Canaan Inc. Stock Price, News & Analysis

Canaan (NASDAQ: CAN) reported unaudited Q3 2025 results on Nov 18, 2025: Total revenue US$150.5M (+104.4% YoY, +50.2% QoQ) and gross profit US$16.6M (gross margin 11%). Product revenue was US$118.6M and mining revenue a record US$30.6M from 267 bitcoins mined. Computing power sold exceeded 10.0 EH/s; installed fleet reached 9.3 EH/s. Cash was US$119.2M and crypto treasury reached historical highs (~1,582 BTC + 2,830 ETH at quarter end; 1,610 BTC and 3,950 ETH by end-October 2025). Net loss was US$27.7M and non-GAAP adjusted EBITDA was a gain of US$2.8M.

Frost & Sullivan published the 2025 Global Blockchain Mining Machine Industry White Paper on November 17, 2025, offering market analysis and strategic guidance for blockchain mining hardware.

Key findings:

• Network computing power climbed from ~100 EH/s in 2020 to over 900 EH/s by mid-2025.
• Electricity accounts for 60%–80% of Bitcoin mining costs.
• Canaan (NASDAQ: CAN) is noted as the first public Bitcoin mining hardware company and ranked second by computing power sold in 2024 and H1 2025.

The report highlights trends: home/SMB miniature miners, efficiency gains from advanced ASICs, wider use of renewables and waste-heat recovery, and growth in hosting and cloud-mining services.

Canaan (NASDAQ: CAN) released its unaudited October 2025 bitcoin mining update. Key operational metrics: 92 BTC mined in October; month-end cryptocurrency treasury of 1,610 BTC and 3,950 ETH; deployed hashrate 9.31 EH/s and operating hashrate 7.85 EH/s (reported ~8.25 EH/s as of Nov 7, 2025).

Costs and infrastructure: average all-in power cost $0.042/kWh; global average miner efficiency 25.6 J/TH; installed power capacity 230.6 MW. Corporate highlights: secured a U.S. order for >50,000 Avalon A15 Pro units for Q4 2025, launched a gas-to-computing pilot in Alberta (~$2M, ~2.5 MW, estimated 12,000–14,000 t CO2e reduction annually), unveiled the Avalon A16 series (A16XP: 300 TH/s, 12.8 J/TH), and regained Nasdaq minimum bid-price compliance on Oct 16, 2025.

Canaan (NASDAQ: CAN) will report third quarter 2025 financial results for the period ended September 30, 2025 before U.S. markets open on November 18, 2025. Management will host an earnings conference call on November 18, 2025 at 8:00 A.M. ET (9:00 P.M. Singapore Time).

Participants must register in advance via the provided registration link to receive dial‑in numbers and a unique access PIN. Investors may submit questions by email to IR@canaan-creative.com up to 24 hours before the call. A live and archived webcast will be available at the company's investor relations website.

Canaan (NASDAQ: CAN) announced the closing of a registered direct offering totaling US$72.0 million on November 7, 2025.

The offering sold American depositary shares (ADSs) at US$1.131 per ADS, with each ADS representing 15 Class A ordinary shares. Institutional investors participated in the transaction announced November 4, 2025.

Canaan (NASDAQ: CAN) announced a strategic direct registered offering of 63,660,477 ADSs at $1.131 per ADS, raising approximately US$72 million from BH Digital (Brevan Howard), Galaxy Digital, and Weiss Asset Management on Nov 4, 2025.

The capital is intended to fund high-return utility-grade computing and energy infrastructure projects, strengthen the balance sheet, and reduce reliance on ATM or other dilutive financing. Closings are anticipated on Nov 6, 2025, and no warrants or derivative instruments were issued.

Canaan (Nasdaq: CAN) announced a registered direct offering of ADSs to raise approximately US$72,000,000. The company agreed to issue 63,660,477 ADSs at US$1.131 per ADS, with each ADS representing 15 Class A ordinary shares. Closings are anticipated on November 6, 2025, subject to customary conditions. Net proceeds are intended for data center acquisitions and development in North America, expansion of Bitcoin mining machine production capacity, R&D, and general corporate purposes. The offering will be completed under an effective Form F-3 shelf (File No. 333-285125) and a prospectus supplement will be filed with the SEC.

Canaan (NASDAQ: CAN) updated its at-the-market (ATM) equity offering program on Oct 24, 2025 and sold approximately 4.84 million ADS at an average price of about US$1.61 per ADS, generating roughly US$7.8 million in gross proceeds.

The company has paused further ATM sales for the remainder of 2025 and said any 2026 resumption will depend on cash needs, market conditions, and other factors. As of Sep 30, 2025, Canaan held a cryptocurrency treasury of 1,582 BTC and 2,830 ETH. On Oct 28, 2025 Canaan introduced the new Avalon A16 bitcoin miner, described as having improved power efficiency and manufacturing quality.

Canaan (NASDAQ: CAN) announced a 4.5-megawatt sales contract to deploy Avalon A1566HA-488T hydro-cooled mining servers with a major regional utility in Japan for real-time grid balancing and energy-efficiency optimization. The servers, powered by Canaan's self-developed smart control chip, will dynamically adjust frequency, voltage, and hashrate via feedback algorithms to help stabilize regional power-grid load through controlled overclocking and underclocking, with operations beginning by the end of 2025. The project highlights Canaan's hydro-cooled, low-carbon architecture and its positioning across AI infrastructure, renewable energy, and blockchain computing.

The announcement references proposed Japanese regulatory reforms including potential FIEA reclassification of crypto assets, a proposed flat 20% crypto gains tax, and expanded bank participation in digital-asset services.