Canaan Inc. Surpasses Revenue Expectations in Q3 2025

Canaan Inc. (NASDAQ: CAN), a leader in the crypto mining industry, has reported a significant surge in its financial performance for the third quarter of 2025. The company's unaudited financial results reveal total revenues of $150.5 million, marking a 104.4% increase year-over-year and surpassing previous guidance, according to PRNewswire.

Strong Financial Performance

The company attributes this growth to robust global sales and bitcoin mining operations. Canaan's bitcoin mining revenues alone reached $30.6 million, a 241% increase compared to the same period last year, despite the challenges posed by elevated network difficulty. The company successfully mined 267 bitcoins, with an average revenue of $114,485 per bitcoin.

Record-Breaking Sales and Mining Operations

Total computing power sold exceeded 10 exahashes per second (EH/s), a new quarterly record and a 37.7% increase year-over-year. This achievement was fueled by strong demand in Asia and a strategic rebound in North America. Additionally, Canaan's cryptocurrency treasury expanded to 1,581.9 BTC and 2,830 ETH by the end of Q3 2025.

Operational Highlights

Nangeng Zhang, Canaan's Chairman and CEO, noted the company's strategic advancements, including the introduction of the next-generation air-cooled A16XP model, offering 300 TH/s with energy efficiency of 12.8 J/TH. Canaan also launched pilot initiatives exploring the synergy between bitcoin mining and energy management, such as grid balancing and stranded natural gas utilization.

Financial Metrics

Gross profit surged to $16.6 million from a gross loss of $21.5 million in the same period last year. The company also reported a net loss of $27.7 million, a significant improvement from the $75.6 million loss in Q3 2024. The cash position strengthened to $119.2 million by the end of the quarter, supported by record-high crypto treasuries.

Business Developments

Recent developments include a landmark U.S. order for over 50,000 Avalon® A15 Pro mining machines and the launch of a gas-to-computing pilot project in Canada. Canaan also regained compliance with Nasdaq's minimum bid-price requirement and completed a $72 million strategic investment from institutional investors.

Future Outlook

Looking ahead, Canaan anticipates total revenues for Q4 2025 to range between $175 million and $205 million, reflecting ongoing market conditions and customer dynamics. The company remains committed to monitoring global policy environments and market developments to adjust its business strategies accordingly.