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Canaan Inc.

CAN

Canaan Inc. • NASDAQ
$1.02 ▲ 10.87% (+0.10)
Market Cap $457.19 M
52w High $3.27
52w Low $0.54
Dividend Yield 0%
P/E -1.16
Volume 19.76M
Outstanding Shares 448.23M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $150.675M ▲ $39.391M ▲ $-27.78M ▼ -18.437% ▼ $-0.054 ▼ $-12.897M ▼
Q2-2025 $100.209M ▲ $36.376M ▼ $-11.058M ▲ -11.035% ▲ $-0.027 ▲ $-368K ▲
Q1-2025 $82.776M ▼ $38.275M ▼ $-86.431M ▲ -104.416% ▲ $-0.27 ▲ $-77.973M ▼
Q4-2024 $88.767M ▲ $49.29M ▲ $-92.902M ▼ -104.658% ▼ $-0.32 ▼ $697K ▲
Q3-2024 $73.608M $35.334M $-75.578M -102.676% $-0.27 $-35.473M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $119.208M ▲ $670.003M ▲ $290.1M ▲ $379.903M ▲
Q2-2025 $65.904M ▼ $592.175M ▲ $268.572M ▼ $323.603M ▲
Q1-2025 $96.773M ▲ $565.554M ▲ $320.916M ▲ $244.638M ▼
Q4-2024 $96.488M ▲ $463.011M ▼ $196.757M ▲ $266.254M ▼
Q3-2024 $71.782M $502.136M $186.33M $315.806M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-11.058M ▲ $0 $0 $0 $0 $0
Q1-2025 $-86.431M ▲ $0 ▲ $0 ▼ $0 ▼ $0 ▼ $0 ▲
Q4-2024 $-675.645M ▼ $-217.212M ▼ $126.517M ▲ $218.782M ▲ $180.32M ▲ $-325.767M ▼
Q3-2024 $-75.578M ▼ $-59.243M ▼ $7.997M ▲ $51.992M ▲ $4.994M ▲ $-60.753M ▼
Q2-2024 $-41.88M $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement Canaan’s results show a very strong boom‑and‑bust pattern tied to the crypto cycle. Revenue surged in 2021, then shrank sharply over the last two years. The company moved from healthy profits during the upcycle to meaningful losses more recently. Margins have swung from comfortably positive to negative, indicating that current selling prices and volumes are not covering the full cost base. Overall, the income statement reflects a business that can be very profitable in good crypto markets but is under clear earnings pressure in the current environment.

Balance Sheet

Balance Sheet The balance sheet has been shrinking since its 2021 peak, with total assets and shareholders’ equity steadily drifting down. Cash on hand is still meaningful but well below earlier levels, giving the company a smaller cushion than before. Debt has appeared but remains limited, so leverage is not yet a central concern. In simple terms, Canaan still has a reasonably clean balance sheet, but its financial buffer is thinner than during the last major upcycle, leaving less room for prolonged weak conditions.

Cash Flow

Cash Flow Cash generation has been inconsistent and mirrors the income statement swings. The business produced solid operating and free cash flow during the 2021 upcycle, but most other years, including the latest periods, show cash outflows from operations. Investment spending has been modest, so the main issue is not heavy capital projects but the core business not generating enough cash in a softer market. This pattern suggests Canaan has often been relying on existing cash reserves or external funding to bridge downturns rather than consistently funding itself from internal cash flow.

Competitive Edge

Competitive Edge Canaan holds a credible position as an early innovator in Bitcoin mining hardware, with strong experience in ASIC design and a recognized Avalon brand. Its fabless model and partnerships with major chip foundries allow it to focus on design and efficiency rather than manufacturing. The company also differentiates itself by serving both industrial miners and home or small‑scale miners, plus running some of its own mining operations for feedback and extra revenue. However, it operates in a brutally competitive market dominated by a few powerful rivals, with constant pressure to match or exceed their performance, pricing, and energy efficiency. Its moat exists but is tested by rapid technology cycles, crypto volatility, and geographic and regulatory risks.

Innovation and R&D

Innovation and R&D Innovation is central to Canaan’s story. It helped pioneer ASIC mining years ago and continues to push new generations of more efficient miners, such as the recent A15 series and the planned A16 line. The company’s focus is on squeezing more computing power out of each unit of electricity, which is critical for miner profitability. Past work on AI chips, even though that line has been wound down, shows depth in chip design that could be repurposed into smarter, more optimized mining systems. Canaan is also experimenting with consumer‑friendly devices and exploring software and analytics layers, which can deepen customer relationships. The key question is whether its R&D engine can consistently keep pace with or outdo rivals in an arms race where each new generation matters a lot.

Summary

Canaan is a highly cyclical, crypto‑sensitive hardware maker that has shown it can be very profitable in strong Bitcoin markets but has struggled in weaker periods. Recent years highlight declining scale, negative margins, and ongoing cash burn, alongside a gradually thinner but still serviceable balance sheet. On the strategic side, the company benefits from deep ASIC expertise, a known brand, a flexible fabless model, and a differentiated reach into both industrial and home mining, plus expansion efforts in North America. At the same time, it faces intense competition, rapid technology turnover, and heavy reliance on crypto market health. Future outcomes will depend heavily on the success of its next‑generation miners, its ability to maintain an efficiency edge, and how effectively it manages through the inherent volatility of the sector.

NEWS

November 18, 2025 · 7:00 AM UTC

Canaan Inc. Reports Unaudited Third Quarter 2025 Financial Results

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November 12, 2025 · 9:05 AM UTC

Canaan Inc. Provides October 2025 Bitcoin Production and Mining Operation Updates

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November 11, 2025 · 9:05 AM UTC

Canaan Inc. to Report Third Quarter 2025 Financial Results on November 18, 2025

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November 7, 2025 · 9:05 AM UTC

Canaan Inc. Closes US$72 Million Registered Direct Offering with Brevan Howard, Galaxy Digital, and Weiss Asset Management

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November 4, 2025 · 4:05 PM UTC

Canaan Inc. Announces Strategic Investment from Brevan Howard, Galaxy Digital, and Weiss Asset Management

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