Canaan (CAN) Q2 2025 earnings summary

Executive summary

• Achieved Q2 2025 revenue of $100.2 million, up 43% year-over-year and 21% quarter-over-quarter, marking the best quarter in ten quarters and surpassing guidance.

• Gross profit reached $9.3 million, a significant turnaround from prior losses, with adjusted EBITDA at $25.3 million versus a loss in Q1.

• Operating loss narrowed to $27.1 million from $37.6 million in Q1; net loss per ADS narrowed to $0.03, lowest in 10 quarters.

• Growth driven by high and stable Bitcoin prices, effective tariff responses, and rapid expansion of home-use mining products.

• Bitcoin treasury reached 1,511 BTC by July 31, 2025, with mining revenue at a record $28.1 million and 284 Bitcoins mined.

Financial highlights

• Q2 revenue: $100.2 million, up 40% year-over-year and exceeding guidance; gross profit: $9.3 million, up from $0.6 million in Q1.

• Adjusted EBITDA: $25.3 million, a turnaround from a $38 million loss in Q1; net loss narrowed to $11.1 million from $41.9 million in Q2 2024.

• Mining revenue surged 202% year-over-year to $28.1 million; 284 Bitcoins mined, up 101% year-over-year.

• Product sales revenue was $71.9 million, up from $61.8 million in Q2 2024 and $58.3 million in Q1 2025.

• Bitcoin holdings reached 1,511 as of July 31, 2025, with a market value of $160 million.

Outlook and guidance

• Q3 2025 revenue expected in the range of $125 million–$145 million, reflecting cautious optimism amid policy uncertainties and market fluctuations.

• Management will monitor global policy and market developments and may revise outlook as needed.

• Plans to reactivate 50% of offline miners in South Texas by August 2025.