CAN - Canaan stock surges on strong topline results

Canaan (NASDAQ:CAN) shares have popped ~17% pre-market after the computer hardware firm reported a strong Q4 performance earlier today. Total net revenues were RMB2,184.6M ($342.8M), compared to RMB38.2M in the same period of 2020, and RMB1,317.6M in Q321, representing a 65.8% sequential growth. The growths were mainly driven by continuous increase in total computing power sold and average selling price per Thash/s. Total computing power sold was 7.7M Thash/s, compared to 0.2M Thash/s in the prior year quarter, and up 15.5% from 6.7M Thash/s in Q321, setting a new record.  The firm generated adj. net income of RMB1,250.7M ($196.3M), compared to a RMB73.1M loss in the same period of 2020.  It ended the year with cash and cash equivalents of RMB2,684.3M ($421.2M), up 586 Y/Y. CFO James Jin Cheng noted, "The higher-than-expected topline result was powered by our business development efforts, which drove the growth of our customer base, enabling us to

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Canaan stock surges on strong topline results