Canaan Inc. (CAN) stock soared 12.48% in the current-market trading session at the price of $6.05 after announcing its earnings report for the fourth quarter and year 2021.
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Canaan, founded in 2013, is a technology firm. The company designs and develops, and supplies ASIC computing chips, computing equipment production, chip R&D, and software services.
Canaan Q4 2021 Financial Highlights
On 3rd March 2022, Canaan reported its financial results for Q4 and the full year ended 31st December 2021. The company has also presented its corporate updates. Net revenue totaled RMB2,184.6M for the Q4 of 2021. For the same quarter of 2020, net revenue was RMB38.2M. CAN has cash and cash equivalents of RMB2,684.3M on 31st December 2021. It represents a gain of 586% from RMB391.3M on 31st December 2020.
Canaan has a gross profit of RMB1,486.9M, a gain of 100.5%, for the Q4 of 2021. For the fourth quarter of 2020, gross profit was RMB9.1M. For the Q4 of 2021, the company has a net income of RMB1,196.5M. Net loss totaled RMB72.0M For the same quarter of 2020.
Year 2021 Financial Highlights
Net revenues grew to RMB4,986.7M from RMB447.7M in 2020. Canaan calculated gross profit of RMB2,850.7M for 2021. Gross profit was RMB37.8M in the year 2020. For the year 2021, the company has a net income of RMB2,000.3M. Net loss was RMB215.1M in the year 2020.
Chief executive officer of Canaan, Mr. Nangeng Zhang, remarked that they had made profitable growth in their operations and ended the year with robust Q4 performance. Additionally, they developed their Artificial Intelligence business and partner base in the large market.
Looking forward, they will keep boosting their agile operation, strategic growth through investment in R&D projects, prudent employment in mining operations, and concrete execution in the international market. By leveraging their expertise, knowledge, and vast experience in the industry, they will capitalize on developing prospects in the industry.