Canaan Inc. (CAN) stock surged 29.85% in pre-market trading on Tuesday, following the company's positive updates on its Bitcoin mining operations and bullish revenue guidance for fiscal year 2025.
The company announced significant progress in expanding its market presence, strengthening partnerships, and advancing its self-mining operations. Highlights from the update include:
- Secured multiple high-profile orders from well-renowned institutional miners for its upgraded Avalon A15 series Bitcoin mining machines - Expanded self-mining activities in Texas through a strategic joint mining agreement and upgraded its mining fleet in Pennsylvania - Introduced innovative home mining products like the Avalon Mini 3 and Nano 3S Bitcoin mining heatersMost notably, Canaan provided financial guidance for fiscal year 2025, expecting total revenues in the range of $900 million to $1.1 billion. This bullish guidance, driven by increasing demand for Bitcoin mining hash rate and the company's growing mining operations, likely fueled the stock's pre-market rally.
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