Canaan (CAN) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $82.8 million, up 136% year-over-year and above guidance, driven by strong A15 series sales and robust self-mining operations.

• Bitcoin mining revenue was $24.3 million, up 132% year-over-year, with 259 Bitcoins mined.

• Gross profit turned positive at $0.6 million, reversing a $37.3 million loss from Q1 2024 and marking the first positive result since the bear market began.

• Net loss was $86.4 million, compared to $92.9 million in Q4 2024 and $39.4 million in Q1 2024.

• Management highlighted resilience amid U.S.-China tariff disruptions, global volatility, and continued R&D investment.

Financial highlights

• Q1 2025 revenue: $82.8 million, up 136% year-over-year and exceeding $75 million guidance.

• Mining revenue: $24.3 million, up 132% year-over-year, with 259 Bitcoins mined.

• Machine sales revenue: $58.3 million, up 149% year-over-year, with 5.5 million terahash sold (up 63%).

• Gross profit was $0.6 million, reversing a $37.3 million loss from Q1 2024.

• Adjusted EBITDA loss narrowed 47% year-over-year to $38 million.

Outlook and guidance

• Q2 2025 revenue expected to be approximately $100 million, but full-year revenue and hash rate deployment guidance withdrawn due to ongoing policy and market uncertainty.

• Company remains cautious for Q2, focusing on flexibility and market responsiveness.