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Canaan (CAN) investor relations material
Canaan Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary18 Nov, 2025
Executive summary
Q3 2025 revenue reached $150.5 million, up 104.4% year-over-year and 50.2% quarter-over-quarter, surpassing guidance and marking a 13-quarter high.
Gross profit was $16.6 million, reversing a prior year loss and up 79% sequentially; operating loss narrowed to $23.9 million.
North American demand rebounded, contributing 31% of revenue, with a landmark 50,000-unit A15 Pro order secured.
Mining operations delivered $30.6 million revenue, with 267–279 BTC mined and total deployed hash rate reaching 9.3 EH/s.
Cryptocurrency treasury reached 1,610 BTC and up to 3,950 ETH by October-end 2025.
Financial highlights
Q3 revenue: $150.5 million, up 104% year-over-year and above guidance; Q4 guidance: $175–$205 million.
Product sales: $118.6 million, with a record 10 EH/s sold and ASP at $11.8/TH.
Mining revenue: $30.6 million, up 241% year-over-year; 267–279 BTC mined.
Gross profit: $16.6 million; gross margin improved to 11%.
Cash balance: $119 million by Q3 end; inventory at $87.8 million.
Outlook and guidance
Q4 2025 revenue expected between $175 million and $205 million, reflecting cautious optimism amid policy and market volatility.
Q1 2026 anticipated as a seasonally lower quarter due to global holidays and supply chain disruptions.
Volume shipments of A16 series expected to begin in Q1 2026, with early deliveries in late Q2.
Prioritize $72M investment allocation
Future revenue from energy management initiatives?
Impact of tariff policies on gross margin?
AI/HPC integration: What's the roadmap?
Avalon Home series: How to sustain high margins?
ASIC supply increase: Market impact & Canaan's plan?
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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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