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Jun 30
Canaan Q2 2025 Earnings Report
Canaan reported record mining revenue and total revenue growth in Q2 2025 but continued to post a net loss.
Key Takeaways
Canaan achieved its highest quarterly mining revenue and strong sales growth in Q2 2025, driven by increased computing power and market expansion. However, the company remained unprofitable, recording an $11.1 million net loss.
Total revenue rose to $100.2 million, up from $71.9 million YoY
Mining revenue reached a record $28.1 million with 284 bitcoins mined
Gross profit turned positive at $9.3 million compared to a $19.1 million loss in Q2 2024
Net loss narrowed to $11.1 million from $41.9 million a year ago
Canaan
Canaan
Canaan Revenue by Segment
Revenue by Segment
Products Revenue
CapyFin.comMining Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Canaan expects Q3 2025 revenue between $125M and $145M, reflecting market volatility and ongoing customer demand.
Positive Outlook
- Revenue forecast raised to $125M–$145M
- Continued hashrate expansion and mining capacity
- Mass deployment of A15 series improves sales
- Strategic focus on core crypto business expected to streamline operations
- Bitcoin treasury reached milestone of 1,511 BTC by July-end
Challenges Ahead
- Company remains unprofitable despite revenue growth
- Tariff headwinds continue to challenge hardware sales
- Operating expenses remain elevated
- Significant mining depreciation costs
- Volatile crypto asset valuations impact financial performance
Revenue & Expenses
Visualization of income flow from segment revenue to net income