Canaan Inc. Financials

CAN

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2024 Currency USD FYE December

Financial Health Signals

Financial Profile 51/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Canaan Inc. has an operating margin of -84.3%, meaning the company retains $-84 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -194.3% the prior year.

Growth

100

Canaan Inc.'s revenue surged 27.4% year-over-year to $269.3M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

100

Canaan Inc. carries a low D/E ratio of 0.03, meaning only $0.03 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Canaan Inc.'s current ratio of 1.87 indicates adequate short-term liquidity, earning a score of 55/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Canaan Inc. generated -$199.3M in operating cash flow, capex of $19.3M consumed most of it, leaving -$218.6M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Neutral

4/9

Canaan Inc. passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.80x

For every $1 of reported earnings, Canaan Inc. generates $0.80 in operating cash flow (-$199.3M OCF vs -$249.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-436.0x

Canaan Inc. earns $-436.0 in operating income for every $1 of interest expense (-$227.1M vs $521K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Canaan Inc. (CAN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$269.3M

YoY+27.4%

5Y CAGR+5.7%

Canaan Inc. generated $269.3M in revenue in fiscal year 2024. This represents an increase of 27.4% from the prior year.

EBITDA

N/A

Free Cash Flow

-$218.6M

YoY-72.2%

Canaan Inc. generated -$218.6M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 72.2% from the prior year.

Net Income

-$249.8M

YoY+39.7%

Canaan Inc. reported -$249.8M in net income in fiscal year 2024. This represents an increase of 39.7% from the prior year.

EPS (Diluted)

$-6.13

YoY+61.8%

Canaan Inc. earned $-6.13 per diluted share (EPS) in fiscal year 2024. This represents an increase of 61.8% from the prior year.

Cash & Debt

$96.5M

YoY+0.3%

5Y CAGR+5.4%

Canaan Inc. held $96.5M in cash against $7.3M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

4.61B

YoY+31.3%

5Y CAGR+14.4%

Canaan Inc. had 4.61B shares outstanding in fiscal year 2024. This represents an increase of 31.3% from the prior year.

Gross Margin

-31.3%

YoY+82.6pp

5Y CAGR+5.0pp

Canaan Inc.'s gross margin was -31.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 82.6 percentage points from the prior year.

Operating Margin

-84.3%

YoY+110.0pp

Canaan Inc.'s operating margin was -84.3% in fiscal year 2024, reflecting core business profitability. This is up 110.0 percentage points from the prior year.

Net Margin

-92.7%

YoY+103.1pp

5Y CAGR-20.0pp

Canaan Inc.'s net profit margin was -92.7% in fiscal year 2024, showing the share of revenue converted to profit. This is up 103.1 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$61.3M

YoY-5.4%

5Y CAGR+20.4%

Canaan Inc. invested $61.3M in research and development in fiscal year 2024. This represents a decrease of 5.4% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$19.3M

YoY+482.9%

5Y CAGR+74.2%

Canaan Inc. invested $19.3M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 482.9% from the prior year.

CAN Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$269.3M+27.4%	$211.5M-67.5%	$651.5M-15.7%	$772.8M+1026.3%	$68.6M-66.4%	$204.3M
Cost of Revenue	$353.6M-21.8%	$452.3M+7.4%	$421.2M+27.3%	$331.0M+426.9%	$62.8M-77.4%	$278.5M
Gross Profit	-$84.3M+65.0%	-$240.8M-204.6%	$230.3M-47.9%	$441.8M+7531.0%	$5.8M+107.8%	-$74.1M
R&D Expenses	$61.3M-5.4%	$64.8M-20.7%	$81.8M+56.7%	$52.2M+143.1%	$21.5M-11.6%	$24.3M
SG&A Expenses	$71.7M+0.6%	$71.2M-19.3%	$88.3M-3.0%	$91.1M+351.4%	$20.2M-59.6%	$49.9M
Operating Income	-$227.1M+44.7%	-$410.9M-1056.9%	$42.9M-84.8%	$283.0M+827.3%	-$38.9M	N/A
Interest Expense	$521K	N/A	N/A	N/A	$550K-80.9%	$2.9M
Income Tax	$77.5M+250.9%	-$51.3M-378.3%	$18.4M+137.6%	$7.8M	$0	N/A
Net Income	-$249.8M+39.7%	-$414.2M-692.6%	$69.9M-77.4%	$309.1M+1037.7%	-$33.0M+77.8%	-$148.6M
EPS (Diluted)	$-6.13+61.8%	$-16.06-692.6%	$2.71-77.4%	$12.00+951.1%	$-1.41+79.6%	$-6.90

