Canaan Inc. ( (CAN) ) has released its Q2 earnings. Here is a breakdown of the information Canaan Inc. presented to its investors.
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Canaan Inc., a technology company specializing in ASIC high-performance computing chip design and crypto mining, has reported its unaudited financial results for the second quarter of 2025, showcasing significant growth in revenue and mining operations.
In the second quarter of 2025, Canaan Inc. reported total revenues of $100.2 million, marking a 39.5% increase year-over-year and surpassing previous guidance. The company achieved record-high bitcoin mining revenues of $28.1 million, a 201.6% increase from the previous year, and expanded its bitcoin treasury to 1,511 bitcoins by July-end 2025.
Key financial highlights include a gross profit of $9.3 million, a significant improvement from a gross loss of $19.1 million in the same period last year. The company also reported a non-GAAP adjusted EBITDA gain of $25.3 million, reflecting robust operational performance. Canaan’s strategic realignment to focus on core crypto businesses, including bitcoin mining machine sales and self-mining operations, is expected to drive future growth.
Despite facing macroeconomic and geopolitical challenges, Canaan has diversified its revenue streams and expanded its market presence, achieving a total computing power sold of 6.4 million TH/s. The company has also initiated a share repurchase program and completed the conversion of Series A-1 Preferred Shares, indicating confidence in its long-term prospects.
Looking ahead, Canaan Inc. anticipates total revenues for the third quarter of 2025 to be between $125 million and $145 million, as it continues to adapt to market conditions and expand its mining footprint. The company remains committed to advancing the bitcoin ecosystem and delivering value to its stakeholders.