Canaan Inc. Achieves Record Revenue Growth in Q2 2025

Canaan Inc. (NASDAQ: CAN), a leading innovator in crypto mining technology, has reported impressive financial results for the second quarter of 2025. According to PR Newswire, the company achieved total revenues of $100.2 million, marking a 39.5% increase from the previous year and surpassing their guidance.

Revenue and Mining Highlights

The company's revenue growth was fueled by a record-breaking performance in its mining operations, which generated $28.1 million, a 201.6% year-over-year increase. Canaan's bitcoin treasury also expanded significantly, reaching 1,511 bitcoins by the end of July 2025.

Operational Efficiency and Market Expansion

CEO Nangeng Zhang highlighted the company's strategic market expansion and robust operational execution, which enabled them to sell 6.4 million Terahash per second (TH/s) of computing power, a 16.5% sequential increase. Despite tariff challenges, Canaan maintained its competitive edge with an installed mining capacity of 8.15 Exahash per second (EH/s) across nine global sites.

Financial Performance

Canaan's gross profit surged to $9.3 million, recovering from a gross loss of $19.1 million in the same period last year. The company also reported a net loss of $11.1 million, a significant improvement from previous quarters. The strategic realignment to focus on core crypto businesses and the discontinuation of non-core AI semiconductor operations are expected to further streamline operations and enhance profitability.

Strategic Developments

In recent strategic moves, Canaan announced a share repurchase program of up to $30 million and completed the conversion of previously issued Series A-1 Preferred Shares. The company expects continued growth in the third quarter, projecting revenues between $125 million and $145 million.

These developments underscore Canaan's commitment to advancing the bitcoin mining ecosystem and delivering value to its stakeholders, supported by a vertically integrated model that spans ASIC design, global mining operations, and disciplined bitcoin treasury management.