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

CAN Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$463.0M-6.1%	$493.3M-28.0%	$685.0M-22.5%	$883.8M+456.5%	$158.8M+11.5%	$142.4M
Current Assets	$334.0M-8.2%	$363.7M-34.6%	$555.7M-32.8%	$827.5M+436.1%	$154.4M+14.2%	$135.1M
Cash & Equivalents	$96.5M+0.3%	$96.2M-5.3%	$101.6M-75.9%	$421.2M+602.4%	$60.0M-19.2%	$74.2M
Inventory	$94.6M-33.5%	$142.3M-32.8%	$211.6M+66.0%	$127.5M+268.8%	$34.6M+22.7%	$28.2M
Accounts Receivable	$1.5M-49.5%	$3.0M	N/A	$58K-94.7%	$1.1M+164.4%	$413K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$196.8M+35.6%	$145.1M+87.7%	$77.3M-77.3%	$341.1M+268.6%	$92.5M+115.7%	$42.9M
Current Liabilities	$178.6M+32.1%	$135.2M+79.6%	$75.3M-77.0%	$327.2M+260.3%	$90.8M+121.6%	$41.0M
Long-Term Debt	$7.3M	N/A	N/A	N/A	N/A	N/A
Total Equity	$266.3M-23.5%	$348.2M-42.7%	$607.7M+12.0%	$542.5M+718.3%	$66.3M-33.4%	$99.5M
Retained Earnings	-$450.5M-105.1%	-$219.6M-212.9%	$194.5M+54.3%	$126.1M+168.8%	-$183.2M-30.1%	-$140.9M

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
Total Assets	$463.0M-6.1%	$493.3M-28.0%	$685.0M-22.5%	$883.8M+456.5%	$158.8M+11.5%	$142.4M
Current Assets	$334.0M-8.2%	$363.7M-34.6%	$555.7M-32.8%	$827.5M+436.1%	$154.4M+14.2%	$135.1M
Cash & Equivalents	$96.5M+0.3%	$96.2M-5.3%	$101.6M-75.9%	$421.2M+602.4%	$60.0M-19.2%	$74.2M
Inventory	$94.6M-33.5%	$142.3M-32.8%	$211.6M+66.0%	$127.5M+268.8%	$34.6M+22.7%	$28.2M
Accounts Receivable	$1.5M-49.5%	$3.0M	N/A	$58K-94.7%	$1.1M+164.4%	$413K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$196.8M+35.6%	$145.1M+87.7%	$77.3M-77.3%	$341.1M+268.6%	$92.5M+115.7%	$42.9M
Current Liabilities	$178.6M+32.1%	$135.2M+79.6%	$75.3M-77.0%	$327.2M+260.3%	$90.8M+121.6%	$41.0M
Long-Term Debt	$7.3M	N/A	N/A	N/A	N/A	N/A
Total Equity	$266.3M-23.5%	$348.2M-42.7%	$607.7M+12.0%	$542.5M+718.3%	$66.3M-33.4%	$99.5M
Retained Earnings	-$450.5M-105.1%	-$219.6M-212.9%	$194.5M+54.3%	$126.1M+168.8%	-$183.2M-30.1%	-$140.9M

CAN Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$199.3M-61.2%	-$123.6M+32.3%	-$182.6M-190.3%	$202.3M+3021.2%	$6.5M+116.1%	-$40.2M
Capital Expenditures	$19.3M+482.9%	$3.3M-81.3%	$17.7M+214.3%	$5.6M+1595.2%	$333K-72.3%	$1.2M
Free Cash Flow	-$218.6M-72.2%	-$126.9M+36.6%	-$200.3M-201.9%	$196.6M+3098.4%	$6.1M+114.8%	-$41.4M
Investing Cash Flow	$61.0M+53.9%	$39.6M+589.1%	-$8.1M-1055.5%	$848K+111.2%	-$7.6M-223.8%	-$2.3M
Financing Cash Flow	$139.7M+55.3%	$90.0M+260.2%	-$56.2M-140.4%	$139.2M+911.5%	-$17.2M-143.0%	$39.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	$37.4M+132.1%	$16.1M+339.5%	$3.7M	N/A

