Canaan Clocks ~22% Sequential Revenue Growth In Q3

Canaan Inc CAN reported third-quarter FY21 revenue growth of 708.2% year-on-year to $204.5 million. Revenue increased 21.8% sequentially.
Total computing power sold increased 128.4% Y/Y to 6.7 million Thash/s, mainly driven by the solid market demand and the delivery of Bitcoin mining machines.
Products revenue grew 721.4% Y/Y to $203.6 million. Earnings per ADS was $0.41.
Canaan held $263.6 million in cash and equivalents.
In the third quarter, we continued to navigate through various market and regulatory dynamics and achieved new highs in multiple operating and financial metrics, Chairman and CEO Nangeng Zhang said.
Outlook: Canaan sees sequential revenue growth of 35% - 50% for Q4.
Price Action: CAN shares traded lower by 0.10% at $10.14 in the premarket session on the last check Tuesday.

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