NASDAQ$CAN
Canaan Inc · Q2 2025 earnings
Q2 2025 earnings · · Before market open · Investor relations
Briefing
Canaan reported record mining revenue and total revenue growth in Q2 2025 but continued to post a net loss.
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
Headline financials
Revenue & EPS history
Canaan · Revenue · Quarterly
$100M
Revenue by segment
Canaan · $62.7M total across 3 segments · Q1 2026
- Products Revenue$42.9M—68.4%
- Mining Revenue$19.1M—30.5%
- Other Revenues$700K—1.1%
Forward guidance
Canaan expects Q3 2025 revenue between $125M and $145M, reflecting market volatility and ongoing customer demand.
Tailwinds
- 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
Headwinds
- 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
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2025
-2.3%
Avg return
Earnings day
-6.5%
Avg return
5 days after
-8.3%
Avg return
30 days after
36%
10 / 28 earnings
Positive
+24.2%
Q3 2025
Best reaction
-22.1%
Q1 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -13.3% | — | — | |
| Q4 2025 | -6.9% | -19.1% | -15.5% | |
| Q3 2025 | +24.2% | +6.7% | -8.8% | |
| Q2 2025 | -4.6% | -22.2% | -48.3% | |
| Q1 2025 | -7.5% | -22.7% | -23.5% | |
| Q4 2024 | -13.0% | -18.7% | -22.9% | |
| Q3 2024 | +14.5% | +30.8% | +45.9% | |
| Q2 2024 | +3.3% | +19.6% | +28.6% | |
| Q1 2024 | +4.3% | -6.8% | -12.8% | |
| Q4 2023 | -6.1% | -17.3% | -22.8% | |
| Q3 2023 | -5.3% | -5.9% | +66.3% | |
| Q2 2023 | +1.0% | +0.0% | -12.6% | |
| Q1 2023 | -22.1% | -20.9% | -20.9% | |
| Q4 2022 | +0.0% | -7.2% | -0.8% | |
| Q3 2022 | +16.7% | +2.6% | -7.8% | |
| Q2 2022 | -5.9% | -10.7% | -18.2% | |
| Q1 2022 | -1.3% | -5.1% | +0.6% | |
| Q4 2021 | -7.6% | -7.8% | +4.8% | |
| Q3 2021 | +3.3% | -4.1% | -46.6% | |
| Q2 2021 | -15.5% | -20.6% | -29.1% | |
| Q1 2021 | +19.2% | +30.6% | -9.3% | |
| Q4 2020 | -21.7% | -27.1% | -47.2% | |
| Q3 2020 | -18.3% | -35.5% | -23.8% | |
| Q2 2020 | +5.6% | -2.5% | -5.1% | |
| Q1 2020 | -15.8% | -24.8% | -52.4% | |
| Q4 2018 | -3.5% | -9.3% | -4.6% | |
| Q4 2017 | -3.5% | -9.3% | -4.6% | |
| Q4 2019 | +14.5% | +30.7% | +67.3% | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — |
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