Canaan Inc. (CAN) gained in the current market after announcing its unaudited fourth quarter and fiscal 2021 results. CAN values at $6.01, gaining more than 12% compared to yesterday’s closing price. The stock closed at $5.41 at the end of the last trading session. The stock volume traded in the previous trading session was around 3.18 million shares. The current market cap of the company is about $1.06 billion.
CAN: Q4 and Fiscal 2021 Key Financials
- Canaan Inc.’s revenue in Q4 2021 was RMB 2,184 million. It is an increase of more than 65.8% compared to the revenue of RMB 1,317.6 million in Q4 2020.
- Fiscal 2021 revenue was RMB 4,986.7 million, more than the revenue of RMB 447.7 million in fiscal 2020.
- The company’s net income in Q4 2021 was around RMB 1,196.5 million, less than compared to the net loss of RMB 72 million in Q4 2020.
- CAN net income in fiscal 2021 was around RMB 2,000.3 million, and profitability improved significantly compared to the net loss of RMB 215.1 million in fiscal 2020.
- The Q4 2021, the diluted earnings per share were 7.13 cents.
- For fiscal 2021, the diluted earnings per share were 12.27 cents.
CAN 2022 Outlook
Net revenue of Q4 2022 for Canaan Inc. (CAN) is forecasted to be in the range of RMB 1.50 billion to RMB 1.60 billion (year-over-year growth of 275% to 300%). These projections are based on Canaan’s current and preliminary market and operating circumstances assessments.
Changes in Managerial Positions
On March 3, 2022, Mr. Shaoke Li, the Company’s Secretary, resigned for personal reasons and will continue to act as a consultant to enable a seamless transition. Ms. Lu Meng will fill Mr. Li’s role as Board Secretary.
Conclusion
The stock gained significantly after announcing its financial statements. The rise in revenue and profitability made the investors take an interest in its stock. Due to this, its stock is gaining today. The company is looking forward to entering 2022 with great momentum and delivering better results in 2022.
