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    CAN   US1347481020

CANAAN INC.

(CAN)
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Delayed Nasdaq  -  05/23 04:00:00 pm EDT
3.200 USD   +3.23%
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Canaan : Expands its Mining Operations with Deployment of Over 10,000 Mining Machines - Form 6-K

01/04/2022 | 06:19am EDT

Canaan Expands its Mining Operations with Deployment of Over 10,000 Mining Machines

BEIJING, Jan. 04, 2022 /PRNewswire/ - Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), a leading high-performance computing solutions provider, today announced that it has entered into strategic collaboration agreements with multiple crypto mining firms for joint-mining business in Kazakhstan.

On December 22, 2021, the Company successfully launched the last batch of mining machines online under its first phase of deployment in Kazakhstan. As of December 31, 2021, the Company had an aggregate of 10,300 AvalonMiner units in mining operations in the country. The Company continues to deploy additional computing power according to its mining business expansion plan.

Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, "The deployment of over 10,000 mining machines not only deepens our collaboration with leading local mining farms, but also marks our great strikes in our cultivation of the Bitcoin mining business. As we expand our involvement further down the Bitcoin value chain, we are enhancing the depth and width of our global presence while solidifying our business operations. Joining hands with mining firms, we are excited to leverage each of our respective strengths and resources to maximize profits and capitalize on the growth of the digital assets industry."

About Canaan Inc.

Established in 2013, Canaan (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production and software services. The Company's vision is "super computing is what we do, social enrichment is why we do it." Canaan has a rich experience in chip design and streamlined production in the ASIC field. In 2013, it released and mass produced its first ASIC Bitcoin mining machine. In 2018, Canaan released the world's first 7nm ASIC chip, providing energy efficient computing equipment to the cryptocurrency mining industry. In the same year, Canaan released the world's first RISC-V architecture commercial edge AI chip, further harnessing the potential of ASIC technology in the field of high-performance computing and artificial intelligence.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.'s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, financial condition and results of operations; the expected growth of the Bitcoin industry and the price of Bitcoin; the Company's expectations regarding demand for and market acceptance of its products, especially its Bitcoin mining machines; the Company's expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company's investment plans and strategies; fluctuations in the Company's quarterly operating results; competition in its industry in China; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company's filings with the SEC, including its registration statement on Form F-1, as amended, and its annual reports on Form 20-F, as amended. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

Canaan Inc.

Mr. Shaoke Li

Email: IR@canaan-creative.com

ICR, LLC

Robin Yang

Tel: +1 (347) 396-3281

Email: canaan.ir@icrinc.com

Disclaimer

Canaan Inc. published this content on 04 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 January 2022 11:18:04 UTC.


© Publicnow 2022
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Financials
Sales 2022 7 077 M 1 057 M 1 057 M
Net income 2022 2 064 M 308 M 308 M
Net Debt 2022 - - -
P/E ratio 2022 1,78x
Yield 2022 -
Capitalization 3 569 M 533 M 533 M
Capi. / Sales 2022 0,50x
Capi. / Sales 2023 0,38x
Nbr of Employees 346
Free-Float 79,5%
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Number of Analysts 1
Last Close Price 20,75 CNY
Average target price 67,12 CNY
Spread / Average Target 223%
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Managers and Directors
N. G. Zhang Chairman & Chief Executive Officer
Jin Cheng Chief Financial Officer
Wu Jing Jie Vice President-Technology
Wenjun Zhang Independent Director
Hongchao Du Independent Director
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