Canaan Technology's total revenue for the fourth quarter was 88.8 million US dollars, an increase of 80.9% year-on-year

Canaan Technology announced its unaudited financial results for the fourth quarter and full year of 2024. The total revenue for the fourth quarter of 2024 was $88.8 million, exceeding the expected $80 million, an increase of 80.9% year-on-year. Mining income was $15.3 million, a year-on-year increase of 312.5%, with a total of 186 Bitcoins mined. The net loss was $92.9 million, while it was $139 million in the same period in 2023.

The total revenue for the year 2024 was $269.3 million, a year-on-year increase of 27.4% from $211.5 million in 2023. The total computing power sold was 26 million TH/s, a year-on-year increase of 32.6% from 19.6 million TH/s in 2023. Mining income was $44 million, a year-on-year increase of 29.6% from $34 million in 2023. Net loss was $249.8 million, narrowing by 39.7% compared to the previous year.