Canaan Inc (CAN)

Canaan Inc. Completes Transfer to Nasdaq Capital MarketJuly 6, 2026 4:07 PM
PR Newswire (US) Applies for additional 180-day minimum bid price compliance periodSINGAPORE, July 6, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today announced that the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") has approved the transfer of the listing of the Company's American Depositary Shares ("ADSs"), each representing 15 Class A ordinary shares, from the Nasdaq Global Market to the Nasdaq Capital Market. The transfer became effective at the opening of trading on July 1, 2026.The transfer has no impact on the trading of the Company's ADSs, which continue to trade under the ticker symbol "CAN." The Nasdaq Capital Market operates in substantially the same manner as the Nasdaq Global Market, and companies listed on The Nasdaq Capital Market must meet certain financial and corporate governance requirements to qualify for continued listing.As previously disclosed, the Company received a notice from Nasdaq on January 14, 2026, indicating that it was not in compliance with the minimum bid price requirement as the closing bid price of its ADSs remained below US$1.00 for 30 consecutive business days. In accordance with Nasdaq's listing rules, the Company was granted an initial 180-day compliance period until July 13, 2026, to regain compliance. Following the transfer of its listing to the Nasdaq Capital Market, the Company has applied for an additional 180-day compliance period on July 6, 2026.  If Nasdaq approves such application, the Company would be granted an extended compliance period to regain compliance with the minimum bid price requirement. To regain compliance, the Company's ADSs must maintain a closing bid price of at least US$1.00 for a minimum of 10 consecutive business days during the applicable compliance period."Our transfer to the Nasdaq Capital Market gives us maximum flexibility while we continue executing our long-term strategy," said Nangeng Zhang, chairman and CEO of Canaan. "As the convergence of AI and energy reshapes global compute demand, we remain focused on building long-term shareholder value by expanding our leadership in hardware manufacturing, growing our operations, and advancing our broader energy-plus-compute strategy. We are committed to taking the necessary steps to regain compliance with the minimum bid price requirement and believe the Nasdaq compliance framework provides a viable path to support our continued listing status."About Canaan Inc.Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.Safe Harbor StatementThis press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.'s beliefs and expectations, such as expectations with regard to revenue or mining hash rate deployment, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, the ability of the Company to execute against its goals, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company's expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company's expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company's investment plans and strategies, fluctuations in the Company's quarterly operating results; competition in its industry; changing macroeconomic and geopolitical conditions, including evolving international trade policies and the implementation of increased tariffs, import restrictions, and retaliatory trade actions; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.Investor Relations ContactCanaan Inc.
Xi Zhang
Email: IR@canaan-creative.comChristensen Advisory
Christian Arnell
Email: canaan@christensencomms.comPublic Relations ContactBlocksBridge Consulting
Jesse Colzani
Email: canaan@blocksbridge.com View original content:https://www.prnewswire.com/news-releases/canaan-inc-completes-transfer-to-nasdaq-capital-market-302818713.htmlSOURCE Canaan Inc. Original: Canaan Inc. Completes Transfer to Nasdaq Capital Market

Canaan Inc. Announces Open Market Share Purchases by Chief Executive Officer and Chief Financial OfficerJune 24, 2026 9:05 AM
PR Newswire (US) Open market purchases underscore management's confidence in Canaan's long-term growth strategySINGAPORE, June 24, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today announced that its chairman and chief executive officer, Nangeng Zhang ("Zhang"), and chief financial officer, Jin "James" Cheng ("Cheng"), recently purchased additional shares of the Company's stock in the open market. The purchases were made in compliance with the Company's internal trading policies and applicable securities regulations.Zhang and Cheng together acquired a total of 1,065,000 American Depositary Shares ("ADSs") of the Company at an average price of US$0.35 per ADS. The continued share purchases by the CEO and CFO further reinforce their alignment of interests with those of shareholders."James and I remain highly confident in Canaan's future and the opportunities ahead," said Zhang. "Our share purchases reflect our conviction in the Company's long-term strategy and our belief that the convergence of energy and compute will create significant value over the coming years. Building on our foundation as a leading compute hardware innovator, we are expanding our presence across mining infrastructure, energy-related initiatives, and emerging compute opportunities. We believe Canaan's combination of hardware expertise, operational experience, and growing energy platform positions us well to capitalize on this evolving market landscape while creating long-term value for shareholders."About Canaan Inc.Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.Safe Harbor StatementThis press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.'s beliefs and expectations, such as expectations with regard to revenue or mining hash rate deployment, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, the ability of the Company to execute against its goals, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company's expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company's expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company's investment plans and strategies, fluctuations in the Company's quarterly operating results; competition in its industry; changing macroeconomic and geopolitical conditions, including evolving international trade policies and the implementation of increased tariffs, import restrictions, and retaliatory trade actions; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.Investor Relations ContactCanaan Inc.
Xi Zhang
IR@canaan-creative.com Christensen Advisory
Christian Arnell
canaan@christensencomms.com Public Relations ContactBlocksBridge Consulting
Jesse Colzani
canaan@blocksbridge.com View original content:https://www.prnewswire.com/news-releases/canaan-inc-announces-open-market-share-purchases-by-chief-executive-officer-and-chief-financial-officer-302809111.htmlSOURCE Canaan Inc. Original: Canaan Inc. Announces Open Market Share Purchases by Chief Executive Officer and Chief Financial Officer

CAN............................https://stockcharts.com/sc3/ui/?s=CAN&p=w&b=5&g=0&id=p86431144783

Canaan Inc. Provides May 2026 Bitcoin Production and Mining Operation UpdatesJune 11, 2026 9:05 AM
PR Newswire (US) North American fleet efficiency improved by ~11% YoY, reaching a record 17.9J/THFurther expanded global operations with hash-to-heat deployment in the Nordic region    SINGAPORE, June 11, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today released its unaudited bitcoin mining update for the month ending May 31, 2026.Management Commentary"As we continued to streamline our self-mining portfolio and improve operational efficiency, our mining operations delivered solid results during May," said Nangeng Zhang, chairman and chief executive officer of Canaan. "Our self-mining operations delivered 90 BTC during the month, with an additional 24 BTC originating from customer payments. As a result, our cryptocurrency treasury reached a record high of 1,867 BTC and 3,952 ETH by the month-end. Following the planned expiration of a hosting agreement during the month, we further refined our mining footprint, ending the month with 10.05 EH/s of installed hashrate and 6.47 EH/s of operating hashrate. Importantly, our North American self-mining fleet achieved an average efficiency of 17.9 J/TH, representing our best regional fleet performance to date and an ~11% YoY growth. Our global average mining efficiency in May was 23.7 J/TH, representing a 13.5% improvement YoY. These results demonstrate the resilience and competitiveness of our operations, even amid ongoing industry margin compression."  Zhang continued, " Our joint venture operations generated approximately 45 BTC during May, nearly matching April's production despite wildfire-related disruptions at the Alborz site. Restoration efforts are progressing well, and significant stabilization work has already been completed. We expect the site to return to full operations within the coming week. We would like to thank WindHQ for its rapid and professional response to the disruption, which reflects the strong partnership we have built.""Beyond our mining operations, we continue to advance initiatives that demonstrate the broader potential of our infrastructure platform. The expansion of our hash-to-heat deployment in the Nordic region highlights how compute infrastructure can create value beyond traditional mining applications. As demand for AI and computing infrastructure continues to grow, we believe Canaan's strengths in hardware innovation and energy-efficient systems make us well-positioned to unlock new opportunities where energy and computing can create value together."May 2026 Bitcoin Mining Updates (unaudited)Key MetricsResults (Rounded Numbers)Bitcoins Mined During the Month90 BTCMonth-End Bitcoins and ETH Owned by Canaan
Inc. on Balance Sheet[1]1,867 BTC3,952 ETHMonth-End Installed Hashrate (EH/s)Non-JV: 10.05 EH/sJV[4]: 4.82 EH/sMonth-End Operating Hashrate (EH/s)Non-JV: 6.47 EH/sJV[4]: 2.83 EH/sMonth-End Average Revenue Split[2]60.3% (excluding JV ownership)Average All-in Power Cost During the Month[3]US$0.043/kWhMay 2026 Bitcoin Mining Infrastructure Updates (unaudited)
North AmericaNon-North AmericaGlobalMonth-End Average
Miner EfficiencyNon-JV: 17.9 J/THJV[4]: 26.8 J/TH29.3 J/THNon-JV: 23.7 J/THJV[4]: 26.8 J/THMonth-End Installed
Power CapacityNon-JV: 88.7 MWJV[4]: 120 MW157.5 MWNon-JV: 246.2 MWJV[4]: 120 MW
Notes:1. Defined as the total number of bitcoins and ETH owned by the Company on its balance sheet, including any bitcoins and ETH receivable, excluding bitcoins and ETH that the Company has received as customer deposits. 2. Defined as the weighted average percentage that Canaan would receive from the total revenues generated according to the applicable joint mining arrangements if 100% of the mining machines consisting of Installed Computing Power (as defined below) were energized.3. Defined as the weighted average cost of power if 100% of the mining machines consisting of Installed Computing Power were energized.4. "JV" represents the Company's 49% stake in the Alborz, Bear, and Chief Mountain facilities in West Texas. JV metrics are shown separately and are not included in bitcoin production or average all-in power cost calculations.
Current Mining Projects (As of May 31, 2026):Regions
in alphabetical order
(A to Z)Active
Mining
Projects
CountOperating
Computing
Power[5]Installed
Computing
Power[6]Expected
Computing
Power[7]Estimated
Total
Computing
Power[8]Global 129.29 EH/s14.86 EH/s0.10 EH/s14.96 EH/sAmerica[9]44.16 EH/s4.90 EH/s0.00 EH/s4.90 EH/sJV-WindHQ[10]32.83 EH/s4.82 EH/s0.00 EH/s 4.82 EH/sCanada10.00 EH/s0.06 EH/s0.10 EH/s0.16 EH/sEthiopia22.20 EH/s4.96 EH/s0.00 EH/s4.96 EH/sMiddle East10.02 EH/s0.04 EH/s0.00 EH/s0.04 EH/sMalaysia10.08 EH/s0.08 EH/s0.00 EH/s0.08 EH/s
Notes: 5. Defined as the amount of computing power that could theoretically be generated if all mining machines that have been energized were currently in operation, including mining machines that may be temporarily offline. 6. Defined as the sum of Operating Computing Power and computing power that has been installed but not yet in operation, if any.7. Defined as the amount of computing power that has been delivered to the country where each mining project is located, but not yet installed. 8. Defined as the sum of Installed Computing Power and Expected Computing Power.9. The decrease in active mining projects in America is due to the planned expiration of a hosting agreement during the month.10. The decrease in operating computing power in JV-WindHQ is due to wildfire-related disruptions at the Alborz site, which is expected to resume full operations in mid-June.
Recent Corporate Updates: Won Competitive Bid to Provide Hash-to-Heat Equipment to Nordic District Heating NetworkOn May 19, 2026, the Company announced that it had been selected to support a district heating network in the Nordic region with a combined capacity of approximately 8 MW. The project utilizes the Company's Avalon A1566HA hydro-cooled units and leverages Canaan's proprietary semiconductor and system design technologies to support dynamic overclocking and underclocking, enabling the stable delivery of hot water at temperatures of approximately 80 degrees Celsius for integration into existing district heating infrastructure. The project builds upon a successful initial deployment of approximately 2 MW, which is currently operating and supplying hot water to local residents. Following the strong performance of the first phase, the Customer placed a follow-on order in March 2026 for an additional 6 MW of capacity. This deployment further demonstrates the commercial viability of the Company's hash-to-heat technology and its potential to accelerate the replacement of legacy heating systems, while creating value beyond traditional bitcoin mining applications through energy-efficient heating solutions.Extended Collaboration with Tether on New Form Factors for Mining and Compute SystemsOn April 28, 2026, the Company announced that it had secured a follow-on order from Tether for high-density mining hash board modules, custom-developed to support next-generation immersion-cooled mining and computing systems. The agreement follows a successful 2025 proof-of-concept (POC) R&D project conducted in partnership with Tether and ACME Swisstech, a Swiss-based R&D firm specializing in innovative mining system solutions. This follow-on order is slated for deployment at a Tether-affiliated mining facility in South America. The collaboration reflects a broader trend toward partner-driven, modular mining architectures, where infrastructure operators design optimized systems around high-performance compute building blocks—combining Canaan's ASIC expertise with Tether's drive for optimized, independently cooled operations. About Canaan Inc.Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.Safe Harbor StatementThis press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.'s beliefs and expectations, such as expectations with regard to revenue or mining hash rate deployment, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, the ability of the Company to execute against its goals, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company's expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company's expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company's investment plans and strategies, fluctuations in the Company's quarterly operating results; competition in its industry; changing macroeconomic and geopolitical conditions, including evolving international trade policies and the implementation of increased tariffs, import restrictions, and retaliatory trade actions; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.Investor Relations ContactCanaan Inc.
Xi Zhang
Email: IR@canaan-creative.comChristensen Advisory
Christian Arnell
Email: canaan@christensencomms.comPublic Relations ContactBlocksBridge Consulting
Jesse Colzani
Email: canaan@blocksbridge.com View original content:https://www.prnewswire.com/news-releases/canaan-inc-provides-may-2026-bitcoin-production-and-mining-operation-updates-302797976.htmlSOURCE Canaan Inc. Original: Canaan Inc. Provides May 2026 Bitcoin Production and Mining Operation Updates

