BEIJING, China, Feb. 10, 2021 (GLOBE NEWSWIRE) — Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Firm”), a number one high-performance computing options supplier, at the moment introduced that its income visibility has improved considerably in 2021 on account of attaining buy orders totaling greater than 100,000 models of bitcoin mining machines from clients in North America. Lots of these buy orders have been positioned with prepayment and can doubtless occupy the Firm’s present manufacturing capability completely for the complete 12 months of 2021 and past. With these absolutely dedicated buy orders, the Firm now enjoys a a lot larger diploma of income visibility and extra exact forecast. As such, the Firm is ready to leverage such data and extra liquidity to conduct its part purchases, manufacturing scheduling, warehousing and logistics.
Mr. Nangeng Zhang, Chairman and Chief Government Officer of Canaan, commented, “We’ve modified our operations mannequin in 2021. Beforehand we have been promoting bitcoin mining machines principally to particular person mining operators who could not have longer-term planning. In late 2020, we shifted our consumer base to principally publicly traded corporations and bitcoin-focused funding funds which have a tendency to position sizable orders with longer-term dedication. In consequence, we will now forecast our income way more exactly. Our elevated income visibility just isn’t solely enabling us to plan our manufacturing and logistics effectively prematurely, but additionally serving to us to optimize our value construction and enhance our buyer satisfaction price. Above all, it ought to assist us obtain worthwhile progress for the long term.”
About Canaan Inc.
Established in 2013, Canaan Inc. supplies high-performance computing options to effectively remedy complicated issues. In 2016, Canaan efficiently initiated the manufacturing of its first 16nm chip and handed the check to obtain China’s nationwide high-tech enterprise certification. In 2018, Canaan achieved main technological breakthroughs to launch the K210, the world’s first-ever RISC-V-based edge synthetic intelligence (AI) chip, which is now extensively used for entry management in conditions corresponding to good door locks and extra. Canaan Inc. is at the moment targeted on the analysis and improvement of superior know-how, together with such areas as AI chips, AI algorithms, AI architectures, system on a chip (SoC) integration and chip integration. Utilizing the AI chip as its base, Canaan Inc. has established an mental worth chain. Canaan Inc. additionally supplies a collection of AI service options and is ready to tailor these options to the wants of its companions. For extra data, please go to: investor.canaan-creative.com.
Protected Harbor Assertion
This announcement incorporates ahead−wanting statements. These statements are made beneath the “secure harbor” provisions of the U.S. Non-public Securities Litigation Reform Act of 1995. These ahead−wanting statements may be recognized by terminology corresponding to “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and comparable statements. Amongst different issues, the enterprise outlook and quotations from administration on this announcement, in addition to Canaan Inc.’s strategic and operational plans, comprise ahead−wanting statements. Canaan Inc. may make written or oral ahead−wanting statements in its periodic stories to the U.S. Securities and Alternate Fee (“SEC”) on Kinds 20−F and 6−Okay, in its annual report back to shareholders, in press releases and different written supplies and in oral statements made by its officers, administrators or staff to 3rd events. Statements that aren’t historic info, together with statements about Canaan Inc.’s beliefs and expectations, are ahead−wanting statements. Ahead−wanting statements contain inherent dangers and uncertainties. Quite a lot of elements might trigger precise outcomes to vary materially from these contained in any ahead−wanting assertion, together with however not restricted to the next: the Firm’s objectives and techniques; the Firm’s future enterprise improvement, monetary situation and outcomes of operations; the anticipated progress of the Bitcoin business and the worth of Bitcoin; the Firm’s expectations relating to demand for and market acceptance of its merchandise, particularly its Bitcoin mining machines; the Firm’s expectations relating to sustaining and strengthening its relationships with manufacturing companions and clients; the Firm’s funding plans and techniques, fluctuations within the Firm’s quarterly working outcomes; competitors in its business in China; and related authorities insurance policies and laws regarding the Firm and cryptocurrency. Additional data relating to these and different dangers is included within the Firm’s filings with the SEC, together with its registration assertion on Kind F−1, as amended, and its annual stories on Kind 20−F. All data offered on this press launch and within the attachments is as of the date of this press launch, and Canaan Inc. doesn’t undertake any obligation to replace any ahead−wanting assertion, besides as required beneath relevant regulation.
Investor Relations Contact
Mr. Shaoke Li
E mail: IR@canaan-creative.com
Tel: +1 (347) 396-3281
E mail: email@example.com