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Canaan
(NASDAQ:CAN)
Canaan (CAN) vs. SPDR S&P 500 ETF (SPY)
Canaan Business Overview & Revenue Model
Canaan Earnings Call Summary
Canaan Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 345.36M | 269.32M | 211.48M | 651.53M | 771.14M | 68.58M |
| Gross Profit | -17.91M | -84.32M | -240.78M | 230.29M | 440.83M | 5.79M |
| EBITDA | -122.65M | -143.33M | -330.11M | 84.51M | 285.16M | -34.11M |
| Net Income | -265.97M | -249.75M | -414.15M | 69.88M | 308.44M | -32.95M |
Balance Sheet | ||||||
| Total Assets | 592.17M | 463.01M | 493.30M | 690.00M | 884.74M | 158.76M |
| Cash, Cash Equivalents and Short-Term Investments | 65.90M | 96.49M | 96.15M | 105.65M | 421.67M | 69.50M |
| Total Debt | 48.19M | 94.99M | 1.43M | 3.75M | 4.88M | 9.90M |
| Total Liabilities | 268.57M | 196.76M | 145.11M | 77.86M | 341.44M | 92.50M |
| Stockholders Equity | 323.60M | 266.25M | 348.19M | 607.67M | 543.31M | 66.26M |
Cash Flow | ||||||
| Free Cash Flow | -105.39M | -218.57M | -126.93M | -201.82M | 196.23M | 6.15M |
| Operating Cash Flow | -89.00M | -199.26M | -123.62M | -183.94M | 201.86M | 6.48M |
| Investing Cash Flow | 25.33M | 60.97M | 39.63M | -4.50M | 846.22K | -7.59M |
| Financing Cash Flow | 81.97M | 139.75M | 90.00M | -54.28M | 138.93M | -17.15M |
Canaan Technical Analysis
Canaan Risk Analysis
Canaan Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | $801.45M | ― | -5.88% | ― | 9.79% | 63.17% | |
48 Neutral | $88.01M | ― | -23.11% | ― | -73.87% | -115.50% | |
47 Neutral | $520.59M | ― | -75.92% | ― | 82.61% | 42.42% | |
47 Neutral | $336.02M | ― | 7.15% | ― | -11.78% | ― | |
43 Neutral | $345.01M | -1.49 | -6.85% | ― | 27.39% | -64.74% | |
41 Neutral | $26.96M | -1.40 | -7.04% | ― | 154.52% | 47.31% |
Canaan Corporate Events
On November 4, 2025, Canaan Inc. announced a strategic investment of $72 million from Brevan Howard, Galaxy Digital, and Weiss Asset Management through the purchase of American depositary shares. This investment, which involves no derivative instruments, marks a significant shift in Canaan’s capital markets strategy, aligning it with prominent institutional investors in the digital asset ecosystem. The capital will enhance Canaan’s financial position, focusing on high-return computing and energy infrastructure projects, thereby reducing reliance on future capital raises.
On November 4, 2025, Canaan Inc. announced a US$72 million registered direct offering of American Depositary Shares (ADSs), with plans to issue 63,660,477 ADSs at a price of US$1.131 each. The proceeds from this offering are intended to fund the acquisition and development of data center sites in North America, expand Bitcoin mining machine production capacity, and support research and development. This strategic move is expected to enhance Canaan’s operational capabilities and strengthen its market position in the digital mining industry.
Canaan Inc. announced updates to its at-the-market (ATM) offering program, raising approximately $7.8 million through the sale of about 4.84 million American depositary shares at an average price of $1.61 per ADS. The company has paused further sales for the rest of 2025, with future sales dependent on market conditions and cash requirements. This move is part of Canaan’s strategy to enhance financial flexibility for growth initiatives. Additionally, Canaan launched its latest bitcoin mining machine, the Avalon A16 series, on October 28, 2025, showcasing advancements in power efficiency and manufacturing quality.
Canaan Inc. announced on October 30, 2025, a significant 4.5-megawatt sales contract with a Japanese utility to deploy Avalon A1566HA-488T hydro-cooled mining servers. This project aims to enhance grid stability and efficiency in Japan by using Canaan’s advanced smart control chip technology. The initiative highlights Canaan’s strategic positioning at the intersection of AI infrastructure, renewable energy, and blockchain computing, aligning with Japan’s digital-asset reforms and showcasing its commitment to sustainable energy solutions.
Canaan Inc. announced the launch of its latest Avalon A16 series bitcoin mining machine at the Blockchain Life 2025 summit in Dubai on October 28, 2025. The A16XP model offers 300 terahash per second with an energy efficiency of 12.8 joules per terahash, marking a significant advancement in mining performance. This launch underscores Canaan’s commitment to innovation and strengthens its position in the bitcoin mining industry by enhancing operational efficiency and expanding its global footprint.
On October 24, 2025, Canaan Inc. announced the launch of a new at-the-market equity offering program, allowing the company to sell up to $270 million worth of American depositary shares. The proceeds from this program are intended to fund the development of data center sites in North America, expand Bitcoin mining machine production, and support general corporate purposes. This strategic move is expected to enhance Canaan’s operational capabilities and strengthen its position in the digital mining industry.
Canaan Inc. announced on October 16, 2025, that it has regained compliance with the Nasdaq minimum bid price requirement, as its American depositary shares maintained a closing bid price of $1.00 or greater for ten consecutive business days. This achievement reflects market confidence in Canaan’s strategic initiatives and operational resilience, as the company continues to expand its global market presence through significant orders and partnerships, such as a large U.S. order for Avalon A15 Pro bitcoin miners and a ‘Gas-to-Computing’ initiative in Canada.
