Canaan Inc. Sponsored ADR Class A (CAN.US) performance in Q3 is mixed, Q4 revenue guidance exceeds expectations.

The financial report released by Canaan Inc. Sponsored ADR Class A (CAN.US) shows that the company's third quarter revenue was 73.6 million US dollars, an increase of 120.9% year-on-year, exceeding market expectations by 5.03 million US dollars; under GAAP accounting standards, the earnings per ADS were -0.27 US dollars, lower than market expectations by 0.19 US dollars. Under Non-GAAP accounting standards, the adjusted EBITDA was -34.1 million US dollars, compared to -68 million US dollars in the same period last year. As of September 30, 2024, the company had cash of 71.8 million US dollars. The total sales hash rate was 7.3 million Thash/s, an increase of 93.8% year-on-year. Mining revenue was 9 million US dollars, mining 147 bitcoins, with an average revenue of 61,034 US dollars per bitcoin. Looking ahead, the company expects fourth quarter revenue to be approximately 80 million US dollars, while market expectations are 78.94 million US dollars.