Canaan (CAN) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue reached $89 million, up 80.9% year-over-year and above guidance, marking the highest quarterly revenue in two years, with full-year revenue up 27.4% to $270 million and net loss narrowing 39.7% to $249.8 million.

• North America became the largest regional market, accounting for 40% of mining machine sales, driven by large orders from public mining companies and new projects in Pennsylvania and Texas adding 4.7 EH/s.

• The A15 series entered mass delivery, setting a record with 9.1 million TH/s sold in Q4, up 66% year-over-year and 24.7% quarter-over-quarter.

• Mining revenue in Q4 was $15.3 million, up 313% year-over-year, with 186 Bitcoins mined, an 84% increase year-over-year.

• Adjusted EBITDA turned positive at $19.3 million, the first profitable quarter at this level since the market downturn began two years ago.

Financial highlights

• Q4 revenue: $89 million (up 81% year-over-year), full-year revenue: $270 million (up 27.4%).

• Mining machine sales revenue: $73 million in Q4, up 64% year-over-year; mining revenue: $15.3 million in Q4, up 313% year-over-year.

• Gross loss narrowed by 70.5% quarter-over-quarter to $6.4 million; gross loss reduced 88% year-over-year.

• Cash balance at year-end: $96 million, up 34% from Q3; total cryptocurrency assets and receivables $131.4 million (1,371.9 BTC).

• Q4 net loss $92.9 million (vs. $139.0 million YoY); EPS loss $0.33 per ADS (vs. $0.77 YoY).

Outlook and guidance

• Q1 2025 revenue expected at $75 million due to seasonality and market volatility.

• Q2 2025 revenue guidance: $120–$150 million, with full-year 2025 revenue expected between $900 million and $1.1 billion.

• Targeting 10 EH/s deployed in North America and 15 EH/s globally by mid-2025.