Canaan Executives Buck the Trend, Eye $2 Million Stock Purchase Amidst Revenue Dip Canaan's Chairman and CEO, Nangeng Zhang, and CFO James Jin Cheng are defying the odds, planning to invest
$2 million of their own money into the company's shares. They see an opportunity in Canaan's
undervaluation, even as revenues took a hit.
The numbers don't lie: Canaan's total revenues plummeted by 67.5% to $211.5 million in 2023 from $651.5 million the previous year. But Zhang remains confident, stating that the company is making strides in manufacturing its A14 series mining rigs and developing the next-gen A15 and A16 units.
With the recent Bitcoin halving event, Zhang believes that new doors will open in the crypto ecosystem. Canaan, established in 2013 as a tech firm specializing in high-performance computing chips, is determined to navigate these opportunities.
Despite a tough market for Bitcoin ASIC miners, Canaan reported a modest increase in mining revenue for 2023 at $34 million. However, the average selling price per Thash dropped significantly from $40.8 to just $8.9 due to market conditions.