/C O R R E C T I O N -- Canaan Inc./May 19, 2026 8:03 AM
PR Newswire (US) In the news release, Bitcoin Back to Its Roots: Canaan Inc. Joins "The Renaissance of Home Mining" Roundtable at Bitcoin 2026, issued 19-May-2026 by Canaan Inc. over PR Newswire, we are advised by the company that the 4th paragraph, 1st sentence, should read "During the discussion at Bitcoin 2026, Dr. Aviral Shukla, founder of Altair Technology" rather than "During the discussion at Bitcoin 2026, Aviral Shukla, founder of Altair Technology" as originally issued inadvertently. The complete, corrected release follows: Bitcoin Back to Its Roots: Canaan Inc. Joins "The Renaissance of Home Mining" Roundtable at Bitcoin 2026 SINGAPORE, May 19, 2026 /PRNewswire/ -- At the Bitcoin 2026 conference in Las Vegas, Canaan Inc. (NASDAQ: CAN) was invited to participate in the roundtable discussion titled "Bitcoin's Return to Its Roots: Why Home Mining is Making a Comeback." The session explored the intersection of decentralized computing power and home energy synergy. From "USB Miners" to Home Energy HubsCanaan's legacy in the home mining sector began with the Avalon Nano series. Designed with a compact, portable form factor, this series lowered the barrier for everyday users to participate in the Bitcoin network. From its inception, the company has been a pioneer in exploring the home application of heat recovery from computing chips.In recent years, Canaan has significantly accelerated the evolution of its home product ecosystem:December 2023: Launched the Avalon Nano 3.January 2025 (CES Las Vegas): Officially released the Avalon Mini 3 and Avalon Nano 3S. The Mini 3 features integrated home heating capabilities, while the Nano 3S serves as a high-performance upgrade to the Nano 3.March 2025: Launched the Avalon Q, a specialized quiet-running model that balances high-efficiency hashing with low noise levels.Industry Perspective from the RoundtableDuring the discussion at Bitcoin 2026, Dr. Aviral Shukla, founder of Altair Technology, shared his perspective on the shift toward professional-grade home hardware:"Canaan has a whole suite of these more powerful home miners that also double as great space heaters. If people are looking to scale, they should probably move into some of these more efficient and powerful options rather than just relying on the smaller lottery miners."Retail and Channel ExpansionFollowing positive market validation in early 2025, the Avalon Home series continues its strategic expansion. Canaan is systematically optimizing its channel infrastructure to bring reliable, intuitive computing products to a broader retail audience. This focus on the retail terminal aims to empower a more resilient and decentralized network of home-based miners worldwide.About Canaan Inc.Established in 2013, Canaan Inc. (NASDAQ: CAN), an innovator in crypto mining, is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, under the leadership of Mr. Nangeng Zhang, founder and CEO, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology in Bitcoin's history under the brand name Avalon.For more information, visit our website at canaan.io.Media Contact: pr@canaan-creative.com Follow us on social media and stay tuned for more updates on Canaan.Telegram Group Official: https://t.me/Canaanio
X.com: https://x.com/canaanio
YouTube: https://www.youtube.com/@canaanmining
LinkedIn: https://www.linkedin.com/company/canaaninc/ Photo - https://mma.prnewswire.com/media/2982836/lasvegas.jpg View original content:https://www.prnewswire.co.uk/news-releases/bitcoin-back-to-its-roots-canaan-inc-joins-the-renaissance-of-home-mining-roundtable-at-bitcoin-2026-302775635.html Original: /C O R R E C T I O N -- Canaan Inc./

/C O R R E C T I O N -- Canaan Inc./May 19, 2026 7:24 AM
PR Newswire (US) In the news release, Bitcoin Back to Its Roots: Canaan Inc. Joins "The Renaissance of Home Mining" Roundtable at Bitcoin 2026, issued 19-May-2026 by Canaan Inc. over PR Newswire, we are advised by the company that the 4th paragraph, 1st sentence, should read "During the discussion at Bitcoin 2026, Dr. Aviral Shukla, founder of Altair Technology" rather than "During the discussion at Bitcoin 2026, Aviral Shukla, founder of Altair Technology" as originally issued inadvertently. The complete, corrected release follows: Bitcoin Back to Its Roots: Canaan Inc. Joins "The Renaissance of Home Mining" Roundtable at Bitcoin 2026 SINGAPORE, May 19, 2026 /PRNewswire/ -- At the Bitcoin 2026 conference in Las Vegas, Canaan Inc. (NASDAQ: CAN) was invited to participate in the roundtable discussion titled "Bitcoin's Return to Its Roots: Why Home Mining is Making a Comeback." The session explored the intersection of decentralized computing power and home energy synergy. From "USB Miners" to Home Energy HubsCanaan's legacy in the home mining sector began with the Avalon Nano series. Designed with a compact, portable form factor, this series lowered the barrier for everyday users to participate in the Bitcoin network. From its inception, the company has been a pioneer in exploring the home application of heat recovery from computing chips.In recent years, Canaan has significantly accelerated the evolution of its home product ecosystem:December 2023: Launched the Avalon Nano 3.January 2025 (CES Las Vegas): Officially released the Avalon Mini 3 and Avalon Nano 3S. The Mini 3 features integrated home heating capabilities, while the Nano 3S serves as a high-performance upgrade to the Nano 3.March 2025: Launched the Avalon Q, a specialized quiet-running model that balances high-efficiency hashing with low noise levels.Industry Perspective from the RoundtableDuring the discussion at Bitcoin 2026, Dr. Aviral Shukla, founder of Altair Technology, shared his perspective on the shift toward professional-grade home hardware:"Canaan has a whole suite of these more powerful home miners that also double as great space heaters. If people are looking to scale, they should probably move into some of these more efficient and powerful options rather than just relying on the smaller lottery miners."Retail and Channel ExpansionFollowing positive market validation in early 2025, the Avalon Home series continues its strategic expansion. Canaan is systematically optimizing its channel infrastructure to bring reliable, intuitive computing products to a broader retail audience. This focus on the retail terminal aims to empower a more resilient and decentralized network of home-based miners worldwide.About Canaan Inc.Established in 2013, Canaan Inc. (NASDAQ: CAN), an innovator in crypto mining, is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, under the leadership of Mr. Nangeng Zhang, founder and CEO, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology in Bitcoin's history under the brand name Avalon.For more information, visit our website at canaan.io.Media Contact: pr@canaan-creative.com Follow us on social media and stay tuned for more updates on Canaan.Telegram Group Official: https://t.me/Canaanio
X.com: https://x.com/canaanio
YouTube: https://www.youtube.com/@canaanmining
LinkedIn: https://www.linkedin.com/company/canaaninc/  View original content to download multimedia:https://www.prnewswire.com/news-releases/bitcoin-back-to-its-roots-canaan-inc-joins-the-renaissance-of-home-mining-roundtable-at-bitcoin-2026-302775622.htmlSOURCE Canaan Inc. Original: /C O R R E C T I O N -- Canaan Inc./

Canaan shares sink after first-quarter miss and disappointing Q2 outlook (CAN)May 19, 2026 7:05 AM
IH Market News Weak guidance weighs heavily on crypto miner shares Canaan Inc. (NASDAQ:CAN) shares dropped 9.86% in premarket trading on Tuesday after the cryptocurrency mining company reported first-quarter results below analyst expectations and issued second-quarter guidance that came in far weaker than forecast.The company posted an adjusted loss of $0.86 per ADS for the quarter, missing analyst estimates for a loss of $0.03 by $0.83.Quarterly revenue totaled $62.7 million, below the consensus forecast of $64.68 million, although the figure matched the company’s previously issued guidance. Revenue also declined 24% from $82.8 million reported in the same quarter last year. Second-quarter forecast falls sharply below expectations For the second quarter of 2026, Canaan projected revenue in the range of $35 million to $45 million. The midpoint of the outlook, at $40 million, was dramatically below analyst expectations of $98.15 million.The company said the weaker guidance reflects “near-term market conditions and evolving customer dynamics.”During the quarter, Canaan mined 257 bitcoins and expanded its cryptocurrency holdings to record levels of 1,807.60 BTC and 3,951.53 ETH as of March 31, 2026.Installed mining computing power across the company’s 10 joint-mining projects reached around 11 EH/s, representing sequential growth of 10.7%.“Despite bitcoin price volatility, compressed hashprice conditions, elevated energy costs, and weather-related disruptions in North America, we delivered total revenue of $62.7 million, which was in line with our guidance,” said Nangeng Zhang, chairman and CEO. Losses widen despite expansion efforts Canaan reported a net loss of $88.7 million for the quarter, compared with a net loss of $86.4 million in the same period a year earlier.Adjusted EBITDA loss widened to $76.3 million from $38.1 million a year ago.During the quarter, the company acquired a 49% stake in ABC Projects in West Texas from Cipher Mining, adding roughly 4.4 EH/s of operational hashrate capacity.Canaan also said it deployed hash-to-heat infrastructure in the Nordic region, where 2 MW of capacity is currently operational.Canaan stock price Original: Canaan shares sink after first-quarter miss and disappointing Q2 outlook (CAN)

