78% of Canaan’s Revenue Comes From Overseas

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Chinese crypto mining device manufacturer Canaan has just unveiled on its Q1 financial report that most of the company’s revenue comes from other countries.

To be precise, Canaan said that 78% of its revenue ($29.6 million gross profit and $61 million net revenue) comes from overseas.

It is worth mentioning there has been a considerable increase compared to the last quarter, when overseas revenue only represented 4.9% of the company’s total revenue.

The company has presented some really good results for the first quarter of the year. Canaan’s CFO Tong He said:

“We delivered solid financial results in the quarter, with total net revenues increasing by 489.9% year over year. We have made meaningful progress in the expansion of our global customer base during the quarter.”

This is the first time that overseas sales have surpassed the domestic ones, as until now purchases were dominated by local miners looking for the latest devices put on sale by the company.