China-based mining equipment manufacturer Canaan posted in the first quarter of 2022 a gross profit of $130.9 million, up 327.2% year-over-year.
The company’s quarterly revenue was $213.9 million, up 236.7% year-on-year. Canaan sold miners with a combined hashrate of 4.3 EH/s vs 2.0 EH/s in January-March last year.
The CEO of the company, Nangeng Zhao, has noted the contribution to strengthening the financial results of increasing sales outside of China, the formation of an overseas service network and a mining business. As of March 31, the company had 166.96 BTC on its balance sheet, mined independently.
The company CFO James Jin Cheng has said:
“We expected lower numbers for the quarter given the sudden suspension of logistics in the second half of March due to anti-COVID measures in the city where our factory and warehouses are located. We are gradually resuming production and supply, following the guidance of local authorities.”