Canaan Inc. ( NASDAQ: CAN), a Beijing-based hardware producer of digital currency mining devices, reported a record second-quarter FY21 profits development of 507.3%year-on-year to $1675 million.

The NASDAQ-listed business stated in a quarterly incomes report that it offered 5.9 million terahashes per 2nd (TH/s) of hashing power throughout the quarter representing a 126.9%Y/Y boost from 2.6 million TH/s. That quantity of hash rate represent about 4%of the BTC network’s overall present hashing power.

Canaan’s Chairman and CEO Nangeng Zhang commented, “We provided an impressive efficiency in the 2nd quarter of2021 Regardless of unanticipated regulative policy characteristics and Bitcoin rate volatility, we attained record-high topline outcomes as we provided a robust 5.9 million Thash/s of calculating power to our customers.”

The business’s better-than-expected Q2 web profits marked the greatest quarterly sales in Canaan’s operating history, up 507.3%from ~$27 million in the very same duration of 2020 and 168.6%from ~$615 million throughout the very first quarter of 2021.

Canaan’s gross revenue was $662 million, up 887.0%from ~$ 6.1 million in the exact same duration of 2020 and 119.9%from ~$296 million throughout the very first quarter of2021

The business reported that earnings came out at $379 million, “marking the greatest quarterly net earnings because the Company’s going public in 2019”. This outcome compares to a bottom line of $2.4 million in the exact same duration of2020

James Cheng, CFO of Canaan, mentioned, “We reported strong monetary outcomes for the quarter. The record-setting profits of RMB1.08 billion and a non-GAAP net earnings of RMB3201 million, our energetic book of preorders, mainly from abroad customers, have actually brought plentiful prepayments, which even more improved our money position.”

As of June 30, 2021, the business had money and money equivalents of $1890 million and $161 million worth of agreement liabilities for devices preorders that are still to be provided in the coming quarters.

Investors must be conscious that the outlook for the unstable block benefit mining market does have a product influence on the efficiency of Canaan’s stock. The company used unclear positive assistance in the report mentioning it anticipates its overall earnings for the 3rd quarter to “have a consecutive boost of 10%to 30%.”

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