Canaan Inc. (CAN) shares rose 5.52% in after-hours on Friday, July 30, 2021, and closed the weekly trading at $7.26 per share. In the regular trading session on Friday, CAN’s stock gained 0.73%. The stock volume remained 5.84 million shares, which was lower than the average daily volume of 7.77 million shares within the past 50 days. CAN shares have risen154.81% over the last 12 months, and they have moved up 19.44% in the past week. Over the past three months, the stock has lost 45.00%, while over the past six months, it has declined 50.88%.

Let’s see what are the latest news about CAN?

CAN released Kendryte K510 AI Chip

On July 8 2021, Canaan Inc (CAN) released the Kendryte K510 (the K510), an independently designed and developed RISC-V based edge AI chip, at the 2021 World Artificial Intelligence Conference.

The K510 has several key technical advantages. K510 improves the chip’s computing power by approximately three times. In addition, by adopting a RISC-V open-source architecture, the K510 is highly customizable and capable of empowering developers in their execution of scenario-based development. The K510 can currently be used for UAV high-definition aerial photography, high-definition panoramic video conferences, robotics, STEAM education, driver assistance scenarios, and industrial and professional cameras.

CAN Strategic Partnership with Genesis Digital Assets

On June 16, 2021, Canaan Inc (CAN) secured a purchase order from Genesis Digital Assets Limited for 10,000 of its A1246 and A1166Pro Bitcoin mining machines. According to the terms of the Order, the Company will deliver the Bitcoin mining machines to Genesis Digital Assets in full by June 30, 2021.

CAN recent financial results announcement

On June 1, 2021, Canaan Inc. (CAN) announced its unaudited financial results for the first quarter ended March 31, 2021.

Q1 2021 financial highlights

• CAN reported net revenue of RMB402.8 million (US$61.5 million) for Q1 2021, compared to RMB68.3 million in the same period of 2020.
• It earned a gross profit of RMB194.2 million (US$29.6 million) in Q1 2021 compared to RMB2.4 million in Q1 2020.
• Total operating expenses were9 million(US$31.7 million) for Q1 2021 compared to RMB73.5 million in Q1 2020.
• In Q1 2021 net income was RMB1.2 million (US$0.2 million), compared to a loss of RMB39.9 million in Q1 2020.
• Basic and diluted net earnings per American depositary share were both 01(US$0.00) in the first quarter of 2021 compared to a basic and diluted net loss of RMB0.25 for both in the same period of 2020.
• The Company had cash and cash equivalents of RMB1,337.8 million(US$204.2 million) on March 31, 2021, compared to 3 million as of December 31, 2020.

Conclusion

As of this writing, there is no recent news to justify CAN good performance on Friday. it can commence the new week by continuing its positive momentum.