Canaan Inc. (Nasdaq: CAN) provides supercomputing solutions and currently focuses on the research and development of artificial intelligence (AI) chips, AI algorithms, AI architectures, system on a chip (SoC) integration and chip integration. Its flagship product, the Kendryte 210, is the world's first RISC- V-based edge AI chip, which is now widely used in access control, such as smart door locks. In 2020, the company plans to release its second-generation AI chip, the K510, intended for use in scenarios including smart energy consumption, smart parks, smart driving, smart retail, and smart finance.
Based in Hangzhou, Canaan is also known as a top manufacturer of mining hardware in China. The company was the second largest designer and manufacturer of Bitcoin mining machines globally in terms of computing power in the six months ended June 30, 2019, according to independent market research firm Frost & Sullivan. During the same period, its mining machines sold accounted for 21.9% of the combined computing power of all the Bitcoin mining machines sold globally.
Canaan’s chief executive, Nangeng Zhang, founded the company in 2013. He and his team had invented and delivered one of the first Bitcoin mining machines incorporating application-specific integrated circuits (ASICs)technology. The ASICs that Canaan designs are manufactured, packaged and tested by industry-leading suppliers, including TSMC, Samsung, STATS ChipPac, ASE, and SPIL.
For the full year 2019, Canaan posted revenues of $204.3 million on losses of $148.6 million. It sold 10.5 million TH/s in supercomputing power last year, up from 7.2 million TH/s in 2018.
In November 2019, Canaan became the first Chinese blockchain company to become publicly traded on Wall Street.
Canaan’s leader, Nangeng Zhang, said the company will "remain focused on the optimization of our supply chains, enhancement of our product offerings, and execution of our new business initiatives."
Selina Cheng, CFA
Head of Investor Relations