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Canaan
Canaan (CAN) investor relations material
Canaan Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Feb, 2026
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.
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Next Canaan earnings date
Q1 202619 May, 2026
Canaan
Next Canaan earnings date
Q1 202619 May, 2026
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Frequently asked questions
Canaan Inc. is a China-based technology company specializing in blockchain and artificial intelligence (AI) solutions. The company designs and manufactures application-specific integrated circuit (ASIC) chips and related hardware, primarily used in cryptocurrency mining. Canaan also develops AI-powered computing solutions for applications in various industries, including finance, healthcare, and security. The company is headquartered in Hangzhou, China, and its shares are listed on the NASDAQ.
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