Canaan (CAN) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $196.3M, up 30.4% sequentially and 121.1% year-over-year, marking the highest quarterly revenue in 14 quarters and driven by record computing power sales and strong North American demand.

• Full-year 2025 revenue was $529.7M, up 96.7% year-over-year, with significant growth in hardware and mining operations.

• Major order of over 50,000 A15 Pro units to a North American customer drove record sales and computing power sold (14.6 EH/s in Q4, up 45.7% sequentially).

• Mining business revenue exceeded $100M for the first time in 2025, with 300 Bitcoins mined in Q4 and a year-end crypto treasury of 1,750 BTC and 3,951 ETH.

• Annual mining revenue rose 157.2% YoY to $113.2M, with self-mining operations expanding to 9.91 EH/s installed hash rate.

Financial highlights

• Q4 product revenue was $165M, up 39.1% sequentially and 124.5% year-over-year, mainly from a large U.S. order.

• Q4 gross profit was $14.6M, with a gross margin of 7.4%, impacted by inventory write-downs and higher mining costs.

• Q4 operating expenses were $38M, down 6% sequentially, reflecting organizational streamlining.

• Adjusted EBITDA loss for FY2025 was $50.5M, improved from a $112.2M loss in FY2024.

• Ended Q4 with $80.8M in cash, after $75M cash inflow from sales and $80M from equity financing.

Outlook and guidance

• Q1 2026 revenue guidance is $60M–$70M, reflecting cautious expectations amid Bitcoin price volatility and industry headwinds.

• Focus for 2026 is on capital discipline, securing power resources, and preparing for potential demand recovery.

• Strategy centers on building power and computing infrastructure, expanding consumer and SMB segments, and executing a high-quality infrastructure project pipeline.