Stock Track | Canaan Soars 11.24% on New Mining Deals and Upbeat Outlook Despite Mixed Q3

Stock Track11-20 23:03

Canaan Inc. (CAN) shares skyrocketed 11.24% on Wednesday, fueled by the company's strong revenue guidance for the fourth quarter and a slew of new Bitcoin mining partnerships across North America amid a broader crypto rally.

The cryptocurrency mining equipment maker reported mixed results for the third quarter of 2024, beating Wall Street's revenue estimates of $72.84 million with sales of $73.61 million, up 120.9% year-over-year. However, Canaan posted an adjusted loss of $0.27 per share, wider than analysts' expected loss of $0.05 per share.

Despite the bottom-line miss, Canaan's shares surged as the company issued an upbeat revenue outlook for Q4, forecasting sales of around $80 million versus consensus estimates of $78.94 million. Additionally, Canaan announced several new Bitcoin mining deals in Texas and Pennsylvania, expanding its self-mining operations and bolstering its growth prospects amid the ongoing crypto boom.

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