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Canaan (CAN) investor relations material
Canaan Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary14 Aug, 2025
Executive summary
Achieved record Q2 2025 revenue of $100.2M, up 40% year-over-year and 21% quarter-over-quarter, marking the best quarter in the last ten quarters and surpassing guidance.
Gross profit turned positive at $9.3M, a 1,341% increase quarter-over-quarter, with adjusted EBITDA at $25.3M, both record highs.
Operating loss narrowed to $27.1M from $37.6M in Q1; net loss per ADS narrowed to $0.03, the lowest in ten quarters.
Bitcoin mining revenue hit a record $28.1M, up over 200% year-over-year, with 284 BTC mined and treasury holdings reaching 1,511 BTC by July-end 2025.
Strategic realignment initiated to focus on core crypto businesses, discontinuing non-core AI semiconductor unit.
Financial highlights
Product sales revenue reached $71.9M, up from $61.8M year-over-year and $58.3M sequentially, with home-use miner segment contributing $5.7M and growing 359% quarter-over-quarter.
Mining revenue surged to $28.1M, up 202% year-over-year and 16% quarter-over-quarter; installed computing power expanded to 8.15 EH/s.
Gross margin improved to 9.3% in Q2 2025 from negative in Q2 2024; home mining equipment gross margin was ~39%.
Adjusted EBITDA was $25.3M, compared to a loss in Q1 and Q2 2024.
Cash balance at quarter-end was $65.9M, down from $96.5M at year-end 2024; total assets increased to $592.2M.
Outlook and guidance
Q3 2025 revenue expected between $125M and $145M, reflecting continued growth momentum and evolving customer dynamics.
Management will monitor global policy and market developments and may revise outlook as needed.
Focus remains on prudent capital allocation, agile capacity deployment, and disciplined treasury management.
How will Canaan expand in the home use mining market?
What's the status of the A-16 series development?
How does Canaan manage Bitcoin reserves?
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Frequently asked questions
Canaan Inc. is a China-based technology company specializing in blockchain and artificial intelligence (AI) solutions. The company designs and manufactures application-specific integrated circuit (ASIC) chips and related hardware, primarily used in cryptocurrency mining. Canaan also develops AI-powered computing solutions for applications in various industries, including finance, healthcare, and security. The company is headquartered in Hangzhou, China, and its shares are listed on the NASDAQ.
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