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SINGAPORE - On Thursday, Canaan Inc. (NASDAQ:CAN) reported second quarter revenue of $100.2 million, exceeding the company’s guidance and representing a 39.5% YoY increase, though falling short of analyst expectations of $109.45 million.
The crypto mining hardware manufacturer’s shares slipped 2.86% following the results.
The company posted a non-GAAP adjusted EBITDA gain of $25.3 million, compared to losses in previous quarters. However, Canaan reported a net loss of $0.03 per ADS, missing analyst estimates of -$0.04 per share by $0.98.
Canaan’s bitcoin mining operations reached an all-time high of $28.1 million in revenue, up 201.6% YoY, with 284 bitcoins mined during the quarter. The company’s bitcoin treasury expanded to 1,483.5 bitcoins by quarter-end and further to 1,511 bitcoins by July-end 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 was 6.4 million Terahash per second (TH/s), a 16.5% sequential increase and a 3.0% YoY rise. The company’s gross profit surged to $9.3 million, a turnaround from a gross loss of $19.1 million in the same period last year.
For the third quarter of 2025, Canaan expects total revenues to be in the range of $125 million to $145 million, reflecting near-term market conditions and evolving customer dynamics.
The company also announced it has commenced a strategic realignment to focus on its core businesses of bitcoin mining machine sales, self-mining operations, and consumer mining products, discontinuing its non-core AI semiconductor business unit.
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