Benzinga | Nov 16, 2021 07:48AM EST

Canaan Clocks ~22% Sequential Revenue Growth In Q3

* Canaan Inc (NASDAQ:CAN) reported third-quarter FY21 revenue growth of 708.2% year-on-year to $204.5 million. Revenue increased 21.8% sequentially.

* Total computing power sold increased 128.4% Y/Y to 6.7 million Thash/s, mainly driven by the solid market demand and the delivery of Bitcoin mining machines.

* Products revenue grew 721.4% Y/Y to $203.6 million. Earnings per ADS was $0.41.

* Canaan held $263.6 million in cash and equivalents.

* In the third quarter, we continued to navigate through various market and regulatory dynamics and achieved new highs in multiple operating and financial metrics, Chairman and CEO Nangeng Zhang said.

* Outlook: Canaan sees sequential revenue growth of 35% - 50% for Q4.

* Price Action: CAN shares traded lower by 0.10% at $10.14 in the premarket session on the last check Tuesday.