supply, available for pre-order with delivery expected in April 2025 [3][14]. Financial Performance - Preliminary Q4 2024 revenue is expected to be approximately US$89 million, surpassing previous guidance of US$80 million [4][14]. - The gross loss is anticipated to narrow to between US$10 million and US$6 million, indicating improved market demand and cost optimizations [4][14]. Current Mining Projects - Canaan has seven active mining projects globally, with a total expected computing power of 6.60 EH/s [6][7]. - The company has made adjustments in its mining operations, including a decrease of 0.42 EH/s in Ethiopia and an increase of 0.27 EH/s in Kazakhstan [9].