Canaan approves $30M share repurchase program

Canaan (CAN) announced that its board of directors has authorized a share repurchase program under which the Company may buy back up to $30M worth of its outstanding American depositary shares, or ADSs, each representing 15 Class A ordinary shares, or Class A ordinary shares, over the next 12 months starting December 12, 2025. This initiative underscores the Company’s strong financial position, solid operational performance in the Q3 and confidence in its ability to create long-term shareholder value. The Company’s previously announced share repurchase program of up to US$30 million over a six-month period, beginning May 27 had expired. Under the Previous Program, the Company had repurchased 6,586,413 ADSs for a total of approximately $4.9M, including 1,505,314 ADSs repurchased for approximately $1.5M between November 19 and November 27 following the announcement of its unaudited financial results for the Q3 on November 18. The Company plans to fund the repurchases with its existing cash balance.