Chinese mining equipment manufacturer Canaan posted a gross profit of $130.9 million in the first quarter of 2022, up 327.2 percent year on year.

Kenan Inc. Reports Unaudited First Quarter 2022 Financial Results #Mining #Bitcoinhttps://t.co/pss9YPfdzk

— Canan Inc. (@cananio) 19 May 2022

The company’s quarterly revenue was $213.9 million, up 236.7 percent year on year. Canaan sold miners for 2.0 EH/s against a total hash rate of 4.3 EH/s in January-March 2021.

The company’s CEO, Nangeng Zhao, stated that increased sales outside of China contributed to the establishment of an overseas service network and strengthening the financial results of a mining operation. As of March 31, the company had 166.96 BTC independently issued on its balance sheet.

“We were expecting lower figures for the quarter due to 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,” said CFO James Jin Cheng.

According to him, the company has already managed to send most of the overdue orders.

Following the release of financial results for the quarter, Canaan’s premarket shares rose to $3.46 – almost 10% (at time of writing). In November 2019, during an IPO on the Nasdaq, the company raised $90 million by placing 10 million deposit slips at a price of $9.

In May, the US Securities and Exchange Commission placed Canaan on a preliminary list of Chinese companies to be delisted on US stock exchanges.

Recall that in April Canaan introduced a new bitcoin miner, which in terms of energy efficiency approaches the indicators of the flagships of Bitmain and MicroBT.