Chinese crypto mining rig maker Canaan booked robust revenue growth in Q1 2022 despite logistical issues and supply chains disruptions from the pandemic, the company said on Thursday.
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- Canaan recorded 1.36 billion yuan (US$214 million) in revenue in the first quarter, up 236.7% year-on-year, the Nasdaq-listed company said in its latest earnings report.
- Its net income expanded to 441.6 million yuan from 1.2 million yuan in the same period last year.
- There was a suspension of delivery logistics in March due to Covid-19 control measures, but Canaan has since resumed usual production and delivery, the rig producer said.
- Earlier this month, the U.S. Securities and Exchange Commission placed Canaan on a pre-delisting list for using an auditor whose working papers cannot be inspected or investigated completely by the Public Company Accounting Oversight Board.
- Canaan announced in March a plan to buy back up to US$100 million worth of shares over the next two years.
- As of the end of March, Canaan repurchased shares worth US$20 million from its previous buyback program approved in September.
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