Canaan Inc. announced on October 13, 2025, the launch of a pilot project in Calgary, Canada, in partnership with Aurora AZ Energy Ltd. This initiative aims to convert flared natural gas into low-cost power for high-density computing, including bitcoin mining and AI data centers. The project is expected to demonstrate significant environmental benefits by reducing CO₂-equivalent emissions by 12,000 to 14,000 metric tons annually and provide a scalable model for energy-efficient infrastructure. By using natural gas that would otherwise be flared, Canaan’s project aligns environmental benefits with strong economic outcomes, potentially transforming wasted resources into productive energy.
In September 2025, Canaan Inc. achieved significant milestones in its bitcoin mining operations, including a record deployed hashrate of 9.30 EH/s and a cryptocurrency treasury of 1,582 BTC and 2,830 ETH. The company enhanced its mining efficiency in North America and expanded its renewable-powered mining strategy with a new partnership in Texas. Additionally, Canaan secured its largest order in three years for over 50,000 Avalon A15 Pro miners, highlighting its technological leadership and strengthening its position in the U.S. bitcoin mining market.
On October 2, 2025, Canaan Inc. announced a significant purchase order from a U.S.-based bitcoin miner for over 50,000 Avalon A15 Pro mining machines, marking the largest order in the past three years. This milestone underscores Canaan’s technological strength and reinforces its market leadership amid a resurgence in U.S. bitcoin mining. The order highlights the company’s commitment to delivering high-quality, efficient mining infrastructure and strengthening its partnerships in the U.S. market.
On September 30, 2025, Canaan Inc. announced a strategic partnership with Soluna Holdings to deploy 20 megawatts of Avalon A15 XP Bitcoin miners at Soluna’s wind-powered data center in Texas. This collaboration marks a significant step for Canaan in expanding its North American mining operations, leveraging Soluna’s renewable energy infrastructure to enhance sustainability and cost efficiency. The deployment is expected in the first quarter of 2026, aligning with Canaan’s strategy to grow its presence in the region and meet the increasing demand for secure blockchain infrastructure.
On September 8, 2025, Canaan Inc. announced a partnership with Luxor Technology Corporation to enhance institutional miner financing, facilitating the sale of over 5,000 Avalon A15 Pro bitcoin miners in August to a major U.S.-based institutional miner. This collaboration aims to provide flexible, non-dilutive financing solutions, potentially boosting institutional adoption and capital deployment. The partnership aligns with Canaan’s strategy of leveraging its vertical integration and expanding the reach of its Avalon A15 Pro series, which is designed for high efficiency and performance, to support the long-term growth of Bitcoin as a premier asset class.
Canaan Inc. reported a 10% increase in bitcoins mined in August 2025, with a total of 98 bitcoins produced. The company expanded its operations significantly in the U.S., Southeast Asia, and Ethiopia, achieving an installed computing power of 8.6 EH/s and expecting to exceed 10 EH/s. Canaan also announced a partnership with Luxor Technology Corporation to provide flexible financing solutions, facilitating the sale of over 5,000 Avalon® A15 Pro bitcoin mining machines. This strategic move is expected to enhance institutional adoption and capital deployment, strengthening Canaan’s position in the bitcoin mining industry.
Canaan Inc. released its unaudited interim financial statements for the six-month periods ending June 30, 2024, and 2025, showing a notable increase in total assets from $463 million to $592 million. The company’s revenues from product sales and mining activities also rose, indicating a strong performance in the cryptocurrency sector. This financial update, dated September 5, 2025, highlights Canaan’s improved financial positioning, which could positively impact its stakeholders and reinforce its standing in the competitive cryptocurrency industry.
On August 28, 2025, Canaan Inc. announced a new purchase order from Bitfury Group for Avalon® ASIC-powered upgrade kits to enhance Bitfury’s North American Bitcoin mining capacity by up to 10MW. This collaboration, part of a strategic relationship since July 2024, highlights both companies’ commitment to sustainable and cost-efficient mining solutions, with Canaan providing advanced technology and Bitfury leveraging its infrastructure expertise. The project emphasizes the importance of infrastructure reuse, energy optimization, and technical collaboration in the evolving mining sector.
On August 14, 2025, Canaan Inc. announced its unaudited financial results for the second quarter ending June 30, 2025, highlighting significant revenue growth and operational milestones. The company reported total revenues of $100.2 million, a 39.5% year-over-year increase, driven by diversified revenue streams and robust mining deployment. Bitcoin mining revenues reached a record $28.1 million, with the bitcoin treasury expanding to 1,511 by the end of July 2025. Despite challenges such as increased tariffs, Canaan achieved a gross profit of $9.3 million, a turnaround from a gross loss in the previous year. The company attributes its success to its vertically integrated model, which includes in-house ASIC design and diversified manufacturing, and its strategic focus on expanding its mining footprint and enhancing financial resilience.
Canaan Inc. announced a notable improvement in its bitcoin mining performance for July 2025, producing 89 bitcoins due to stronger bitcoin prices and lower power costs. Despite challenges such as weather disruptions and a strategic exit from Kazakhstan, Canaan is relocating miners and expects to enhance operations by August. The company also reported significant corporate developments, including a follow-on order from Cipher Mining and the adoption of a Cryptocurrency Holding Policy, which underscores its strategic focus on Bitcoin as a long-term reserve asset.