Canaan Inc. Reports Unaudited First Quarter 2026 Financial ResultsMay 19, 2026 6:30 AM
PR Newswire (US) Revenue of US$62.7 million was in line with guidance; cryptocurrency treasury[1] reached a record 1,807.60 BTC and 3,951.53 ETH as of March 31, 2026Installed mining computing power across 10 joint-mining projects reached approximately 11 EH/s, up 10.7% sequentially; Produced 257 bitcoins in Q1Strategic energy infrastructure footprint expanded through the acquisition of 49% interest in ABC Projects in West Texas from Cipher Mining and Nordic hash-to-heat deploymentSINGAPORE, May 19, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today announced its unaudited financial results for the three months ended March 31, 2026. First Quarter 2026 Operating and Financial HighlightsMetricsQ1 2026Market-readable takeawaysTotal revenueUS$62.7 millionIn line with guidanceProduct revenueUS$42.9 millionCompleted final deliveries
under a major U.S. orderMining revenueUS$19.1 millionResilient production despite
BTC/hashprice volatilityBTC produced257 BTCContinued mining outputCrypto treasury1,807.60 BTC / 3,951.53
ETHRecord high treasuryInstalled mining
computing power~11 EH/sUp 10.7% QoQAll-in power cost~US$0.04/kWhCompetitive mining cost baseG&A expenseUS$15.0 millionDown 11% QoQSubsequent customer
cash collections~US$42 millionLiquidity improved after
quarter-endABC Projects49% interest / ~4.4 EH/s
operating hashrateWest Texas energy-compute
footprintNordic hash-to-heat
Project8MW planned / 2MW in
operationSustainable compute
infrastructure use case Total revenues were US$62.7 million, which was in line with the Company's previous guidance range.Cryptocurrency treasury expanded to 1,807.60 BTC and 3,951.53 ETH by the end of the first quarter of 2026, with 257 bitcoins produced in the quarter.Nangeng Zhang, chairman, and chief executive officer of Canaan, commented, "Q1 2026 was a quarter of disciplined execution and strategic positioning for Canaan. Despite bitcoin price volatility, compressed hashprice conditions, elevated energy costs, and weather-related disruptions in North America, we delivered total revenue of US$62.7 million, which was in line with our guidance, completed the final deliveries under a major U.S. customer order, and continued to advance our global mining deployment. Our installed computing power across ten joint-mining projects reached approximately 11 EH/s, up 10.7% sequentially, and we produced 257 bitcoins during the quarter. At the same time, our cryptocurrency treasury reached a record level of 1,807.60 BTC and 3,951.53 ETH as of March 31, 2026.""We also made important progress in expanding Canaan's energy-compute infrastructure footprint. During the quarter, we acquired a 49% interest in the ABC Projects in West Texas from Cipher Mining, further strengthening our access to large-scale operational power infrastructure, with approximately 4.4 EH/s hashrate in operation at the project level. In parallel, our Nordic hash-to-heat deployment demonstrated another practical use case for our Avalon water-cooling technology by converting computing power into usable heat for local communities. These initiatives reflect our strategy to move closer to power resources, improve deployment flexibility, and build more durable operating advantages across market cycles.""As energy access and thermal management become increasingly important constraints for high-density computing, we believe Canaan is well-positioned at the intersection of ASIC technology, crypto mining operations, and energy-integrated compute infrastructure. We remain focused on disciplined capital allocation, operational resilience, and long-term value creation for our shareholders."Jin "James" Cheng, chief financial officer of Canaan, stated, "In Q1 2026, we demonstrated resilient operational execution amid a challenging industry environment. Total revenues reached US$62.7 million, in line with the guidance we provided in February, despite heightened market uncertainty. As we completed the final phase of deliveries under our large-scale North American customer order, machine sales generated US$42.9 million in revenue during the quarter. On the mining side, we generated US$19.1 million in mining revenue despite severe bitcoin price volatility and weather-related curtailments in North America. Although average bitcoin prices and hashprice declined significantly quarter-over-quarter, our bitcoin production experienced a comparatively smaller decrease, reflecting the resilience of our mining operations and continued hashrate deployment. We also maintained relatively stable machine production costs and maintained a competitive all-in power cost of approximately US$0.04/kWh across our mining operations.""During the quarter, we further strengthened operational efficiency and optimized resource allocation across the organization, resulting in an 11% sequential decline in general and administrative expenses. Exiting the quarter with a relatively lean inventory position following the completion of our landmark order, we gain greater flexibility to navigate near-term market uncertainty. We also maintained solid liquidity at the end of Q1 and subsequently received approximately US$42 million in customer cash collections during Q2. Concurrent with ongoing mining operations and our DAT management, we grew our cryptocurrency treasury to new all-time highs. As we advance our energy-compute integration strategy, our capital allocation priorities remain anchored in operational agility, infrastructure scalability, and the disciplined pursuit of long-term, competitively advantaged energy resources." [1] Defined as the total number of bitcoins and other cryptocurrencies owned by the Company on its Balance Sheet, including any bitcoins receivable, excluding bitcoins that the Company has received as customer deposits.
 First Quarter 2026 Financial ResultsTotal revenues in the first quarter of 2026 were US$62.7 million, compared to US$196.3 million in the fourth quarter of 2025 and US$82.8 million in the same period of 2025. Total revenues consisted of US$42.9 million in products revenue, US$19.1 million in mining revenue and US$0.7 million in other revenues.Products revenue in the first quarter of 2026 was US$42.9 million, compared to US$164.9 million in the fourth quarter of 2025 and US$58.3 million in the same period of 2025. The sequential decrease was mainly due to the decreased computing power sold and average selling price, resulting from a tightening of overall market demand led by the decline in bitcoin price. The year-over-year decrease was mainly due to the decreased computing power sold.Mining revenue in the first quarter of 2026 was US$19.1 million, compared to US$30.4 million in the fourth quarter of 2025 and US$24.3 million in the same period of 2025. The sequential and year-over-year decreases were mainly due to the decrease in the average bitcoin price, partially offset by the increase in energized mining computing power.Cost of revenues in the first quarter of 2026 was US$85.6 million, compared to US$181.7 million in the fourth quarter of 2025 and US$82.1 million in the same period of 2025.Products costs in the first quarter of 2026 were US$62.4 million, compared to US$143.6 million in the fourth quarter of 2025 and US$59.2 million in the same period of 2025. The sequential decrease was consistent with the decrease in computing power sold. The year-over-year increase was mainly due to the increase in inventory and prepayment write-down and provision for reserve for inventory purchase commitments accrued. The inventory write-down, prepayment write-down and provision for reserve for inventory purchase commitments accrued for this quarter were US$24.5 million, compared to the inventory write-down, prepayment write-down and provision for reserve for inventory purchase commitments amounting to US$13.9 million for the fourth quarter of 2025 and the inventory write-down of US$2.5 million for the same period of 2025. Products costs consist of direct production costs of mining machines, and indirect costs related to production, as well as inventory write-down, prepayment write-down and provision for reserve for inventory purchase commitments.Mining costs in the first quarter of 2026 were US$22.7 million, compared to US$37.0 million in the fourth quarter of 2025 and US$22.9 million in the same period of 2025. Mining costs herein consist of direct production costs of mining operations, including electricity and hosting, as well as depreciation of deployed mining machines. The sequential decrease was mainly due to the decrease in depreciation as a result of asset impairment recognized in the prior quarter and the change in estimated useful life of mining equipment beginning in fiscal year 2026. The year-over-year decrease was mainly due to the increase in deployed computing power for the Company's mining operations. The depreciation in this quarter for deployed mining machines was US$5.8 million, compared to US$12.1 million in the fourth quarter of 2025 and US$6.2 million in the same period of 2025.Gross loss in the first quarter of 2026 was US$22.9 million, compared to a gross profit of US$14.6 million in the fourth quarter of 2025 and a gross profit of US$646 thousand in the same period of 2025.Total operating expenses in the first quarter of 2026 were US$31.4 million, compared to US$38.2 million in the fourth quarter of 2025 and US$38.3 million in the same period of 2025.Research and development expenses in the first quarter of 2026 were US$15.4 million, compared to US$11.5 million in the fourth quarter of 2025 and US$18.9 million in the same period of 2025. The sequential increase was mainly due to an increase of US$4.0 million in research and development expenditure. The year-over-year decrease was mainly due to a decrease of US$3.6 million in staff cost, a decrease of US$1.1 million in share-based compensation expenses, partially offset by an increase of US$1.6 million in research and development expenditure. Research and development expenses in the first quarter of 2026 also included share-based compensation expenses of US$0.7 million.Sales and marketing expenses in the first quarter of 2026 were US$1.2 million, compared to US$1.1 million in the fourth quarter of 2025 and US$2.9 million in the same period of 2025. Sales and marketing expenses remained stable sequentially. The year-over-year decrease was mainly attributable to a decrease of US$1.7 million in staffing cost. Sales and marketing expenses in the first quarter of 2026 also included share-based compensation expenses of US$43 thousand.General and administrative expenses in the first quarter of 2026 were US$15.0 million, compared to US$16.9 million in the fourth quarter of 2025 and US$16.9 million in the same period of 2025. The sequential decrease was mainly due to a decrease of US$2.1 million in staff cost. The year-over-year decrease was mainly due to a decrease of US$1.5 million in share-based compensation expenses. General and administrative expenses in the first quarter of 2026 also included share-based compensation expenses of US$3.8 million.Loss from operations in the first quarter of 2026 was US$54.3 million, compared to US$23.6 million in the fourth quarter of 2025 and US$37.6 million in the same period of 2025.Change in fair value of cryptocurrency and Change in fair value of financial derivatives in the first quarter of 2026 were a loss of US$24.9 million and a loss of US$16.0 million, respectively, compared to a loss of US$21.5 million and a loss of US$22.8 million in the fourth quarter of 2025, and a loss of US$2.3 million and a loss of US$14.1 million in the first quarter of 2025, respectively. The losses were mainly due to the decreased bitcoin price on March 31, 2026, compared to the bitcoin price on December 31, 2025.Foreign exchange losses, net in the first quarter of 2026 were US$4.0 million, compared to a loss of US$2.9 million in the fourth quarter of 2025 and a gain of US$0.8 million in the same period of 2025, respectively.Loss before income tax expense in the first quarter of 2026 was US$88.8 million, compared to US$84.2 million in the fourth quarter of 2025 and US$85.7 million in the same period of 2025.Equity in gains of equity investees in the first quarter of 2026 was US$0.2 million, compared to nil in the fourth quarter of 2025 and nil in the same period of 2025.Net loss in the first quarter of 2026 was US$88.7 million, compared to US$85.0 million in the fourth quarter of 2025 and US$86.4 million in the same period of 2025.Non-GAAP adjusted EBITDA in the first quarter of 2026 was a loss of US$76.3 million, as compared to a loss of US$40.5 million in the fourth quarter of 2025 and a loss of US$38.1 million in the same period of 2025. For further information, please refer to "Use of Non-GAAP Financial Measures" in this press release.Foreign currency translation adjustment, net of nil tax, in the first quarter of 2026 was a gain of US$5.2 million, compared to a gain of US$1.1 million in the fourth quarter of 2025 and a loss of US$1.1 million in the same period of 2025, respectively.Basic and diluted net loss per American depositary share ("ADS") in the first quarter of 2026 were US$0.13. In comparison, basic and diluted net loss per ADS in the fourth quarter of 2025 were US$0.13, while basic and diluted net loss per ADS in the same period of 2025 were US$0.27. Each ADS represents 15 of the Company's Class A ordinary shares.As of March 31, 2026, the Company held Cryptocurrency assets with a fair value of US$66.2 million and Cryptocurrency receivable with an aggregate fair value of US$67.0 million, respectively. Cryptocurrency assets primarily consist of 802.6 bitcoins owned by the Company and 63.4 bitcoins received as customer deposits. Cryptocurrency receivable consists of 905.0 bitcoins pledged for secured term loans and 100.0 bitcoins transferred to a fixed-term product. The classification of cryptocurrency receivable as current assets is consistent with the corresponding secured term loans. As of March 31, 2026, the Company held a total of 1,871.0 bitcoins.As of March 31, 2026, the Company had cash of US$43.5 million, compared to US$80.8 million as of December 31, 2025. The Company has subsequently received approximately US$42 million in customer cash collections in April 2026.Accounts receivable, net as of March 31, 2026, were US$51.6 million, compared to US$19.3 million as of December 31, 2025. Accounts receivable were mainly due to an installment policy implemented for some major customers who meet certain conditions. The Company subsequently collected approximately US$42 million in cash from Accounts receivable in April 2026.Investment in equity investees as of March 31, 2026, was US$14.1 million. The Company uses the equity method of accounting to account for its 49% equity interest in Alborz LLC, Bear LLC, and Chief Mountain LLC (collectively, the "ABC Projects"). Please refer to "Recent Developments - Acquired Cipher Mining's 49% Interest in ABC Projects Totaling ~4.4 EH/s in West Texas".ADSs OutstandingAs of March 31, 2026, the Company had a total of 690,594,191 ADSs outstanding, each representing 15 of the Company's Class A ordinary shares.Recent DevelopmentsSecured Nordic Hash-to-Heat ProjectOn May 19, 2026, Canaan Inc. announced that it had been selected through a competitive bid process to provide hash-to-heat infrastructure for a district heating network in the Nordic region. The project utilizes the Company's Avalon A1566HA hydro-cooled mining units with a total planned deployment capacity of approximately 8 MW. Approximately 2 MW of capacity is currently operating in the region and supplying hot water to local residents, and based on the successful initial deployment, the customer placed a follow-on order in March 2026 for an additional 6 MW of capacity. The Company believes the project further validates its capabilities in hydro-cooling, thermal management and energy-integrated compute infrastructure, while demonstrating the potential for scalable "hash-to-heat" applications in next-generation sustainable energy systems.Acquired Cipher Mining's 49% Interest in ABC Projects Totaling ~4.4 EH/s in West TexasOn February 19, 2026, the Company acquired Cipher Mining Inc.'s (NASDAQ: CIFR) ("Cipher") 49% equity interest in ABC Projects in West Texas, totaling approximately 4.4 EH/s of operational hashrate capacity. The transaction was completed through a non-cash equity issuance, making Cipher a significant shareholder of the Company. The transaction also includes the purchase of 6,840 Avalon® A15Pro mining machines, which further expands the Company's self-mining scale and U.S. power infrastructure footprint. The ABC Projects bring significant experience in demand response and energy arbitrage within the Electrical Reliability Council of Texas ("ERCOT") grid, reinforcing the Company's strategy to enhance grid stabilization and operational flexibility amid rising data center demand.The Share Repurchase Program On December 17, 2025, the Company announced that its board of directors approved the renewal of a share repurchase program authorizing the buyback of up to US$30 million worth of its outstanding ADSs, or Class A ordinary shares, over the next 12 months starting December 12, 2025. Repurchases may be conducted through open-market, privately negotiated transactions, block trades, or any combination thereof, subject to market conditions and regulatory requirements.As of May 19, 2026, the Company had repurchased approximately 2.8 million ADSs in a total consideration of US$2.0 million under the program.Business OutlookFor the second quarter of 2026, the Company expects total revenues to be in the range of US$35 million to US$45 million, reflecting the near-term market conditions and evolving customer dynamics, which are subject to change.  The Company will continue to closely monitor the global policy environment and market developments, and may revise or update its outlook as appropriate, based on future clarity and business visibility.Conference Call InformationThe Company's management team will hold a conference call at 8:00 A.M. U.S. Eastern Time on May 19, 2026 (or 8:00 P.M. Singapore Time on the same day) to discuss the financial results. Details for the conference call are as follows:Event Title:Canaan Inc. First Quarter 2026 Earnings Conference CallRegistration
Link:https://register-conf.media-server.com/register/BI1f5e37bc999743bf93cfa539bc6a031cAll participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers and a unique access PIN, which can be used to join the conference call.A live and archived webcast of the conference call will be available at the Company's investor relations website at investor.canaan-creative.com.About Canaan Inc.Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.Safe Harbor StatementThis press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.'s beliefs and expectations, such as expectations with regard to revenue or mining hash rate deployment, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, the ability of the Company to execute against its goals, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company's expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company's expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company's investment plans and strategies, fluctuations in the Company's quarterly operating results; competition in its industry; changing macroeconomic and geopolitical conditions, including evolving international trade policies and the implementation of increased tariffs, import restrictions, and retaliatory trade actions; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.Use of Non-GAAP Financial MeasuresIn evaluating Canaan's business, the Company uses non-GAAP measures, such as adjusted EBITDA, as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as net loss excluding income tax (benefit) expenses, interest income, interest expense, depreciation and amortization expenses, share-based compensation expenses, impairment on property, equipment and software, change in fair value of financial instruments other than derivatives and excess of fair value of convertible preferred shares. The Company believes that the non-GAAP financial measures provide useful information about the Company's results of operations, enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making.The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools and investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. One of the key limitations of using adjusted EBITDA is that it does not reflect all of the items of income and expense that affect the Company's operations. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance.Investor Relations ContactCanaan Inc.
Xi Zhang
Email: IR@canaan-creative.com Christensen Advisory
Christian Arnell
Email: canaan@christensencomms.comPublic Relations ContactBlocksBridge Consulting
Jesse Colzani
Email: canaan@blocksbridge.com CANAAN INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (all amounts in thousands, except share and per share data, or as otherwise noted)



As of December 31,As of March 31,
20252026
USDUSDASSETS

Current assets:

Cash80,77843,451Accounts receivable, net19,29051,560Inventories180,816139,078Prepayments and other current assets99,70794,808Cryptocurrency receivable, current52,69927,004Total current assets433,290355,901Non-current assets:

Cryptocurrency83,33966,236Cryptocurrency receivable, non-current35,13340,006Investment in equity investees-14,056Property, equipment and software, net44,02851,037Intangible asset689636Operating lease right-of-use assets2,8802,492Deferred tax assets191194Other non-current assets489496Non-current financial investment2,8451,000Total non-current assets169,594176,153Total assets602,884532,054LIABILITIES, AND SHAREHOLDERS'
EQUITY

Current liabilities

Current portion of long-term loans28,51521,140Accounts payable25,60020,417Contract liabilities9,3177,739Income tax payable11,40311,591Accrued liabilities and other current
liabilities54,54844,131Operating lease liabilities, current1,7061,397Total current liabilities131,089106,415Non-current liabilities:

Long-term loans23,73133,373Operating lease liabilities, non-current 948642Deferred tax liability117108Other non-current liabilities9,6319,585Total liabilities165,516150,123Shareholders' equity:

Class A Ordinary shares (US$0.00000005
par value; 999,643,050,556 authorized,
10,431,482,973 and 11,237,922,873 shares
issued, 9,703,445,043 and 10,522,925,163
shares outstanding as of December 31, 2025
and March 31, 2026, respectively)11Class B Ordinary shares (US$0.00000005
par value; 356,624,444 shares authorized,
311,624,444 shares issued and outstanding
as of December 31, 2025 and March 31, 2026)--Treasury stocks (US$0.00000005 par value; 366,981,615 and 376,884,825 shares as of December 31, 2025 and March 31, 2026, respectively)(37,172)(34,566)Additional paid-in capital1,177,0571,202,580Statutory reserves14,89214,892Accumulated other comprehensive loss(56,653)(51,471)Accumulated deficit(660,757)(749,505)Total shareholders' equity437,368381,931Total liabilities and shareholders' equity602,884532,054   CANAAN INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS(all amounts in thousands of USD, except share and per share data, or as otherwise noted) 
For the Three Months Ended
March 31,
2025December 31,
2025March 31,
2026
USDUSDUSDRevenues


Products revenue58,322164,92942,863Mining revenue24,25430,35819,124Other revenues200987706Total revenues82,776196,27462,693Cost of revenues


