Canaan (CAN) Q2 2025 earnings summary

Executive summary

• Achieved Q2 2025 revenue of $100.2 million, up 43% year-over-year, marking the best quarter in ten quarters and surpassing guidance.

• Gross profit reached $9.3 million, a significant turnaround from prior losses, with adjusted EBITDA at $25.3 million versus a loss in Q1.

• Operating loss narrowed to $27.1 million, and net loss per ADS improved to $0.03, the lowest in 10 quarters.

• Bitcoin treasury expanded to 1,511 BTC by July 31, 2025, reflecting a strategic focus on long-term accumulation.

• Growth driven by high Bitcoin prices, effective tariff responses, and rapid expansion of home-use mining products.

Financial highlights

• Q2 revenue: $100.2 million, up 40% year-over-year and exceeding guidance.

• Gross profit: $9.3 million, up from $0.6 million in Q1 and reversing a $19.1 million loss year-over-year.

• Adjusted EBITDA: $25.3 million, a turnaround from a $38 million loss in Q1.

• Net loss per ADS narrowed to $0.03, compared to $0.15 year-over-year.

• Bitcoin holdings reached 1,511 as of July 31, 2025, with a market value of $160 million.

• Operating expenses remained flat at $36 million sequentially.

• Aggregate unrealized fair value gain on crypto assets of $34 million due to Bitcoin price increase.

• Cash balance was $65.9 million as of June 30, 2025.

Outlook and guidance

• Q3 2025 revenue expected in the range of $125 million–$145 million, reflecting cautious optimism amid policy uncertainties and market fluctuations.

• Management remains focused on prudent capital allocation, agile capacity deployment, and disciplined treasury management.

• Plans to reactivate 50% of offline miners in South Texas by August 2025.