Canaan Inc. (NASDAQ:CAN) reported second-quarter revenue of $100.2 million on Thursday, surpassing the company’s own guidance and marking a 39.5% year-over-year increase, yet falling short of analyst expectations of $109.45 million.
Following the results, Canaan’s shares declined 2.86%.
The crypto mining hardware manufacturer posted a non-GAAP adjusted EBITDA gain of $25.3 million, a notable improvement compared to losses in previous quarters. Despite this, the company reported a net loss of $0.03 per ADS, missing analyst forecasts of -$0.04 per share by $0.98.
Canaan’s bitcoin mining operations reached record revenue of $28.1 million, a 201.6% increase from a year ago, with 284 bitcoins mined during the quarter. The company’s bitcoin treasury grew to 1,483.5 bitcoins by the end of Q2 and further increased to 1,511 bitcoins by the end of July 2025.
“In the second quarter, our team delivered strong results amid evolving macro headwinds and geopolitical pressures,” said Nangeng Zhang, chairman and CEO of Canaan. “We exceeded expectations with total revenues of US$100.2 million, driven by proactive market expansion and solid execution.”
Total computing power sold reached 6.4 million Terahash per second (TH/s), reflecting a 16.5% sequential increase and a 3.0% year-over-year rise. The company’s gross profit climbed to $9.3 million, a stark turnaround from a gross loss of $19.1 million during the same period last year.
Looking ahead, Canaan expects Q3 2025 revenue to range between $125 million and $145 million, taking into account current market conditions and evolving customer dynamics.
The company also announced a strategic realignment to concentrate on its core businesses: bitcoin mining machine sales, self-mining operations, and consumer mining products, while discontinuing its non-core AI semiconductor division.
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