Product cost(59,190)(143,562)(62,365)Mining cost(22,940)(37,020)(22,677)Other cost-(1,109)(557)Total cost of revenues(82,130)(181,691)(85,599)Gross profit (loss)64614,583(22,906)Operating expenses:


Research and development expenses(18,947)(11,456)(15,390)Sales and marketing expenses(2,936)(1,103)(1,195)General and administrative expenses(16,908)(16,868)(15,020)Impairment on property and equipment-(8,973)-Gain on disposal of property, equipment
and software516197197Total operating expenses(38,275)(38,203)(31,408)Loss from operations(37,629)(23,620)(54,314)Interest income5739150Interest expense(351)(827)(929)Change in fair value of cryptocurrency(2,264)(21,457)(24,913)Change in fair value of financial
instruments other than derivatives(4,392)(15,249)-Change in fair value of financial
derivatives(14,055)(22,799)(15,974)Excess of fair value of convertible
preferred shares(28,179)--Foreign exchange gains (losses), net835(2,890)(3,997)Other income, net2522,57311,198Loss before income tax expenses(85,726)(84,230)(88,779)Income tax expense(705)(805)(190)Equity in gains of equity investees--221Net loss(86,431)(85,035)(88,748)Foreign currency translation adjustment,
net of nil tax(1,057)1,1335,182Total comprehensive loss(87,488)(83,902)(83,566)Weighted average number of shares
used in per share calculation:


— Basic4,817,919,0549,517,488,55010,371,318,890— Diluted4,817,919,0549,517,488,55010,371,318,890Net loss per share (cent per share)


— Basic (1.79)(0.89)(0.86)— Diluted(1.79)(0.89)(0.86)Share-based compensation expenses were included in:


Cost of revenues769289Research and development expenses1,770535668Sales and marketing expenses536743General and administrative expenses5,3163,5863,815  The table below sets forth a reconciliation of net loss to non-GAAP adjusted EBITDA for the period indicated:
For the Three Months Ended
March 31,
2025December 31,
2025March 31,
2026
USDUSDUSDNet loss(86,431)(85,035)(88,748)Income tax expense705805190Interest income(57)(39)(150)Interest expense351827929EBIT(85,432)(83,442)(87,779)Depreciation and amortization expenses7,51314,4246,816EBITDA(77,919)(69,018)(80,963)Share-based compensation expenses7,2154,2804,615Impairment on property, equipment and
software-8,973-Change in fair value of financial
instruments other than derivatives4,39215,249-Excess of fair value of convertible
preferred shares28,179--Non-GAAP adjusted EBITDA(38,133)(40,516)(76,348)   View original content:https://www.prnewswire.com/news-releases/canaan-inc-reports-unaudited-first-quarter-2026-financial-results-302776028.htmlSOURCE Canaan Inc. Original: Canaan Inc. Reports Unaudited First Quarter 2026 Financial Results

Canaan Inc. Wins Competitive Bid to Provide Hash-to-Heat Equipment to Nordic District Heating NetworkMay 19, 2026 6:25 AM
PR Newswire (US) High-temperature heat reuse converts compute waste into scalable district heating infrastructure 
Project provides additional validation of Canaan's expansion into energy-integrated compute infrastructureSINGAPORE, May 19, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today announced that it has been selected to support a district heating network in the Nordic region.The heating solution, developed in partnership with a leading Nordic heating provider (the "Customer"), utilizes Canaan's advanced Avalon A1566HA series hydro-cooled units with a combined capacity of approximately 8 MW. These units, engineered to deliver high-efficiency thermal output directly into local heating networks, will replace traditional heating solutions currently used by the Customer.Canaan's proprietary semiconductor and system design technology, capable of producing high-grade hot water at temperatures of approximately 80 degrees Celsius, facilitates the direct integration of high-density compute infrastructure into existing district heating systems. Following an evaluation of competing solutions, the Customer selected Canaan's equipment for this second phase. Approximately 2 MW of heating capacity, comprising 228 A1566HA units, is currently operating in the region, reliably providing hot water to local residents. Building on this performance, the Customer placed a follow-on order in March 2026 for an additional 6MW of capacity, comprising 692 A1566HA units.Canaan's A1566HA hydro-cooled miners, operated by the Customer's team, contribute thermal capacity while maintaining operational flexibility across varying demand profiles. Because the heating nodes consist of numerous parallel A1566HA units that support dynamic overclocking and underclocking, they deliver greater stability and reliability than traditional single-source heating systems such as boilers. This parallel architecture also makes maintenance easier and enables more consistent hot water supply along with optimized power-to-heat conversion efficiency.Governments and municipalities often incentivize district heating solutions because they enable efficient hot water distribution across urban and regional networks. This approach helps address a long-standing challenge in hash-to-heat — delivering usable high-grade heat at scale — which has proven difficult for many players in the industry. With this challenge now being effectively addressed, Canaan believes hash-to-heat solutions will accelerate the replacement of legacy heating systems, including outdated fossil fuel-based solutions that are long overdue for an upgrade."This selection reflects both the strength of our technology and the depth of our engineering knowledge," said Nangeng Zhang, chairman and chief executive officer of Canaan. "Heat reuse is no longer an ancillary byproduct of compute.  It is central to building a more efficient, sustainable energy future, and a core part of how we think about system design at Canaan. I was closely involved in the research and development of this platform and personally led the design of its form factor, focusing on optimizing thermal performance and deployment efficiency. We developed this solution with the specific requirements of modern district heating infrastructure in mind, and we're encouraged to see that approach recognized through a highly competitive selection process."The Nordic region is widely recognized as a global leader in district heating innovation, making it an ideal environment for deploying next-generation energy solutions. By combining high-density compute infrastructure with heat recovery at scale, this 8 MW project is expected to provide reliable heating to approximately 2,800 homes, representing a meaningful step toward more sustainable and economically efficient heating systems.About Canaan Inc.Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.Safe Harbor StatementThis press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.'s beliefs and expectations, such as expectations with regard to revenue or mining hash rate deployment, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, the ability of the Company to execute against its goals, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company's expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company's expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company's investment plans and strategies, fluctuations in the Company's quarterly operating results; competition in its industry; changing macroeconomic and geopolitical conditions, including evolving international trade policies and the implementation of increased tariffs, import restrictions, and retaliatory trade actions; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.Investor Relations ContactCanaan Inc.
Xi Zhang
Email: IR@canaan-creative.comChristensen Advisory
Christian Arnell
Email: canaan@christensencomms.comPublic Relations ContactBlocksBridge Consulting
Jesse Colzani
Email: canaan@blocksbridge.com View original content:https://www.prnewswire.com/news-releases/canaan-inc-wins-competitive-bid-to-provide-hash-to-heat-equipment-to-nordic-district-heating-network-302776030.htmlSOURCE Canaan Inc. Original: Canaan Inc. Wins Competitive Bid to Provide Hash-to-Heat Equipment to Nordic District Heating Network

Bitcoin Back to Its Roots: Canaan Inc. Joins "The Renaissance of Home Mining" Roundtable at Bitcoin 2026May 19, 2026 12:33 AM
PR Newswire (US) SINGAPORE, May 19, 2026 /PRNewswire/ -- At the Bitcoin 2026 conference in Las Vegas, Canaan Inc. (NASDAQ: CAN) was invited to participate in the roundtable discussion titled "Bitcoin's Return to Its Roots: Why Home Mining is Making a Comeback." The session explored the intersection of decentralized computing power and home energy synergy. From "USB Miners" to Home Energy HubsCanaan's legacy in the home mining sector began with the Avalon Nano series. Designed with a compact, portable form factor, this series lowered the barrier for everyday users to participate in the Bitcoin network. From its inception, the company has been a pioneer in exploring the home application of heat recovery from computing chips.In recent years, Canaan has significantly accelerated the evolution of its home product ecosystem:December 2023: Launched the Avalon Nano 3.January 2025 (CES Las Vegas): Officially released the Avalon Mini 3 and Avalon Nano 3S. The Mini 3 features integrated home heating capabilities, while the Nano 3S serves as a high-performance upgrade to the Nano 3.March 2025: Launched the Avalon Q, a specialized quiet-running model that balances high-efficiency hashing with low noise levels.Industry Perspective from the RoundtableDuring the discussion at Bitcoin 2026, Aviral Shukla, founder of Altair Technology, shared his perspective on the shift toward professional-grade home hardware:"Canaan has a whole suite of these more powerful home miners that also double as great space heaters. If people are looking to scale, they should probably move into some of these more efficient and powerful options rather than just relying on the smaller lottery miners."Retail and Channel ExpansionFollowing positive market validation in early 2025, the Avalon Home series continues its strategic expansion. Canaan is systematically optimizing its channel infrastructure to bring reliable, intuitive computing products to a broader retail audience. This focus on the retail terminal aims to empower a more resilient and decentralized network of home-based miners worldwide.About Canaan Inc.Established in 2013, Canaan Inc. (NASDAQ: CAN), an innovator in crypto mining, is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, under the leadership of Mr. Nangeng Zhang, founder and CEO, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology in Bitcoin's history under the brand name Avalon.For more information, visit our website at canaan.io.Media Contact: pr@canaan-creative.com Follow us on social media and stay tuned for more updates on Canaan.Telegram Group Official: https://t.me/Canaanio
X.com: https://x.com/canaanio
YouTube: https://www.youtube.com/@canaanmining
LinkedIn: https://www.linkedin.com/company/canaaninc/  View original content to download multimedia:https://www.prnewswire.com/news-releases/bitcoin-back-to-its-roots-canaan-inc-joins-the-renaissance-of-home-mining-roundtable-at-bitcoin-2026-302775622.htmlSOURCE Canaan Inc. Original: Bitcoin Back to Its Roots: Canaan Inc. Joins "The Renaissance of Home Mining" Roundtable at Bitcoin 2026

Canaan Inc. to Report First Quarter 2026 Financial Results on May 19, 2026May 12, 2026 9:05 AM
PR Newswire (US) SINGAPORE, May 12, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today announced that it plans to report its financial results for the first quarter ended March 31, 2026, before the U.S. market opens on May 19, 2026.The Company's management team will hold a conference call at 8:00 A.M. U.S. Eastern Time/8:00 P.M. Singapore Time on May 19, 2026,  to discuss the financial results. Details for the conference call are as follows:Event Title:Canaan Inc. First Quarter 2026 Earnings Conference CallRegistration Link:https://register-conf.media-server.com/register/BI1f5e37bc999743bf93cfa539bc6a031cAll participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers and a unique access PIN, which can be used to join the conference call.Investors may submit questions to the Company via IR@canaan-creative.com up to 24 hours before the start of the conference call. The Company's management team will answer a selection of the submitted questions during the Q&A session of the conference call.A live and archived webcast of the conference call will be available at the Company's investor relations website at investor.canaan-creative.com.About Canaan Inc.Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.Investor Relations ContactCanaan Inc.
Xi Zhang
Email: IR@canaan-creative.comChristensen Advisory
Christian Arnell
Email: canaan@christensencomms.comPublic Relations ContactBlocksBridge Consulting
Jesse Colzani
Email: canaan@blocksbridge.com View original content:https://www.prnewswire.com/news-releases/canaan-inc-to-report-first-quarter-2026-financial-results-on-may-19-2026-302769474.htmlSOURCE Canaan Inc. Original: Canaan Inc. to Report First Quarter 2026 Financial Results on May 19, 2026

Canaan Inc. Extends Collaboration with Tether on New Form Factors for Mining and Compute SystemsApril 28, 2026 9:05 AM
PR Newswire (US)

Canaan has successfully developed customized hash boards for Tether under a pre-agreed R&D frameworkModular architecture enables higher compute density, reduced waste, simplified maintenance, and easier upgrade capabilitySINGAPORE, April 28, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today announced that it has secured a follow-on order from Tether for high-density mining hash board modules (the "Modules"). These Modules were custom-developed by Canaan to support Tether's next-generation immersion-cooled mining and compute systems.The agreement follows a successful proof-of-concept (POC) R&D project in 2025 in collaboration with Tether and ACME Swisstech, a Swiss based R&D company developing innovative mining system solutions. The follow-on order will be deployed to a Tether-affiliated mining facility in South America. Under the 2025 framework agreement, Canaan developed the Modules and provided support for Tether's development of their custom control boards and mining management systems. These components integrate the Modules into self-contained mining units with direct system-level integration. This architecture simplifies infrastructure and operations while enabling optimized thermal management, dynamic hash rate control, and increased compute density.The Modules form part of Canaan's next-generation modular mining and compute hardware platform built around its advanced ASIC chips. This approach enables flexible integration into partner-designed systems, particularly for immersion-cooled deployments.     The system designed by ACME Swisstech integrates Canaan's modular platform to deliver an innovative, integrated bitcoin mining solution that offers several advantages over traditional mining system designs by decoupling the compute layer from power supply and enclosure components, including improved efficiency, reliability, and uptime in large-scale operations."As a leader at the forefront of market trends, we are seeing growing demand for modular, high-performance hardware that can be integrated directly into customer-designed systems," said Nangeng Zhang, chairman and chief executive officer of Canaan. "Leveraging our strong ASIC design expertise and flexible development platform, we are delivering customized hash board solutions that enable partners to optimize system architecture at the component level. Our Avalon hash board module enables more flexible, on-demand deployment at the component level while improving efficiency and reducing operational complexity, particularly in immersion-cooled systems. We believe this reflects a broader industry shift toward greater control and customization of compute infrastructure across a wide range of users, from individual users and small businesses to large-scale miners.""Most mining infrastructure is still built as sealed, fixed units, which makes it expensive to scale and inefficient to run. Tether is revisioning that concept by deploying modular compute that can be tuned, upgraded, and cooled independently, so we can directly control cost, efficiency, and how these systems perform at scale," said Paolo Ardoino, CEO of Tether.                         "The close collaboration with Canaan and Tether allows us to design and deliver mining systems that are radically different from today's plug-and-play, retail-oriented products in the market and take a holistic, industrial co-design approach aimed for large-scale operations," said Giv Zanganeh, president of ACME Swisstech.The agreement also includes an option for Tether to purchase additional module volume in future phases, supporting potential expansion as deployments scale.The collaboration reflects a broader trend toward partner-driven, modular mining architectures, where infrastructure operators design optimized systems around high-performance compute building blocks.About Canaan Inc.Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.About TetherTether is the issuer of USDT, the world's largest and most widely adopted stablecoin. As a leading blockchain technology company, Tether contributes to the wider Bitcoin mining community with      open-source mining software solutions to support efficient and scalable Bitcoin network growth.About ACME SwisstechACME Swisstech is a Swiss-based R&D and project management company designing and delivering hardware and software solutions for industrial scale data centers for Bitcoin mining.Safe Harbor StatementThis press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.'s beliefs and expectations, such as expectations with regard to revenue or mining hash rate deployment, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, the ability of the Company to execute against its goals, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company's expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company's expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company's investment plans and strategies, fluctuations in the Company's quarterly operating results; competition in its industry; changing macroeconomic and geopolitical conditions, including evolving international trade policies and the implementation of increased tariffs, import restrictions, and retaliatory trade actions; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.Investor Relations ContactCanaan Inc.
Xi Zhang
Email: IR@canaan-creative.comChristensen AdvisoryChristian Arnell
Email: canaan@christensencomms.comPublic Relations ContactBlocksBridge Consulting
Jesse Colzani
Email: canaan@blocksbridge.com



View original content:https://www.prnewswire.com/news-releases/canaan-inc-extends-collaboration-with-tether-on-new-form-factors-for-mining-and-compute-systems-302755620.htmlSOURCE Canaan Inc.

