Canaan (CAN) Q3 2025 earnings summary

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.