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

CAN Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	-31.3%+82.6pp	-113.9%-149.2pp	35.4%-21.8pp	57.2%+48.7pp	8.4%+44.7pp	-36.3%
Operating Margin	-84.3%+110.0pp	-194.3%-200.9pp	6.6%-30.0pp	36.6%+93.3pp	-56.7%	N/A
Net Margin	-92.7%+103.1pp	-195.8%-206.6pp	10.7%-29.3pp	40.0%+88.0pp	-48.0%+24.7pp	-72.7%
Return on Equity	N/A	N/A	11.5%-45.5pp	57.0%	N/A	N/A
Return on Assets	-53.9%+30.0pp	-84.0%-94.2pp	10.2%-24.8pp	35.0%+55.7pp	-20.8%+83.6pp	-104.4%
Current Ratio	1.87-0.8	2.69-4.7	7.38+4.9	2.53+0.8	1.70-1.6	3.30
Debt-to-Equity	0.03-0.4	0.42+0.3	0.13-0.5	0.63-0.8	1.40+1.0	0.43
FCF Margin	-81.2%-21.1pp	-60.0%-29.3pp	-30.8%-56.2pp	25.4%+16.5pp	9.0%+29.2pp	-20.3%

Metric	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.87-0.8	2.69-4.7	7.38+4.9	2.53+0.8	1.70-1.6	3.30
Debt-to-Equity	0.03-0.4	0.42+0.3	0.13-0.5	0.63-0.8	1.40+1.0	0.43
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Canaan Inc.'s annual revenue?

Canaan Inc. (CAN) reported $269.3M in total revenue for fiscal year 2024. This represents a 27.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Canaan Inc.'s revenue growing?

Canaan Inc. (CAN) revenue grew by 27.4% year-over-year, from $211.5M to $269.3M in fiscal year 2024.

Is Canaan Inc. profitable?

No, Canaan Inc. (CAN) reported a net income of -$249.8M in fiscal year 2024, with a net profit margin of -92.7%.

What is Canaan Inc.'s earnings per share (EPS)?

Canaan Inc. (CAN) reported diluted earnings per share of $-6.13 for fiscal year 2024. This represents a 61.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Canaan Inc. have?

As of fiscal year 2024, Canaan Inc. (CAN) had $96.5M in cash and equivalents against $7.3M in long-term debt.

What is Canaan Inc.'s gross margin?

Canaan Inc. (CAN) had a gross margin of -31.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Canaan Inc.'s operating margin?

Canaan Inc. (CAN) had an operating margin of -84.3% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Canaan Inc.'s net profit margin?

Canaan Inc. (CAN) had a net profit margin of -92.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Canaan Inc.'s free cash flow?

Canaan Inc. (CAN) generated -$218.6M in free cash flow during fiscal year 2024. This represents a -72.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Canaan Inc.'s operating cash flow?

Canaan Inc. (CAN) generated -$199.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Canaan Inc.'s total assets?

Canaan Inc. (CAN) had $463.0M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Canaan Inc.'s capital expenditures?

Canaan Inc. (CAN) invested $19.3M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Canaan Inc. spend on research and development?

Canaan Inc. (CAN) invested $61.3M in research and development during fiscal year 2024.

How many shares does Canaan Inc. have outstanding?

Canaan Inc. (CAN) had 4.61B shares outstanding as of fiscal year 2024.

What is Canaan Inc.'s current ratio?

Canaan Inc. (CAN) had a current ratio of 1.87 as of fiscal year 2024, which is generally considered healthy.

What is Canaan Inc.'s debt-to-equity ratio?

Canaan Inc. (CAN) had a debt-to-equity ratio of 0.03 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Canaan Inc.'s return on assets (ROA)?

Canaan Inc. (CAN) had a return on assets of -53.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Canaan Inc.'s cash runway?

Based on fiscal year 2024 data, Canaan Inc. (CAN) had $96.5M in cash against an annual operating cash burn of $199.3M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Canaan Inc.'s Piotroski F-Score?

Canaan Inc. (CAN) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Canaan Inc.'s earnings high quality?

Canaan Inc. (CAN) has an earnings quality ratio of 0.80x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Canaan Inc. cover its interest payments?

Canaan Inc. (CAN) has an interest coverage ratio of -436.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Canaan Inc.?

Canaan Inc. (CAN) scores 51 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.