Canaan reports Q2 EPS (3c), consensus (8c)

Reports Q2 revenue $100.2M, consensus $95.36M. Nangeng Zhang, chairman, and chief executive officer of Canaan (CAN), commented, “In the second quarter, our team delivered strong results amid evolving macro headwinds and geopolitical pressures. We exceeded expectations with total revenues of US$100.2 million, driven by proactive market expansion and solid execution. Despite increased tariff challenges, we diversified our sales footprint and achieved 6.4 million TH/s in total computing power sold, up 16.5% sequentially. Our mining operations also advanced steadily, reaching 8.15 EH/s in installed capacity across nine global sites while maintaining a competitive power cost of US$0.045/kWh. Enhanced deployment of our A15 series in the U.S. improved fleet efficiency, enabling us to mine 284 bitcoins during the quarter and further driving our bitcoin treasury to a strategic milestone of 1,511 by July-end, marking a new record.”