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SINGAPORE - Canaan Inc. (NASDAQ:CAN), currently trading at $0.71 per share with a market capitalization of $351 million, has partnered with Luxor Technology Corporation to provide financing solutions for customers purchasing Avalon bitcoin mining machines, according to a press release issued Monday. According to InvestingPro data, the company maintains a strong balance sheet with more cash than debt, positioning it well for this strategic initiative.
The partnership has already facilitated the sale of more than 5,000 Avalon A15 Pro bitcoin mining machines in August to a U.S.-based institutional bitcoin miner.
Through this arrangement, Luxor will offer non-dilutive financing with competitive rates and low collateral requirements directly to mining customers, potentially making it easier to acquire Canaan’s mining equipment.
"We are impressed with Canaan and are excited about the progress of the Avalon A15 series. We think it’s important that Canaan’s customers have more financing options," said Matthew Williams, head of financial services at Luxor.
The A15 Pro is Canaan’s latest ASIC miner, designed to maximize computational output per unit of energy consumed. The company states the machine’s efficiency could help institutional miners remain profitable by reducing operational costs.
Nangeng Zhang, chairman and CEO of Canaan, said the partnership aims to expand institutional adoption of their A15 Pro series while enabling miners to "scale responsibly" and "maintain operational flexibility."
Canaan, established in 2013 and publicly listed on Nasdaq in 2019, focuses on ASIC computing chip design and manufacturing. Luxor provides various services to the bitcoin mining sector, including mining pool operations, ASIC trading, and hashrate derivatives markets.
The announcement comes as mining companies continue to seek financing solutions in the competitive bitcoin mining industry where equipment costs and energy efficiency are critical factors for profitability. While Canaan’s stock has experienced significant volatility, with a 44% decline over the past six months, InvestingPro analysis indicates the stock may be undervalued at current levels. Investors can access comprehensive analysis and 8 additional key insights about Canaan through the detailed Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Canaan Inc. reported its Q2 2025 earnings, revealing a significant discrepancy between expectations and results. The company posted an earnings per share (EPS) of -1.02, which was a surprising deviation from the forecasted -0.04, marking a 2450% surprise. Revenue also fell short at $71.86 million, missing the forecast of $109.45 million by 34.34%. These results indicate a considerable revenue miss for the quarter. Despite the EPS surprise, the revenue shortfall was notable in the company’s financial performance. No information was provided regarding any mergers or acquisitions. There were no updates on analyst upgrades or downgrades for Canaan Inc. Other company news was not mentioned in the recent developments.
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