Original: Canaan Inc. Extends Collaboration with Tether on New Form Factors for Mining and Compute Systems

Canaan Inc. Files 2025 Annual Report on Form 20-FApril 15, 2026 5:21 PM
PR Newswire (US)

SINGAPORE, April 15, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the Securities and Exchange Commission on April 15, 2026. The annual report can be accessed on the SEC's website at http://www.sec.gov and on the Company's investor relations website at https://investor.canaan-creative.com/.The Company will provide a hard copy of the annual report, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to the Company's Investor Relations Department at IR@canaan-creative.com.About Canaan Inc.Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.Investor Relations ContactCanaan Inc.
Xi Zhang
Email: IR@canaan-creative.comChristensen Advisory
Christian Arnell
Email: canaan@christensencomms.comPublic Relations ContactBlocksBridge Consulting
Jesse Colzani
Email: canaan@blocksbridge.com 



View original content:https://www.prnewswire.com/news-releases/canaan-inc-files-2025-annual-report-on-form-20-f-302743793.htmlSOURCE Canaan Inc.

Original: Canaan Inc. Files 2025 Annual Report on Form 20-F

CAN............................https://stockcharts.com/sc3/ui/?s=CAN&p=w&b=5&g=0&id=p86431144783

Canaan Inc. Provides March 2026 Bitcoin Production and Mining Operation UpdatesApril 15, 2026 9:05 AM
PR Newswire (US)

Expanded North American capacity with over 10 MW added
Achieved record high cryptocurrency treasury of 1,808 BTC and 3,952 ETHSINGAPORE, April 15, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today released its unaudited bitcoin mining update for the month ending March 31, 2026.Management Commentary"As we expand our role within the broader energy ecosystem, we enhanced our operational foundation in parallel," said Nangeng Zhang, chairman and chief executive officer of Canaan. "Despite a challenging macro backdrop, March was a month of solid execution. We delivered 89 BTC, growing our total cryptocurrency treasury to a record high of 1,808 BTC and 3,952 ETH." Zhang continued, "Against the backdrop that Bitcoin's average network hashrate experienced the largest quarterly decline since 2021, we continued to grow our deployed hashrate and installed power capacity, adding over 10 MW to our network during the month.  Our global installed power capacity reached 266.3 MW, supplemented by an additional 120 MW from our recently acquired joint ventures in Texas. We also continued to improve fleet efficiency, bringing our average miner efficiency to 18.7 J/TH in North America, reflecting our disciplined approach to operational and cost management.""With our Canada 'gas-to-compute' project coming online, we are advancing our position within the broader energy ecosystem. Looking ahead, we see our role evolving beyond traditional mining toward a vertically integrated energy infrastructure platform. By combining compute with energy optimization, including heat exchange and reuse, we can improve efficiency while allowing bitcoin mining to operate as a flexible load that supports grid stability. We believe this strategy positions us to capture long-term opportunities at the intersection of energy and compute."March 2026 Bitcoin Mining Updates (unaudited)Key MetricsResults (Rounded Numbers)Bitcoins Mined During the Month89 BTCMonth-End Bitcoins and ETH Owned by Canaan Inc. on Balance Sheet11,808 BTC3,952 ETHMonth-End Deployed Hashrate (EH/s)Non-JV: 10.97 EH/sJV4: 4.4 EH/sMonth-End Operating Hashrate (EH/s)Non-JV: 6.89 EH/sJV4: N/AMonth-End Average Revenue Split2 59.4% (excluding JV ownership)Average All-in Power Cost During the Month3US$0.044/kWhMarch 2026 Bitcoin Mining Infrastructure Updates (unaudited)
North AmericaNon-North AmericaGlobalMonth-End Average Miner EfficiencyNon-JV: 18.7 J/THJV4: 25.7 J/TH29.3 J/THNon-JV: 23.6 J/THJV4: 25.7 J/THMonth-End Installed Power CapacityNon-JV: 108.8 MWJV4: 120 MW157.5 MWNon-JV: 266.3 MWJV4: 120 MWNotes:1. Defined as the total number of bitcoins and ETH owned by the Company on its balance sheet, including any bitcoins and ETH receivable, excluding bitcoins and ETH that the Company has received as customer deposits. 
2. Defined as the weighted average percentage that Canaan would receive from the total revenues generated according to the applicable joint mining arrangements if 100% of the mining machines consisting of Installed Computing Power (as defined below) were energized.
3. Defined as the weighted average cost of power if 100% of the mining machines consisting of Installed Computing Power were energized.
4. "JV" represents the Company's 49% stake in the Alborz, Bear, and Chief Mountain facilities in West Texas. JV metrics are shown separately and are not included in bitcoin production or average all-in power cost calculations.Current Mining Projects (As of March 31, 2026):Regions
in alphabetical order
(A to Z)Active
Mining
Projects
CountEnergized
Computing
Power5Installed
Computing
Power6Expected
Computing
Power7Estimated
Total
Computing
Power8Global 1311.29 EH/s15.37 EH/s0.26 EH/s15.63 EH/sAmerica54.38 EH/s5.82 EH/s0.00 EH/s5.82 EH/sJV-WindHQ34.40 EH/s4.40 EH/s0.00 EH/s 4.40 EH/sCanada10.05 EH/s0.06 EH/s0.10 EH/s0.16 EH/sEthiopia22.36 EH/s4.96 EH/s0.16 EH/s95.12 EH/sMiddle East10.03 EH/s0.04 EH/s0.00 EH/s0.04 EH/sMalaysia10.08 EH/s0.08 EH/s0.00 EH/s0.08 EH/sNotes: 5. Defined as the amount of computing power that could theoretically be generated if all mining machines that have been energized were currently in operation, including mining machines that may be temporarily offline.
6. Defined as the sum of Energized Computing Power and computing power that has been installed but not yet energized, if any.
7. Defined as the amount of computing power that has been delivered to the country where each mining project is located, but not yet installed.
8. Defined as the sum of Installed Computing Power and Expected Computing Power.
9. Equipment is in transit to the project sites.Recent Corporate Updates: Announced CEO and CFO's Increased Shareholdings Through Open Market PurchasesOn March 3, 2026, the Company announced that Chairman and Chief Executive Officer Nangeng Zhang and Chief Financial Officer Jin "James" Cheng purchased an additional 1,456,547 ADSs in the open market at an average price of US$0.51 per ADS, in compliance with the Company's internal trading policies and applicable securities regulations. The purchases further align management with shareholder interests and reflect their continued confidence in the Company's long-term strategy and growth prospects.Acquired Cipher Mining's 49% Interest in ABC Projects Totaling ~4.4 EH/s in West TexasOn February 23, 2026, the Company acquired Cipher Mining Inc.'s (NASDAQ: CIFR) 49% equity interest in a joint venture in West Texas, comprising Alborz LLC, Bear LLC, and Chief Mountain LLC (collectively, the "ABC Projects"), and totaling approximately 4.4 EH/s of operational hashrate capacity. The transaction was completed through a non-cash equity issuance at approximately US$0.74 per ADS, with total consideration of approximately US$39.75 million, making Cipher a significant shareholder of the Company. The transaction also includes the purchase of 6,840 Avalon® A15Pro mining machines, which further expands the Company's self-mining scale and U.S. power infrastructure footprint. The ABC Projects bring significant experience in demand response and energy arbitrage within the ERCOT grid, reinforcing the Company's strategy to enhance grid stabilization and operational flexibility amid rising data center demand.About Canaan Inc.Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.Safe Harbor StatementThis press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.'s beliefs and expectations, such as expectations with regard to revenue or mining hash rate deployment, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, the ability of the Company to execute against its goals, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company's expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company's expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company's investment plans and strategies, fluctuations in the Company's quarterly operating results; competition in its industry; changing macroeconomic and geopolitical conditions, including evolving international trade policies and the implementation of increased tariffs, import restrictions, and retaliatory trade actions; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.Investor Relations ContactCanaan Inc.
Xi Zhang
Email: IR@canaan-creative.comChristensen Advisory
Christian Arnell
Email: canaan@christensencomms.comPublic Relations ContactBlocksBridge Consulting
Jesse Colzani
Email: canaan@blocksbridge.com



View original content:https://www.prnewswire.com/news-releases/canaan-inc-provides-march-2026-bitcoin-production-and-mining-operation-updates-302743187.htmlSOURCE Canaan Inc.

Original: Canaan Inc. Provides March 2026 Bitcoin Production and Mining Operation Updates

CAN..................................https://stockcharts.com/sc3/ui/?s=CAN&p=w&b=5&g=0&id=p86431144783

Canaan Inc. to Present at Jefferies Virtual Power x Data Center ConferenceMarch 31, 2026 9:05 AM
PR Newswire (US)

SINGAPORE, March 31, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today announced that it will present at the Jefferies Virtual Power x Data Center Conference on March 31, 2026.  The Company's presentation will begin at 11:00 a.m. ET on Tuesday, March 31, 2026. Leo Wang, vice president of capital markets and corporate development, will represent the Company at the conference. All interested parties should contact their Jefferies representative to obtain a link to the webcast.About Canaan Inc.Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology under the brand name Avalon and, today, their machines have the second largest share of the global bitcoin mining market. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market.  To learn more about Canaan, please visit https://www.canaan.io/.Safe Harbor StatementThis press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.'s beliefs and expectations, such as expectations with regard to revenue or mining hash rate deployment, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, the ability of the Company to execute against its goals, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company's expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company's expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company's investment plans and strategies, fluctuations in the Company's quarterly operating results; competition in its industry; changing macroeconomic and geopolitical conditions, including evolving international trade policies and the implementation of increased tariffs, import restrictions, and retaliatory trade actions; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.###Investor Relations ContactCanaan Inc.
Xi Zhang
Email: IR@canaan-creative.comChristensen Advisory
Christian Arnell
Email: canaan@christensencomms.comPublic Relations ContactBlocksBridge Consulting
Jesse Colzani
Email: canaan@blocksbridge.com



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Original: Canaan Inc. to Present at Jefferies Virtual Power x Data Center Conference

Canaan Inc. Provides February 2026 Bitcoin Production and Mining Operation UpdatesMarch 10, 2026 9:05 AM
PR Newswire (US)

