Canaan Registers Upbeat Q1; Aims To Navigate Through Bitcoin Price Fluctuation

Canaan Inc CAN reported first-quarter FY22 revenue growth of 236.7% year-on-year to $213.9 million. Earnings per ADS were $0.41.
The Y/Y increase was mainly attributable to the rise in total computing power sold and the average selling price per Thash/s.
Total computing power sold increased 119.1% Y/Y to 4.3 million Thash/s.
Canaan held $417 million in cash and equivalents.
Chair and CEO Nangeng Zhang commented, "We kicked off the year 2022 in an increasingly unpredictable environment due to macroeconomic uncertainties and logistic disruptions caused by the COVID-19 pandemic."
"Looking ahead, while we are cognizant of the near-term headwinds, we are confident that our extensive experience, increasingly globalized operations, and execution capabilities put us in a solid position to navigate the current period of uncertainty," Zhang added.
Canaan held a total of 166.96 bitcoins on its balance sheet as of March 31, 2022.
Outlook: Canaan sees Q2 revenue of $252.4 million - $283.9 million, up 48% - 67% Y/Y.
Share Buyback: On March 16, the board authorized a share repurchase program of up to $100 million.
Price Action: CAN shares traded higher by 7.29% at $3.37 on the last check Thursday.