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Canaan Forecasts Second-Quarter Revenue as High as $250M
The mining equipment maker said total shipments for the second quarter would either maintain or surpass Q1 2021.
Canaan, a Nasdaq-listed maker of cryptocurrency mining equipment, expects to book net revenue of between $150 million and $250 million in the second quarter, the company said Wednesday.
STORY CONTINUES BELOW
The China-based Canaan (Nasdaq: CAN) said total shipments would either maintain or surpass levels of the first quarter, when it reported net income of $200,000.
Canaan said partnerships with large customers generally involve multi-batch mining machine purchases over a long period, reducing the impact of crypto price fluctuations and vagaries around delivery schedules. The ASIC maker said 29 customers, each with purchase orders of more than 1,000 mining machines, accounted for 94% of orders this quarter.
As of May 31, 2021, Canaan has a total order volume of more than 149,000 mining machines with over $190 million in advance payments. Looking ahead, purchase orders of more than 10,000 mining machines have been signed with both Mawson, a U.S.-listed company, and Genesis, an international bitcoin mining giant, Canaan said.
In Q4 of last year Canaan failed to meet the surging demand for mining equipment due to supply chain issues exacerbated by the onset of COVID-19.
Ian Allison
Ian Allison is a senior reporter at CoinDesk, focused on institutional and enterprise adoption of cryptocurrency and blockchain technology. Prior to that, he covered fintech for the International Business Times in London and Newsweek online. He won the State Street Data and Innovation journalist of the year award in 2017, and was runner up the following year. He also earned CoinDesk an honourable mention in the 2020 SABEW Best in Business awards. His November 2022 FTX scoop, which brought down the exchange and its boss Sam Bankman-Fried, won a Polk award, Loeb award and New York Press Club award. Ian graduated from the University of Edinburgh. He holds ETH.
