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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 | -113.12M | -143.33M | -330.11M | 76.87M | 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 | -386.52M | -218.57M | -126.93M | -1.82B | 196.23M | 50.69M |
| Operating Cash Flow | -276.46M | -199.26M | -123.62M | -1.73B | 201.86M | 52.75M |
| Investing Cash Flow | 134.51M | 60.97M | 39.63M | -30.86M | 846.22K | -46.87M |
| Financing Cash Flow | 270.77M | 139.75M | 90.00M | -371.93M | 138.93M | -118.59M |
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 | $562.72M | -15.45 | -5.88% | ― | 9.79% | 63.17% | |
48 Neutral | $308.97M | -21.98 | 7.15% | ― | -11.78% | ― | |
48 Neutral | $423.02M | -1.54 | -10.03% | ― | 42.17% | -215.37% | |
47 Neutral | $78.39M | -4.23 | -12.36% | ― | -66.00% | 28.84% | |
46 Neutral | $402.45M | ― | -62.67% | ― | 83.38% | 50.44% | |
46 Neutral | $21.24M | -1.11 | -7.04% | ― | 154.52% | 47.31% |
Canaan Corporate Events
On January 14, 2026, Canaan Inc. received a notice from Nasdaq that the company was not in compliance with the exchange’s minimum bid price rule after its American depositary shares traded below US$1.00 for 30 consecutive business days, a development that underscores ongoing pressure on the crypto‑mining hardware maker’s market valuation. Nasdaq has granted Canaan a 180‑day grace period, until July 13, 2026, to lift its ADS closing bid price back to at least US$1.00 for 10 straight trading days, with the possibility of an additional compliance period subject to a transfer application and other listing conditions; failure to remedy the deficiency could ultimately lead to delisting, although the ADSs remain listed and trading on the Nasdaq Global Market while the company monitors its share price and considers measures such as a potential reverse stock split to preserve its listing status.
The most recent analyst rating on (CAN) stock is a Hold with a $1.75 price target. To see the full list of analyst forecasts on Canaan stock, see the CAN Stock Forecast page.
In an unaudited update for December 2025 released on January 14, 2026, Canaan reported that its installed hashrate grew 82% year-on-year and operating hashrate 61%, significantly outpacing the roughly 34% growth in the global Bitcoin network over the same period. The company mined 86 BTC in December, ended 2025 with deployed hashrate of 9.91 EH/s and operating hashrate of 7.65 EH/s, and expanded global installed power capacity to 250.4 MW, while improving average miner efficiency to 24.3 J/TH. Canaan’s crypto treasury reached record levels of 1,750 BTC and 3,951 ETH as of December 31, 2025, reflecting a year-long treasury strategy centered on reinvestment and balance-sheet expansion, including 1,091 BTC mined, 128 BTC purchased, and a major build-up of ETH via conversion of stablecoins from machine sales. These metrics underscore the company’s strengthening position as both an infrastructure operator and digital-asset holder, providing additional financial flexibility and reinforcing its long-term bet on Bitcoin and ETH as strategic assets. The firm also highlighted a renewed US$30 million share repurchase program approved on December 17, 2025, signaling management’s confidence in its valuation, and detailed ongoing global mining projects spanning the Americas, Ethiopia, the Middle East and Malaysia, with an estimated total computing power potential of 10.68 EH/s. Additionally, Canaan announced on January 6, 2026 a 3 MW proof-of-concept in Manitoba, Canada, to recover heat from Avalon computing systems for greenhouse operations, positioning the company at the intersection of crypto mining and energy solutions and supporting its push into energy-efficiency initiatives and practical reuse of computing waste heat.
The most recent analyst rating on (CAN) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Canaan stock, see the CAN Stock Forecast page.
