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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 | 317.01M | 269.32M | 211.48M | 656.32M | 771.14M | 68.58M |
| Gross Profit | -46.35M | -84.32M | -240.78M | 231.98M | 440.83M | 5.79M |
| EBITDA | -158.28M | -143.33M | -330.11M | 84.51M | 285.16M | -34.11M |
| Net Income | -296.79M | -249.75M | -414.15M | 70.40M | 308.44M | -32.95M |
Balance Sheet | ||||||
| Total Assets | 565.55M | 463.01M | 493.30M | 690.00M | 884.74M | 158.76M |
| Cash, Cash Equivalents and Short-Term Investments | 96.77M | 96.49M | 96.15M | 105.65M | 421.67M | 69.50M |
| Total Debt | 231.02M | 94.99M | 1.43M | 1.45M | 2.56M | 5.83M |
| Total Liabilities | 320.92M | 196.76M | 145.11M | 77.86M | 341.44M | 92.50M |
| Stockholders Equity | 244.64M | 266.25M | 348.19M | 612.13M | 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 | ― | 846.22K | ― |
| Financing Cash Flow | 81.97M | 139.75M | 90.00M | -56.59M | 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 |
|---|---|---|---|---|---|---|---|
54 Neutral | 347.20M | -1.53 | -11.18% | ― | 27.39% | -64.74% | |
51 Neutral | 398.87M | -2.37 | -60.06% | ― | -9.11% | 58.95% | |
50 Neutral | $416.01M | ― | -75.92% | ― | 82.61% | 42.42% | |
44 Neutral | 126.27M | -0.46 | 70.02% | ― | -8.07% | -86.20% | |
41 Neutral | 31.67M | -1.64 | ― | ― | 154.52% | 47.31% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
Canaan Corporate Events
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.
On July 31, 2025, Canaan Inc. announced that its U.S. subsidiary received a purchase order from CleanSpark Inc. to supply additional Avalon A1566I immersion-cooling miners. This order follows an initial purchase in November 2024, and underscores Canaan’s commitment to innovation and supporting CleanSpark’s expansion in the U.S. market. The collaboration highlights Canaan’s strategic focus on the North American market and its dedication to delivering advanced mining solutions, strengthening its position in the evolving bitcoin mining industry.
On July 30, 2025, Canaan Inc. announced the adoption of a Cryptocurrency Holding Policy, designating bitcoin as its primary long-term reserve asset. This strategic move aims to strengthen the company’s balance sheet and align it with the digital asset economy, while providing flexibility for operational needs. The policy reflects Canaan’s commitment to maintaining a disciplined approach to cryptocurrency holdings, with a focus on supporting liquidity and risk management. As of June 30, 2025, Canaan’s bitcoin reserves stood at 1,484 bitcoins.
Canaan Inc. announced on July 29, 2025, the completion of the conversion of its Series A-1 Preferred Shares into American Depositary Shares, which were subsequently sold in the open market. This follows a Securities Purchase Agreement from March 2025, initially set to raise up to $200 million, though the second tranche was terminated in April 2025. The conversion and sale are part of Canaan’s broader strategy to enhance its bitcoin mining operations and expand its market presence, as evidenced by a significant increase in its deployed hashrate and commitment to green mining initiatives.
On July 17, 2025, Canaan Inc. announced a significant agreement with Cipher Mining Inc. to supply approximately 6,840 Avalon A15Pro miners to Cipher’s Black Pearl facility in the third quarter of 2025. This marks Canaan’s first major initiative to provide large-scale domestic manufacturing support for U.S.-based bitcoin mining customers, highlighting the growing demand amid bitcoin’s renewed momentum. The partnership with Cipher, which is on its fourth order from Canaan, underscores the trust in Canaan’s high-performance and reliable bitcoin mining solutions, contributing to a rapid increase in Cipher’s operational hashrate.
Canaan Inc. reported a decrease in bitcoin production for June 2025, mining 88 bitcoins due to weather-related disruptions in Texas and electricity restrictions in Ethiopia. Despite these challenges, the company achieved a record high of 1,484 bitcoins in holdings, highlighting its financial resilience and strategic focus on accumulating bitcoin reserves. Canaan is also advancing its North American expansion with new computing power set to be operational by the end of July 2025, and continues to protect shareholder value through a stock repurchase program.
On June 23, 2025, Canaan Inc. announced a strategic realignment to focus on its core businesses related to cryptocurrency, such as bitcoin mining machine sales and self-mining operations. The company will discontinue its non-core AI semiconductor business, which accounted for a small portion of its revenue and operating expenses in 2024, to streamline operations and enhance capital efficiency. This move is expected to reduce operating expenses significantly and allow Canaan to concentrate on its strengths in the digital asset ecosystem, aiming to drive sustainable growth and maintain its leadership in the global crypto market.