Canaan Inc. (CAN), a leading provider of high-performance computing solutions, witnessed a significant pre-market plummet of 6.86% on Tuesday, as investors reacted negatively to the company's mixed financial performance.

While Canaan reported a slight increase in total assets to $502 million by September 2024, the market appeared to have expected stronger growth and profitability from the company. The mixed financial results, coupled with ongoing crypto market volatility, fueled selling pressure on the company's shares, resulting in a sharp decline during the trading session.

Analysts suggest that investors were underwhelmed by Canaan's financial metrics, potentially anticipating more robust growth in light of the company's position as a leading provider of high-performance computing solutions for the crypto industry. The mixed financial results failed to meet market expectations, leading to the significant sell-off in the company's stock.