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Sep 30, 2025
Canaan Q3 2025 Earnings Report
Canaan reported strong top-line growth driven by record mining and product sales in Q3 2025, despite posting a net loss.
Key Takeaways
Canaan Inc. exceeded revenue expectations in Q3 2025 with substantial YoY and QoQ growth, led by surging demand in mining machines and self-mining operations, though the quarter ended in a net loss due to fair value adjustments and increased costs.
Revenue by Segment
Forward Guidance
Canaan expects Q4 2025 revenue between $175M and $205M, driven by robust sales pipeline and strengthened mining operations.
Positive Outlook
- Q4 revenue guidance of $175M–$205M indicates continued growth
- Secured largest order in 3 years for 50,000 mining machines in the U.S.
- Expanded crypto treasury to 1,610 BTC and 3,950 ETH by October-end
- Strong demand for next-gen Avalon A16XP miners
- Received $72M strategic investment from top institutional investors
Challenges Ahead
- Continued net loss driven by fair value adjustments
- Increased cost of revenues due to tariffs and component prices
- Operating expenses rose due to higher staff and professional service costs
- Mining margins pressured by rising network difficulty
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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