On January 6, 2026, Canaan Inc. announced a 3.0 MW proof-of-concept heat recovery project in partnership with Bitforest Investment in Manitoba, Canada, using its Avalon liquid-cooled computing servers to capture and reuse waste heat as a supplemental source for greenhouse operations. Over an initial 24‑month term, Canaan will deploy 360 Avalon A1566HA-460T servers and four liquid-cooling container modules, with the recovered heat preheating intake water for electric boilers in a closed-loop system that aims to capture about 90% of the electricity consumed as usable heat, reduce the need for conventional cooling infrastructure, and benefit from a low power cost of US$0.035/kWh. The initiative positions Canaan to build a replicable, data-driven model for industrial heat reuse—particularly for agriculture in colder climates—potentially improving capital and operating efficiency, supporting carbon-pricing-driven decarbonization in greenhouse heating, and reinforcing the company’s broader push into energy-efficient, sustainable applications of high-density computing beyond traditional crypto mining.
The most recent analyst rating on (CAN) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Canaan stock, see the CAN Stock Forecast page.
Canaan Inc. has renewed its US$30 million share buyback program, reflecting confidence in its long-term value and strategic progress, while highlighting improved operational performance and expanded global customer engagement in Q3 2025. This move underscores the company’s disciplined capital allocation and commitment to shareholder value amidst industry volatility and conservative market valuation comparisons, positioning it as a resilient player in the crypto-mining sector.
The most recent analyst rating on (CAN) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Canaan stock, see the CAN Stock Forecast page.
Canaan Inc. reported its November 2025 bitcoin production and mining operations, highlighting an increase in both deployed and operating hashrates despite market challenges. The company achieved a stable production of 89 BTC and expanded its cryptocurrency treasury to 1,730 BTC and 3,951 ETH. Canaan’s strategic acquisition of 100 BTC during price dips and its plans to bring online approximately 1 EH/s of mining capacity by year-end underscore its focus on sustainable growth. Additionally, a significant US$72 million investment from top-tier institutional investors and the launch of the next-generation Avalon A16 series mining machines further bolster Canaan’s market position and growth prospects.
The most recent analyst rating on (CAN) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Canaan stock, see the CAN Stock Forecast page.
On November 18, 2025, Canaan Inc. announced its unaudited financial results for the third quarter of 2025, showcasing a strong performance with total revenues reaching $150.5 million, a 104.4% increase year-over-year. The company achieved record-breaking sales in computing power and mining revenues, with significant growth in its cryptocurrency treasury. Canaan’s strategic initiatives, including the introduction of new products and expansion in North America, have bolstered its market position and operational efficiency, despite challenges such as increased mining difficulty and tariff pressures.
The most recent analyst rating on (CAN) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Canaan stock, see the CAN Stock Forecast page.
Canaan Inc. reported its October 2025 bitcoin mining operations, highlighting a consistent operational performance with improvements in deployed and operating hashrate, miner efficiency, and installed power capacity. The company produced 92 BTC and increased its cryptocurrency treasury to 1,610 BTC and 3,950 ETH. Notable developments include a gas-to-computing pilot in Canada and the unveiling of the Avalon A16 series, which features advanced energy-efficient technology. Canaan also secured a significant U.S. order for over 50,000 Avalon A15 Pro mining machines and regained compliance with Nasdaq’s minimum bid price requirement, reflecting confidence in its strategic direction and operations.
The most recent analyst rating on (CAN) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Canaan stock, see the CAN Stock Forecast page.
On November 7, 2025, Canaan Inc. announced the successful closing of a US$72 million registered direct offering with institutional investors including Brevan Howard, Galaxy Digital, and Weiss Asset Management. This offering, initially announced on November 4, 2025, involves the sale of American depositary shares, each representing 15 Class A ordinary shares, at a price of US$1.131 per ADS. This capital infusion is expected to enhance Canaan’s operational capabilities and strengthen its market position in the crypto mining industry.
The most recent analyst rating on (CAN) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Canaan stock, see the CAN Stock Forecast page.
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.
The most recent analyst rating on (CAN) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Canaan stock, see the CAN Stock Forecast page.
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.
The most recent analyst rating on (CAN) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Canaan stock, see the CAN Stock Forecast page.
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.
The most recent analyst rating on (CAN) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Canaan stock, see the CAN Stock Forecast page.
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.
The most recent analyst rating on (CAN) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Canaan stock, see the CAN Stock Forecast page.
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.
The most recent analyst rating on (CAN) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Canaan stock, see the CAN Stock Forecast page.