Doubles down on energy strategy with West Texas joint ventureSINGAPORE, March 10, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today released its unaudited bitcoin mining update for the month ending February 28, 2026.Management Commentary"Our continued strategic execution highlights the importance of integrating energy resources into our strategy as we strengthen our focus on expanding our US footprint and continuing our long-standing track record of operational excellence," said Nangeng Zhang, chairman and chief executive officer of Canaan. "In February, we produced 86 BTC, bringing our total cryptocurrency holdings to a record-high treasury of 1,793 BTC and 3,952 ETH, with an estimated value of US$128 million, excluding the digital assets held by our joint venture. As we maintain a long-term perspective on building and managing our digital asset treasury, these reserves further reinforce the strength and resilience of our balance sheet."Zhang continued, "Our mining fleet also continued to expand. By month end, our deployed hashrate reached 14.75 EH/s, including approximately 4.4EH/s at Alborz, Bear and Chief Mountain data centers, which we have acquired a 49% stake in a groundbreaking transaction that brought Cipher on board as a significant shareholder. With that acquisition, we further expanded our North American footprint and strengthened Canaan's energy strategy, adding 120 MW of power capacity at highly competitive average rates of below US$0.03/kWh to our existing 98.4 MW of installed capacity in North America."With our recent expansion in West Texas, we are advancing Canaan's broader energy strategy, deepening our integration with high-quality power resources, scaling in strategically advantaged markets, and expanding the growth potential of our mining business. As our infrastructure footprint expands, our disciplined power procurement strategy, growing operational scale, and continued efficiency improvements position us to navigate market volatility with resilience, strengthening our role as a leader in energy-integrated digital infrastructure."February 2026 Bitcoin Mining Updates (unaudited)Key MetricsResults (Rounded Numbers)Bitcoins Mined During the Month86 BTCMonth-End Bitcoins and ETH Owned by Canaan
Inc. on Balance Sheet[1]1,793 BTC3,952 ETHMonth-End Deployed Hashrate (EH/s)Non-JV: 10.35 EH/sJV[4]: 4.4 EH/sMonth-End Operating Hashrate (EH/s)Non-JV: 6.90 EH/sJV[4]: N/AMonth-End Average Revenue Split[2]59.0% (Non-JV ownership)Average All-in Power Cost During the Month[3]US$0.044/kWhFebruary 2026 Bitcoin Mining Infrastructure Updates (unaudited)
North AmericaNon-North AmericaGlobalMonth-End Average
Miner EfficiencyNon-JV: 19.2 J/THJV[4]: 25.7 J/TH29.0 J/THNon-JV: 24.0 J/THJV[4]: 25.7 J/THMonth-End Installed
Power CapacityNon-JV: 98.4 MWJV[4]: 120 MW157.5 MWNon-JV: 255.9 MWJV[4]: 120 MWNotes:1. Defined as the total number of bitcoins and ETH owned by the Company on its balance sheet, including any bitcoins and ETH receivable, excluding bitcoins and ETH that the Company has received as customer deposits.
2. Defined as the weighted average percentage that Canaan would receive from the total revenues generated according to the applicable joint mining arrangements if 100% of the mining machines consisting of Installed Computing Power (as defined below) were energized.
3. Defined as the weighted average cost of power if 100% of the mining machines consisting of Installed Computing Power were energized.
4. "JV" represents the Company's 49% stake in the Alborz, Bear, and Chief Mountain facilities in West Texas. JV metrics are shown separately and are not included in bitcoin production or average all-in power cost calculations.Current Mining Projects (As of February 28, 2026):Regions
in alphabetical order
(A to Z)Active Mining
Projects
CountEnergized
Computing
Power[5]Installed
Computing
Power[6]Expected
Computing
Power[7]Estimated
Total
Computing
Power[8]Global 1311.30 EH/s14.75 EH/s0.32 EH/s15.07 EH/sAmerica53.53 EH/s5.24 EH/s0.00 EH/s5.24 EH/sJV-WindHQ34.40 EH/s4.40 EH/s0.00 EH/s 4.40 EH/sCanada10.00 EH/s0.00 EH/s0.16 EH/s[9]0.16 EH/sEthiopia23.26 EH/s4.99 EH/s0.16 EH/s[9]5.15 EH/sMiddle East10.03 EH/s0.04 EH/s0.00 EH/s0.04 EH/sMalaysia10.08 EH/s0.08 EH/s0.00 EH/s0.08 EH/sNotes: 5. Defined as the amount of computing power that could theoretically be generated if all mining machines that have been energized were currently in operation, including mining machines that may be temporarily offline.
6. Defined as the sum of Energized Computing Power and computing power that has been installed but not yet energized, if any.
7. Defined as the amount of computing power that has been delivered to the country where each mining project is located, but not yet installed.
8. Defined as the sum of Installed Computing Power and Expected Computing Power.
9. Equipment is in transit to the project sites.Recent Corporate Updates: Announced CEO and CFO's Increased Shareholdings Through Open Market PurchasesOn March 3, 2026, the Company announced that Chairman and Chief Executive Officer Nangeng Zhang and Chief Financial Officer Jin "James" Cheng purchased an additional 1,456,547 ADSs in the open market at an average price of US$0.51 per ADS, in compliance with the Company's internal trading policies and applicable securities regulations. The purchases further align management with shareholder interests and reflect their continued confidence in the Company's long-term strategy and growth prospects.Acquired Cipher Mining's 49% Interest in ABC Projects Totaling ~4.4 EH/s in West TexasOn February 23, 2026, the Company acquired Cipher Mining Inc.'s (NASDAQ: CIFR) 49% equity interest in a joint venture in West Texas, comprising Alborz LLC, Bear LLC, and Chief Mountain LLC (collectively, the "ABC Projects"), and totaling approximately 4.4 EH/s of operational hashrate capacity. The transaction was completed through a non-cash equity issuance at US$0.74 per ADS, with total consideration of approximately US$39.75 million, making Cipher a significant shareholder of the Company. The transaction also includes the purchase of 6,840 Avalon® A15Pro mining machines, which further expands the Company's self-mining scale and U.S. power infrastructure footprint. The ABC Projects bring significant experience in demand response and energy arbitrage within the ERCOT grid, reinforcing the Company's strategy to enhance grid stabilization and operational flexibility amid rising data center demand.Reported Unaudited Fourth Quarter and Full Year 2025 Financial ResultsOn February 10, 2026, the Company reported its unaudited financial results for the fourth quarter and full year ended December 31, 2025. Total revenues were US$196.3 million in 4Q25, representing an increase of 121.1% YoY. Bitcoin mining revenues reached US$30.4 million, with deployed hashrate exceeding 10 EH/s and operating hashrate reaching 6.63 EH/s by period end. As of year-end, the Company maintained a solid liquidity position, including cryptocurrency reserves of 1,750 BTC and 3,951 ETH.About Canaan Inc.Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.Safe Harbor StatementThis press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.'s beliefs and expectations, such as expectations with regard to revenue or mining hash rate deployment, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, the ability of the Company to execute against its goals, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company's expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company's expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company's investment plans and strategies, fluctuations in the Company's quarterly operating results; competition in its industry; changing macroeconomic and geopolitical conditions, including evolving international trade policies and the implementation of increased tariffs, import restrictions, and retaliatory trade actions; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.Investor Relations ContactCanaan Inc.
Xi Zhang
Email: IR@canaan-creative.comChristensen Advisory
Christian Arnell
Email: canaan@christensencomms.comPublic Relations ContactBlocksBridge Consulting
Jesse Colzani
Email: canaan@blocksbridge.com



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Original: Canaan Inc. Provides February 2026 Bitcoin Production and Mining Operation Updates

Canaan Inc. Announces Open Market Share Purchases by Chief Executive Officer and Chief Financial OfficerMarch 3, 2026 9:05 AM
PR Newswire (US)

SINGAPORE, March 3, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today announced that its chairman and chief executive officer, Nangeng Zhang ("Mr. Zhang"), and chief financial officer, Jin "James" Cheng ("Mr. Cheng"), had purchased additional shares of the Company's stock in the open market. The purchases were made in compliance with the Company's internal trading policies and applicable securities regulations.Aligning themselves with shareholder interests, Mr. Zhang and Mr. Cheng together acquired a total of 1,456,547 American Depositary Shares ("ADSs") of the Company at an average price of US$0.51 per ADS, which reflected their continued confidence in the Company's long-term strategy and growth prospects. These purchases were made after Mr. Zhang had filed the most recent Amendment No.6 to Schedule 13G on February 13, 2026. "My recent share purchases reflect my strong conviction in Canaan's long-term vision and the opportunities ahead," said Nangeng Zhang. "Both James and I believe our current market valuation does not fully reflect the strength of our technology, strategy, and growth potential, and we remain confident in the value we are building for shareholders."About Canaan Inc.Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology under the brand name Avalon and, today, the Company's machines have the second largest share of the global bitcoin mining market. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.Safe Harbor StatementThis press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.'s beliefs and expectations, such as expectations with regard to revenue or mining hash rate deployment, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, the ability of the Company to execute against its goals, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company's expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company's expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company's investment plans and strategies, fluctuations in the Company's quarterly operating results; competition in its industry; changing macroeconomic and geopolitical conditions, including evolving international trade policies and the implementation of increased tariffs, import restrictions, and retaliatory trade actions; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.Investor Relations ContactCanaan Inc.
Xi Zhang
IR@canaan-creative.com Christensen Advisory
Christian Arnell
canaan@christensencomms.com Public Relations ContactBlocksBridge Consulting
Jesse Colzani
canaan@blocksbridge.com 



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Original: Canaan Inc. Announces Open Market Share Purchases by Chief Executive Officer and Chief Financial Officer

Canaan Inc. Acquires Cipher Mining's Interest in Multiple Operational Mining Projects Totaling ~4.4 EH/s in West TexasFebruary 23, 2026 4:10 PM
PR Newswire (US)

Acquires 49% equity interest in Alborz LLC, Bear LLC, and Chief Mountain LLC 
Adds Cipher Mining as significant shareholder through non-cash transaction
Includes acquisition of 6,840 Avalon® A15Pro mining rigsSINGAPORE, Feb. 23, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today announced that it has acquired Cipher Mining Technologies Inc.'s (NASDAQ: CIFR) ("Cipher") 49% equity interest in the joint venture comprising Alborz LLC, Bear LLC, and Chief Mountain LLC (collectively, the "ABC Projects"). Following the acquisition, the Company now owns a 49% stake in the ABC Projects, while WindHQ LLC ("WindHQ") maintains its 51% stake in the ABC Projects. The sites currently operate a total of 120 MW of power capacity and support ~4.4 EH/s of total operating hashrate. Fleet efficiency currently stands at ~25.7 J/TH with the potential for hardware and infrastructure upgrades. As part of the transaction, the Company also purchased an additional 6,840 Canaan Avalon A15Pro-AVG-221T mining rigs from Cipher. The mining rigs were originally purchased from Canaan in July 2025 and energized at Cipher's Black Pearl site, which is being converted into an AI-HPC data center.  The total consideration for the transaction is approximately US$39.75 million. To preserve the Company's financial flexibility, the transaction was funded through the issuance of 806,439,900 Canaan Inc. Class A ordinary shares to Cipher, equivalent to 53,762,660 American Depositary Shares ("ADS"), priced at US$0.7394 per ADS and subject to a lock-up period of six months.Strategic Highlights:Large-Scale, Low-Cost & Fully Operational Power Assets: The acquisition provides Canaan with a 49% stake in the joint venture and direct access to a total of 120 MW of fully operational power assets in West Texas with highly competitive average rates of sub-3 cents/kWh, leveraging the most competitive long-term power rates on the Texas grid for Bear and Chief, and off-grid wind power integration at Alboz.Operational Synergy: By partnering with WindHQ, an existing customer of Canaan with significant experience in wind energy, power infrastructure and data center businesses, the Company integrates directly into a sophisticated, localized operational power framework. This alliance bolsters Canaan's proven expertise within the Electrical Reliability Council of Texas ("ERCOT") market, ensuring efficient and reliable execution.Grid Stabilization & Flexibility: The ABC Projects are proficient in demand response and energy arbitrage within the ERCOT grid, aligning with Canaan's initiative to stabilize power grids amid rising data center demand."This acquisition represents a disciplined expansion of our North American digital asset footprint and a decisive step in executing Canaan's broader energy strategy. By increasing our exposure to high-quality, low-cost operational power assets in Texas, we are aligning our proprietary technology with critical infrastructure to drive long-term efficiency and scale," said Nangeng Zhang, chairman and chief executive officer of Canaan. "We are also honored to welcome Cipher as a significant shareholder. This deepened relationship not only reflects our shared commitment to robust corporate governance but also allows us to support Cipher's impressive evolution into a key player in the AI and HPC sectors.""We are proud of the role we played in developing the ABC Projects and bringing them to their current operational stage. Given that history, it was important for us to transition the assets to an industry leader capable of advancing the long-term vision we established for these sites. We believe Canaan's vertical integration, technology leadership, and expanding energy platform make them the right steward for the next phase of growth," said Tyler Page, CEO of Cipher. "We were willing to take a meaningful equity position because we see significant opportunity ahead for Canaan. Having worked alongside the Canaan team for years, we have strong conviction in their ability to execute, scale the platform, and drive sustained growth and improved valuation over time."Zhang continued, "ABC Projects feature industry-leading power pricing and offer a strong foundation for growth. In this pivotal year, we believe that Canaan is well positioned to capitalize on our strengths in technology and our expanding energy initiatives."The Company's recently announced energy strategy marks a transition from an opportunistic, asset-light power approach to a systematic upstream development model centered on direct U.S. power applications, with the goal of building a robust project pipeline capable of securing substantial load by the end of 2026, potentially at gigawatt scale. This strategy integrates bitcoin mining with AI-HPC colocation to enhance return on invested capital, deliver flexible, dispatchable grid load, and deepen long-term relationships with power partners. Throughout 2026, the Company will prioritize disciplined execution by advancing a portfolio of high-quality, financeable infrastructure projects, emphasizing partnership-driven expansion and project-level financing structures, positioning the platform for scalable and capital-efficient growth.About Canaan Inc.Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology under the brand name Avalon and, today, the Company's machines have the second largest share of the global bitcoin mining market. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.Safe Harbor StatementThis press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.'s beliefs and expectations, such as expectations with regard to revenue or mining hash rate deployment, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, the ability of the Company to execute against its goals, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company's expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company's expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company's investment plans and strategies, fluctuations in the Company's quarterly operating results; competition in its industry; changing macroeconomic and geopolitical conditions, including evolving international trade policies and the implementation of increased tariffs, import restrictions, and retaliatory trade actions; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.Investor Relations ContactCanaan Inc.
Xi Zhang
IR@canaan-creative.comChristensen Advisory
Christian Arnell
canaan@christensencomms.comPublic Relations ContactBlocksBridge Consulting
Jesse Colzani
canaan@blocksbridge.com



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Original: Canaan Inc. Acquires Cipher Mining's Interest in Multiple Operational Mining Projects Totaling ~4.4 EH/s in West Texas

After Current updates Im sure r/s is in the cards. Q. if n when , will it go to shareholder Vote 

Canaan shares advance as Q4 revenue tops forecasts despite deeper lossFebruary 10, 2026 10:01 AM
IH Market News
Canaan Inc. (NASDAQ:CAN) reported fourth-quarter revenue that came in ahead of market expectations on Tuesday, even as the company posted a larger-than-anticipated loss for the period.Shares in the cryptocurrency mining hardware maker rose 2.14% in premarket trading following the results.The company generated $196.3 million in revenue for the quarter, comfortably above the consensus estimate of $177.66 million and more than doubling year on year, with sales up 121.1%. However, Canaan recorded a loss of $0.89 per share, compared with analysts’ forecasts for a much smaller loss of $0.01 per share.Strong results were underpinned by record quarterly computing power sales of 14.6 EH/s, representing a 60.9% increase from a year earlier, driven largely by large-scale orders from North America. Canaan also reported bitcoin mining revenue of $30.4 million, with 300 bitcoins produced during the quarter.“We closed 2025 with strong performance, achieving our highest quarterly revenue in three years despite continued global macroeconomic and geopolitical uncertainty,” said Nangeng Zhang, chairman and chief executive of Canaan.The company’s cryptocurrency holdings also reached record levels, totaling 1,750 BTC and 3,951 ETH as of December 31, 2025. Gross profit for the quarter amounted to $14.6 million, a sharp improvement from a gross loss of $6.4 million in the same period last year.For the first quarter of 2026, Canaan guided for revenue of $60 million to $70 million, a notable step down from fourth-quarter levels, citing “near-term market conditions and evolving customer dynamics.”“As we enter 2026, we are committed to managing resources prudently and maintaining operational resilience,” said Jin “James” Cheng, chief financial officer of Canaan. “Drawing on deep industry experience and strategic flexibility, we are well-positioned to navigate near-term market volatility while preparing to capture future growth opportunities.”Canaan stock price

