Canaan Technology's Q1 financial report: total revenue reached US$82.78 million, an increase of 135.9% over the same period last year

Mars Finance News, on May 21, according to official sources, Canaan Inc. (NASDAQ: CAN), a cryptocurrency mining enterprise, released its unaudited first-quarter financial report. The financial report shows that driven by its Bitcoin self-mining business, the company's total revenue for the first quarter reached $82.78 million, exceeding the previous financial guidance of $75 million and representing a 135.9% increase compared to the same period last year. The report indicates that Canaan's total sales computing power in the first quarter was 5.5 million TH/s, a year-on-year growth of 62.6%. The company also achieved good results in self-mining: first-quarter mining revenue reached $24.25 million, a year-on-year increase of 131.9%, with a total of 259 bitcoins mined, averaging $93,466 per bitcoin. In terms of gross profit, Canaan's first-quarter gross profit was approximately $650,000, compared to a gross loss of $37.33 million in the same period last year, significantly improving its previous downturn.