Canaan (CAN) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue reached $89 million, up 81% year-over-year and above guidance, marking the highest quarterly revenue in two years, driven by record computing power and mining sales.

• Full-year 2024 revenue was $270 million, up 27.4% year-over-year, with net loss narrowing 39.7% to $249.8 million.

• Adjusted EBITDA turned positive at $19.3 million in Q4, the first profitable quarter at this level since early 2023.

• North America became the largest regional market, accounting for 40% of mining machine sales and driving expansion with new projects in Pennsylvania and Texas.

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

Financial highlights

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

• Mining machine sales revenue: $73.5 million in Q4, up 63.6% 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.

• Cash balance at year-end: $96.5 million, up 34% from Q3.

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 guidance maintained at $900 million–$1.1 billion.

• Mining business expected to reach new revenue highs in Q1 2025.