Original: Canaan shares advance as Q4 revenue tops forecasts despite deeper loss

Canaan Inc. Reports Unaudited Fourth Quarter and Full Year 2025 Financial ResultsFebruary 10, 2026 6:30 AM
PR Newswire (US)

Total revenues achieved US$196.3 million, up 121.1% YoYBitcoin mining revenues reached US$30.4 million, up 98.5% YoYCryptocurrency treasury[1] climbed to a record 1,750 BTC and 3,951 ETH as of December 31, 2025Generated quarterly gross profit of US$14.6 million and annual gross profit of US$41.2 millionAchieved record 14.6 EH/s quarterly computing power sold, reaching 36.5 EH/s in 2025SINGAPORE, Feb. 10, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.Fourth Quarter 2025 Operating and Financial HighlightsTotal revenues surged to US$196.3 million, exceeding the median of the Company's previous guidance range, representing 121.1% year-over-year and 30.4% quarter-over-quarter growth.Total computing power sold reached 14.6 exahashes per second (EH/s), setting a new quarterly record and representing 60.9% year-over-year growth and 45.7% quarter-over-quarter growth, boosted by large-scale North American orders.Mining revenue was US$30.4 million, with 300 bitcoins mined at an average revenue of US$101,304 per bitcoin, despite the pullback in network hashprice.Gross profit was US$14.6 million, compared to the gross loss of US$6.4 million in the same period of last year, reflecting product mix optimization and supply chain resilience.Cryptocurrency treasury expanded to 1,749.9 BTC and 3,950.54 ETH by the end of the fourth quarter 2025, reaching new historical highs.Full Year 2025 Operating and Financial HighlightsTotal revenues were US$529.7 million, growing 96.7% from US$269.3 million in 2024, reflecting solid execution across hardware sales and mining operations.Total computing power sold exceeded 36.5 EH/s, up 40.7% year over year, supported by deepening global client partnerships.Mining revenue jumped to US$113.2 million, representing a year-over-year increase of 157.2% from US$44.0 million in 2024.Gross profit was US$41.2 million, compared to a gross loss of US$84.3 million in 2024.Note 1: Defined as the total number of bitcoins and other cryptocurrencies owned by the Company on its Balance Sheet, including any bitcoins receivable, excluding bitcoins that the Company has received as customer deposits.Nangeng Zhang, chairman, and chief executive officer of Canaan, commented, "We closed 2025 with strong performance, achieving our highest quarterly revenue in three years despite continued global macroeconomic and geopolitical uncertainty. Fourth quarter total revenue reached US$196.3 million, exceeding the midpoint of our guidance. Performance was driven by a record 14.6 EH/s of computing power sold, supported by a milestone order from a U.S.-based institutional miner and our team's dedicated execution in meeting stringent delivery timelines for customers. On the mining front, we expanded our installed hashrate to 9.91 EH/s, with 7.65 EH/s in operation during the quarter, while further enhancing fleet efficiency and maintaining competitive all-in power costs. Our team also entered into several pilot initiatives that integrate bitcoin mining with stranded and renewable energy sources to enhance efficiency and sustainability. We mined 300 bitcoins during the quarter, which complemented our disciplined DAT initiatives, strengthening our cryptocurrency treasury to a record of approximately 1,750 BTC and 3,951 ETH by the end of 2025.""2025 has been a transformative year for Canaan. We further expanded our market presence, particularly in North America, and strengthened our product offerings, while steadily building out our mining operations worldwide. Looking ahead to 2026, we are taking decisive steps to evolve beyond a traditional hardware provider. We view the convergence of computing and energy infrastructure as a compelling long-term opportunity and are aligning our strategy to capture that growth. In the United States, we have built a robust pipeline to secure direct power capacity and are confident in our ability to lock in substantial load by year-end 2026, with the potential to scale toward gigawatt-level capacity. Compute-intensive workloads like HPC and bitcoin mining can share infrastructure and grid resources, unlocking higher capital efficiency and operational flexibility. At the same time, we are intensifying our focus on our product portfolio targeted toward households and small-to-medium-sized businesses. Following strong initial traction in 2025, we are expanding our Avalon Home product line with a focus on reliability and ease of use, while working to develop our channel. As the macro environment remains volatile, we believe our strengths in product innovation, deep operational experience in bitcoin mining, and flexible global execution will enable us to capture the emerging energy-compute paradigm, creating differentiated and sustainable long-term value."Jin "James" Cheng, chief financial officer of Canaan, stated, "In the fourth quarter, we achieved strong revenue growth despite a challenging operating environment characterized by intensified crypto market volatility. Product sales reached US$164.9 million, an increase of 124.5% year-over-year and 39.1% quarter-over-quarter, primarily due to the timely execution of a landmark order for over 50,000 A15 Pro mining machines, which was fully delivered by early January 2026. Our mining revenue remained resilient at US$30.4 million, aided by our growing operational hashrate. We realized a gross profit of US$14.6 million, with a gross margin of 7.4%, despite negative pressure from volume-based pricing, increased mining costs, and a non-cash inventory write-down and provision for inventory purchase commitments due to declining crypto prices. While we maintained disciplined expense management, our net result reflected several non-cash items, including US$44.3 million in fair value losses related to cryptocurrency price movements and a final impact of US$15.2 million from the change in fair value of preferred shares.""Our balance sheet remained healthy and aligned with our operational priorities. We ended the year with US$81 million in cash, offering solid liquidity for future operations. While inventory and prepayment levels were higher due to ongoing production schedules, they represent our preparation for continued deliveries to fulfill customer orders. During the quarter, we also unlocked additional liquidity through our DAT operations, while continuing to grow our cryptocurrency treasury balance to a new high. In addition, our capital structure was further strengthened by the full conversion of our preferred shares during the fourth quarter, removing this item from our liabilities and simplifying our capital base. As we enter 2026, we are committed to managing resources prudently and maintaining operational resilience. Drawing on deep industry experience and strategic flexibility, we are well-positioned to navigate near-term market volatility while preparing to capture future growth opportunities."Fourth Quarter 2025 Financial ResultsTotal revenues in the fourth quarter of 2025 were US$196.3 million, compared to US$150.5 million in the third quarter of 2025 and US$88.8 million in the same period of 2024. Total revenues consisted of US$164.9 million in products revenue, US$30.4 million in mining revenue and US$1.0 million in other revenues.Products revenue in the fourth quarter of 2025 was US$164.9 million, compared to US$118.6 million in the third quarter of 2025 and US$73.5 million in the same period of 2024. The sequential increase was mainly driven by the increased computing power sold. The year-over-year increase was mainly driven by the increased computing power sold and average selling price.Mining revenue in the fourth quarter of 2025 was US$30.4 million, compared to US$30.6 million in the third quarter of 2025 and US$15.3 million in the same period of 2024. The sequential decrease was mainly due to the decrease in the bitcoin price. The year-over-year increase was mainly attributable to an increase in energized mining computing power and an increase in the bitcoin price.Cost of revenues in the fourth quarter of 2025 was US$181.7 million, compared to US$133.9 million in the third quarter of 2025 and US$95.1 million in the same period of 2024.Products costs in the fourth quarter of 2025 were US$143.6 million, compared to US$98.7 million in the third quarter of 2025 and US$80.2 million in the same period of 2024. The sequential and year-over-year increases were consistent with the increase in computing power sold. The inventory write-down, prepayment write-down and provision for reserve for inventory purchase commitments accrued for this quarter were US$13.9 million, compared to the inventory write-down of US$1.3 million for the third quarter of 2025 and the inventory write-down and prepayment write-down of US$13.6 million for the same period of 2024. Products costs consist of direct production costs of mining machines, and indirect costs related to production, as well as inventory write-down, prepayment write-down and provision for reserve for inventory purchase commitments.Mining costs in the fourth quarter of 2025 were US$37.0 million, compared to US$34.1 million in the third quarter of 2025 and US$14.9 million in the same period of 2024. Mining costs herein consist of direct production costs of mining operations, including electricity and hosting, as well as depreciation of deployed mining machines. The sequential and year-over-year increases were mainly due to the increase in deployed computing power for the Company's mining operations. The depreciation in this quarter for deployed mining machines was US$12.1 million, compared to US$11.8 million in the third quarter of 2025 and US$6.0 million in the same period of 2024.Gross profit in the fourth quarter of 2025 was US$14.6 million, compared to a gross profit of US$16.6 million in the third quarter of 2025 and a gross loss of US$6.4 million in the same period of 2024.Total operating expenses in the fourth quarter of 2025 were US$38.2 million, compared to US$40.5 million in the third quarter of 2025 and US$49.3 million in the same period of 2024.Research and development expenses in the fourth quarter of 2025 were US$11.5 million, compared to US$16.3 million in the third quarter of 2025 and US$16.6 million in the same period of 2024. The sequential decrease was mainly due to a decrease of US$3.1 million in staff cost, a decrease of US$0.6 million in research and development expenditure, and a decrease of US$0.4 million in share-based compensation expenses. The year-over-year decrease was mainly due to a decrease of US$2.2 million in staff cost, a decrease of US$1.3 million in share-based compensation expenses, and a decrease of US$1.0 million in research and development expenditure. Research and development expenses in the fourth quarter of 2025 also included share-based compensation expenses of US$0.5 million.Sales and marketing expenses in the fourth quarter of 2025 were US$1.1 million, compared to US$5.1 million in the third quarter of 2025 and US$1.3 million in the same period of 2024. The sequential decrease was mainly attributable to a decrease of US$4.2 million in staffing cost. Sales and marketing expenses remained relatively stable year over year. Sales and marketing expenses in the fourth quarter of 2025 also included share-based compensation expenses of US$67 thousand.General and administrative expenses in the fourth quarter of 2025 were US$16.9 million, compared to US$17.9 million in the third quarter of 2025 and US$27.8 million in the same period of 2024. The sequential decrease was mainly due to a decrease of US$1.2 million in professional service fees. The year-over-year decrease was mainly due to a decrease of US$4.6 million in professional service fees, a decrease of US$4.2 million in share-based compensation expenses and a decrease of US$2.9 million in allowance for doubtful receivables, which was partially offset by an increase of US$1.1 million in staff cost. General and administrative expenses in the fourth quarter of 2025 also included share-based compensation expenses of US$3.6 million.Impairment on property, equipment and software in the fourth quarter of 2025 was US$9.0 million, compared to US$1.2 million in the third quarter of 2025 and US$4.0 million in the same period of 2024.Loss from operations in the fourth quarter of 2025 was US$23.6 million, compared to US$23.9 million in the third quarter of 2025 and US$55.6 million in the same period of 2024.Change in fair value of cryptocurrency and Change in fair value of financial derivative in the fourth quarter of 2025 were a loss of US$21.5 million and a loss of US$22.8 million, respectively, compared to a gain of US$1.7 million and a gain of US$3.9 million in the third quarter of 2025, respectively. The losses were mainly due to the decreased bitcoin price on December 31, 2025, compared to the bitcoin price on September 30, 2025.Change in fair value of financial instruments other than derivatives in the fourth quarter of 2025 was a loss of US$15.2 million, compared to a loss of US$9.5 million in the third quarter of 2025 and a gain of US$17.2 million in the same period of 2024, which was mainly due to the changes in fair value of Series A convertible preferred shares. By the end of the fourth quarter of 2025, all of the convertible preferred shares had been converted to ordinary shares.Excess of fair value of Convertible Preferred Shares in the fourth quarter of 2025 was nil, compared to nil in the third quarter of 2025 and US$22.1 million in the same period of 2024.Foreign exchange losses, net in the fourth quarter of 2025 were US$2.9 million, compared to a loss of US$1.8 million in the third quarter of 2025 and a gain of US$5.7 million in the same period of 2024, respectively.Loss before income tax expense in the fourth quarter of 2025 was US$84.2 million, compared to US$27.2 million in the third quarter of 2025 and US$7.6 million in the same period of 2024.Net loss in the fourth quarter of 2025 was US$85.0 million, compared to US$27.7 million in the third quarter of 2025 and US$92.9 million in the same period of 2024.Non-GAAP adjusted EBITDA in the fourth quarter of 2025 was a loss of US$40.5 million, as compared to a gain of US$2.8 million in the third quarter of 2025 and a gain of US$19.3 million in the same period of 2024. For further information, please refer to "Use of Non-GAAP Financial Measures" in this press release.Foreign currency translation adjustment, net of nil tax, in the fourth quarter of 2025 was a gain of US$1.1 million, compared to a loss of US$0.6 million in the third quarter of 2025 and a loss of US$9.7 million in the same period of 2024, respectively.Basic and diluted net loss per American depositary share ("ADS") in the fourth quarter of 2025 were US$0.13. In comparison, basic and diluted net loss per ADS in the third quarter of 2025 were US$0.05, while basic and diluted net loss per ADS in the same period of 2024 were US$0.33. Each ADS represents 15 of the Company's Class A ordinary shares.Full Year 2025 Financial ResultsTotal revenues in the full year of 2025 were US$529.7 million, as compared to US$269.3 million in the full year of 2024.Products revenue in the full year of 2025 was US$413.8 million, compared to US$223.2 million in the full year of 2024. The increase was mainly driven by the increased computing power sold and the increased average selling price. The computing power sold was 36.5 EH/s, up 40.7% year over year.Mining revenue in the full year of 2025 was US$113.2 million, compared to US$44.0 million in the full year of 2024. The increase was mainly due to the increased computing power energized for mining and the increase in the price of bitcoin.Cost of revenues in the full year of 2025 was US$488.6 million, compared to US$353.6 million in the full year of 2024.Products costs in the full year of 2025 were US$360.3 million, compared to US$301.3 million in the full year of 2024. The increase was consistent with the increase in computing power sold.Mining costs in the full year of 2025 were US$126.0 million, compared to US$51.6 million in the full year of 2024. Mining costs consist of direct production costs of mining operations, including electricity and hosting, as well as depreciation. The depreciation in the full year of 2025 for deployed mining machines was US$40.6 million, compared to US$22.5 million in the full year of 2024.Gross profit in the full year of 2025 was US$41.2 million, compared to a gross loss of US$84.3 million in the full year of 2024. The gross profit was mainly driven by the increased average selling price.Total operating expenses in the full year of 2025 were US$153.4 million, compared to US$142.8 million in the full year of 2024.Research and development expenses in the full year of 2025 were US$63.1 million, compared to US$61.3 million in the full year of 2024.Sales and marketing expenses in the full year of 2025 were US$13.6 million, compared to US$5.7 million in the full year of 2024.General and administrative expenses in the full year of 2025 were US$68.1 million, compared to US$71.7 million in the full year of 2024.Impairment on property, equipment and software in the full year of 2025 was US$10.2 million, compared to US$11.3 million in the full year of 2024.Loss from operations in the full year of 2025 was US$112.2 million, compared to US$227.1 million in the full year of 2024.Change in fair value of cryptocurrency and Change in fair value of financial derivative in the full year of 2025 were a loss of US$11.4 million and a loss of US$9.5 million, respectively, compared to a gain of US$42.4 million and a gain of US$17.6 million in the full year of 2024, respectively.Change in fair value of financial instruments other than derivatives in the full year of 2025 was a loss of US$46.6 million, compared to a gain of US$20.6 million in the full year of 2024.Excess of fair value of Convertible Preferred Shares in the full year of 2025 was US$28.2 million, compared to US$50.7 million in the full year of 2024.Foreign exchange losses, net in the full year of 2025 were US$3.5 million, compared to a gain of US$14.1 million in the full year of 2024.Net loss in the full year of 2025 was US$210.3 million, compared to US$249.8 million in the full year of 2024.Non-GAAP adjusted EBITDA in the full year of 2025 was a loss of US$50.5 million, as compared to a loss of US$71.5 million in the full year of 2024.Foreign currency translation adjustment, net of nil tax, in the full year of 2025 was a gain of US$0.8 million, compared to a loss of US$13.6 million in the full year of 2024.Basic and diluted net loss per American depositary share ("ADS") in the full year of 2025 were US$0.45, compared to basic and diluted net loss per ADS of US$0.92 in the full year of 2024.As of December 31, 2025, the Company held Cryptocurrency assets with a fair value of US$83.3 million and Cryptocurrency receivable with an aggregate fair value of US$87.8 million, respectively. Cryptocurrency assets primarily consist of 749.9 bitcoins owned by the Company and 63.4 bitcoins received as customer deposits. Cryptocurrency receivable consists of 900 bitcoins pledged for secured term loans and 100 bitcoins transferred to a fixed-term product. The classification of cryptocurrency receivable as current assets is consistent with the corresponding secured term loans. As of December 31, 2025, the Company held a total of 1,813.3 bitcoins.As of December 31, 2025, the Company had cash of US$80.8 million, compared to US$96.5 million as of December 31, 2024.Accounts receivable, net as of December 31, 2025 were US$19.3 million, compared to US$1.5 million as of December 31, 2024. Accounts receivable were mainly due to an installment policy implemented for some major customers who meet certain conditions.ADSs OutstandingAs of December 31, 2025, the Company had a total of 687,594,191 ADSs outstanding, each representing 15 of the Company's Class A ordinary shares.Recent DevelopmentsThe Share Repurchase Program On December 17, 2025, the Company announced that its board of directors approved the renewal of a share repurchase program authorizing the buyback of up to US$30 million of its outstanding American depositary shares or Class A ordinary shares over a 12-month period beginning December 12, 2025. Repurchases may be conducted through open-market or privately negotiated transactions, subject to market conditions and regulatory requirements.As of February 10, 2026, the Company had repurchased approximately 2.8 million ADSs for a total of about US$2.0 million under the program.Expanded Energy Efficiency Initiatives with 3 MW Compute Heat Recovery Proof-of-ConceptOn January 6, 2026, the Company announced a 3.0 MW proof-of-concept project in Manitoba, Canada, to recover heat from an Avalon computing system and utilize it as a supplemental source for greenhouse operations. The project aims for 95% uptime and an estimated approximately 90% capture and transfer of the electricity consumed by the computing servers for supplemental heating, demonstrating the Company's role at the forefront of monetizing thermal output from specialized computing infrastructure.Business OutlookFor the first quarter of 2026, the Company expects total revenues to be in the range of US$60 million to US$70 million, reflecting the near-term market conditions and evolving customer dynamics, which are subject to change.  The Company will continue to closely monitor the global policy environment and market developments, and may revise or update its outlook as appropriate, based on future clarity and business visibility.Conference Call InformationThe Company's management team will hold a conference call at 8:00 A.M. U.S. Eastern Time on February 10, 2026 (or 9:00 P.M. Singapore Time on the same day) to discuss the financial results. Details for the conference call are as follows:Event Title:Canaan Inc. Fourth Quarter and Full Year 2025 Earnings Conference CallRegistration Link:https://register-conf.media-server.com/register/BIced319ec0cb74f199f256c63833a212d  All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers and a unique access PIN, which can be used to join the conference call.A live and archived webcast of the conference call will be available at the Company's investor relations website at investor.canaan-creative.com.About Canaan Inc.Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.Safe Harbor StatementThis press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.'s beliefs and expectations, such as expectations with regard to revenue or mining hash rate deployment, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, the ability of the Company to execute against its goals, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company's expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company's expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company's investment plans and strategies, fluctuations in the Company's quarterly operating results; competition in its industry; changing macroeconomic and geopolitical conditions, including evolving international trade policies and the implementation of increased tariffs, import restrictions, and retaliatory trade actions; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.Use of Non-GAAP Financial MeasuresIn evaluating Canaan's business, the Company uses non-GAAP measures, such as adjusted EBITDA, as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as net loss excluding income tax (benefit) expenses, interest income, interest expense, depreciation and amortization expenses, share-based compensation expenses, impairment on property, equipment and software, change in fair value of financial instruments other than derivatives and excess of fair value of convertible preferred shares. The Company believes that the non-GAAP financial measures provide useful information about the Company's results of operations, enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making.The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools and investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. One of the key limitations of using adjusted EBITDA is that it does not reflect all of the items of income and expense that affect the Company's operations. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance.Investor Relations ContactCanaan Inc.
Xi Zhang
Email: IR@canaan-creative.com Christensen Advisory
Christian Arnell
Email: canaan@christensencomms.comPublic Relations ContactBlocksBridge Consulting
Jesse Colzani
Email: canaan@blocksbridge.com CANAAN INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(all amounts in thousands, except share and per share data, or as otherwise noted)

