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Mar 31, 2025
Canaan Q1 2025 Earnings Report
Canaan reported strong revenue growth in Q1 2025 despite a continued net loss.
Key Takeaways
Canaan exceeded revenue guidance in Q1 2025, driven by robust mining and product sales. However, the company still recorded a net loss due to high operating expenses and non-cash financial impacts.
Total revenue reached $82.8 million, surpassing guidance of $75 million.
Mining revenue hit a record $24.3 million as 259 bitcoins were mined.
Gross profit turned positive for the first time in two years at $646,000.
Net loss narrowed quarter-over-quarter but remained substantial at $86.4 million.
Revenue by Segment
Forward Guidance
Canaan expects Q2 2025 revenue of approximately $100 million but has withdrawn full-year guidance due to regulatory uncertainties.
Positive Outlook
- Q2 2025 revenue expected to reach $100 million.
- Strong demand for A15 mining products.
- Mining capacity expansion to over 8 EH/s by April.
- Robust average selling price trends.
- Increased installed mining capacity in North America.
Challenges Ahead
- U.S. tariff changes are disrupting operations.
- Full-year 2025 guidance has been withdrawn.
- Significant net loss and negative adjusted EBITDA.
- High volatility in cryptocurrency valuations.
- Ongoing regulatory and macroeconomic uncertainties.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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