CAN Earnings Prediction
The chart below shows how CAN performed 10 days before and after its earnings report, based on data from the past quarters. Typically, CAN sees a +3.89% change in stock price 10 days leading up to the earnings, and a +0.30% change 10 days following the report. On the earnings day itself, the stock moves by -0.97%. This data can give you a slight idea of what to expect for the next quarter's release.
CAN Key Earning Data
2024/Q4
Year Over Year
Quarter Over Quarter
Total Revenue
73.61M
120.92%
2.44%
Gross Margin
-29.22%
-85.91%
9.77%
Operating Margin
-68.45%
-79.39%
7.39%
Net Margin
-102.68%
-57.29%
76.18%
EPS
-0.02
-33.33%
100.00%
No Data Available
CAN Earnings Analysis
Canaan Inc. American Depositary Shares Corporation (CAN.O) Earnings Conference Call
Positive
Hash Rate Growth: The third quarter of 2024 marked our first complete quarter after the halving, with total net work hash rate growing by more than 10%.
Revenue Exceeds Targets: We achieved total revenue of $73.6 million, slightly exceeding our targets and marking a year-over-year growth of around 121%.
Stable Mining Revenue: Our mining revenue reached $9 million, remaining stable compared to the second quarter and performing in line with the industry average.
Bitcoin Mining Performance: We mined 147 Bitcoins, a 5% increase quarter-over-quarter, showcasing remarkable performance in the industry.
Cash Reserves Increase: Our cash reserves reached $72 million at quarter end, enhancing our cash position and enabling us to accelerate investment in A15 mass production.
Negative
Bitcoin Price Decline Impact: The average Bitcoin price declined by over 7% sequentially, impacting miners' margins.
Mining Profit Decline: Despite a 10% growth in total net work hash rate, miners' profits were squeezed due to declining Bitcoin prices.
Operating Loss Reduction: The company reported an operating loss of around $57 million, narrowing by 50% year-over-year.
EBITDA Loss Reduction: The non-GAAP EBITDA loss narrowed by 50% year-over-year to $34 million, indicating ongoing financial challenges.
Cash Balance Decline: The cash balance at the end of the quarter was $72 million, reflecting a decrease of approximately 83% compared to December 31, 2023.
CAN FAQs
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CAN Earning Call Sentiment
Canaan Inc. (CAN) Q3 2024 Earnings Call Transcript
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CAN.O
-2.75%Positive
Canaan shows strong financial performance with a 121% YoY revenue growth, reduced net loss, and record Bitcoin holdings. The positive market strategy includes a preferred stock financing agreement and increased demand for A15 series. Despite challenges, operational efficiency is improving. Q&A insights reveal strong demand anticipation and strategic planning for North American growth. The financing agreement and optimistic guidance suggest a positive stock price movement over the next two weeks.