As of December 31,As of December 31,
20242025
USDUSDASSETS

Current assets:

Cash96,48880,778Accounts receivable, net1,51419,290Inventories94,620180,816Prepayments and other current assets90,87499,707Cryptocurrency receivable, current50,52552,699Total current assets334,021433,290Non-current assets:

Cryptocurrency61,82183,339Cryptocurrency receivable, non-current19,05735,133Property, equipment and software, net40,16344,028Intangible asset901689Operating lease right-of-use assets3,4952,880Deferred tax assets295191Other non-current assets476489Non-current financial investment2,7822,845Total non-current assets128,990169,594Total assets463,011602,884LIABILITIES, AND SHAREHOLDERS'
EQUITY

Current liabilities

Current portion of long-term loans16,65828,515Accounts payable13,97525,600Contract liabilities24,2489,317Income tax payable10,93211,403Accrued liabilities and other current
liabilities43,40654,548Operating lease liabilities, current1,2371,706Convertible Preferred Shares68,113-Total current liabilities178,569131,089Non-current liabilities:

Long-term loans7,27923,731Operating lease liabilities, non-current 1,701948Deferred tax liability153117Other non-current liabilities9,0559,631Total liabilities196,757165,516Shareholders' equity:

Class A Ordinary shares (US$0.00000005
par value; 999,643,050,556 authorized,
5,281,820,043 and  10,431,482,973 shares
issued, 4,302,538,578 and 9,627,568,893
shares outstanding as of December 31, 2024
and December 31, 2025, respectively)Class B Ordinary shares (US$0.00000005
par value; 356,624,444 shares authorized,
311,624,444 shares issued and outstanding
as of December 31, 2024 and 2025)-1Treasury stocks (US$0.00000005 par value;
229,281,465 and 442,857,765 shares as of
December 31, 2024 and December 31, 2025,
respectively)(57,055)(37,172)Additional paid-in capital816,3631,177,057Statutory reserves14,89214,892Accumulated other comprehensive loss(57,456)(56,653)Accumulated deficit(450,490)(660,757)Total shareholders' equity266,254437,368Total liabilities and shareholders' equity463,011602,884  CANAAN INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS(all amounts in thousands of USD, except share and per share data, or as otherwise
noted)

For the Three Months Ended
December 31,  
2024September 30,
2025December 31,  
2025
USDUSDUSDRevenues


Products revenue73,452118,609164,929Mining revenue15,29530,55230,358Other revenues201,315987Total revenues88,767150,476196,274Cost of revenues


Product cost(80,215)(98,740)(143,562)Mining cost(14,904)(34,064)(37,020)Other cost-(1,049)(1,109)Total cost of revenues(95,119)(133,853)(181,691)Gross (loss) profit(6,352)16,62314,583Operating expenses:


Research and development expenses(16,572)(16,336)(11,456)Sales and marketing expenses(1,338)(5,074)(1,103)General and administrative expenses(27,784)(17,929)(16,868)Impairment on property and equipment(4,043)(1,194)(8,973)Gain on disposal of property, equipment
and software448-197Total operating expenses(49,289)(40,533)(38,203)Loss from operations(55,641)(23,910)(23,620)Interest income1079439Interest expense(260)(403)(827)Change in fair value of cryptocurrency15,6411,717(21,457)Change in fair value of financial
instruments other than derivatives17,213(9,458)(15,249)Change in fair value of financial
derivatives23,4113,941(22,799)Excess of fair value of convertible
preferred shares(22,052)--Foreign exchange gains (losses), net5,650(1,808)(2,890)Other income, net8,3302,5792,573Loss before income tax expenses(7,601)(27,248)(84,230)Income tax expense(85,301)(495)(805)Net loss(92,902)(27,743)(85,035)Foreign currency translation adjustment,
net of nil tax(9,720)(649)1,133Total comprehensive loss(102,622)(28,392)(83,902)Weighted average number of shares
used in per share calculation:


— Basic4,285,731,4657,787,752,6999,517,488,550— Diluted4,285,731,4657,787,752,6999,517,488,550Net loss per share (cent per share)


— Basic (2.17)(0.36)(0.89)— Diluted(2.17)(0.36)(0.89)Share-based compensation expenses were included in:


Cost of revenues1439192Research and development expenses1,840975535Sales and marketing expenses456767General and administrative expenses7,7693,9993,586  The table below sets forth a reconciliation of net loss to non-GAAP adjusted EBITDA for the
period indicated:

For the Three Months Ended
December 31,  
2024September 30,
2025December 31,  
2025
USDUSDUSDNet loss(92,902)(27,743)(85,035)Income tax expense85,301495805Interest income(107)(94)(39)Interest expense260403827EBIT(7,448)(26,939)(83,442)Depreciation and amortization expenses8,03813,96514,424EBITDA590(12,974)(69,018)Share-based compensation expenses9,7975,1324,280Impairment on property, equipment and
software4,0431,1948,973Change in fair value of financial
instruments other than derivatives(17,213)9,45815,249Excess of fair value of convertible
preferred shares22,052--Non-GAAP adjusted EBITDA19,2692,810(40,516)  CANAAN INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS(all amounts in thousands of USD, except share and per share data, or as otherwise
noted)

For the Years Ended
December 31,
2024December 31,
2025
USDUSDRevenues

Products revenue223,233413,783Mining revenue44,022113,236Other revenues2,0692,716Total revenues269,324529,735Cost of revenues

Product cost(301,258)(360,251)Mining cost(51,569)(126,019)Other cost(817)(2,307)Total cost of revenues(353,644)(488,577)Gross (loss) profit(84,320)41,158Operating expenses:

Research and development expenses(61,323)(63,145)Sales and marketing expenses(5,708)(13,585)General and administrative expenses(71,691)(68,066)Impairment on property and equipment(11,303)(10,167)Gain on disposal of property, equipment and
software7,2151,576Total operating expenses(142,810)(153,387)Loss from operations(227,130)(112,229)Interest income536266Interest expense(521)(1,966)Change in fair value of cryptocurrency42,427(11,428)Change in fair value of financial derivatives17,606(9,473)Change in fair value of financial instruments
other than derivatives20,571(46,584)Excess of fair value of Convertible Preferred
Shares(50,725)(28,179)Foreign exchange gains (losses), net14,135(3,525)Other income, net10,8325,629Loss before income tax expenses(172,269)(207,489)Income tax expense(77,483)(2,778)Net loss(249,752)(210,267)Foreign currency translation adjustment, net of
nil tax(13,577)803Total comprehensive loss(263,329)(209,464)Weighted average number of shares used in
per share calculation:

— Basic4,072,386,8267,032,716,458— Diluted4,072,386,8267,032,716,458Net loss per share (cent per share)

— Basic (6.13)(2.99)— Diluted(6.13)(2.99)Share-based compensation expenses were included in:

Cost of revenues312339Research and development expenses7,2894,643Sales and marketing expenses156246General and administrative expenses23,15917,571  The table below sets forth a reconciliation of net income to non-GAAP adjusted net income
for the years indicated:

For the Years Ended
December 31,
2024December 31,
2025
USDUSDNet loss(249,752)(210,267)Income tax expense77,4832,778Interest income(536)(266)Interest expense5211,966EBIT(172,284)(205,789)Depreciation and amortization expenses28,41647,559EBITDA(143,868)(158,230)Share-based compensation expenses30,91622,799Impairment on property, equipment and software11,30310,167Change in fair value of financial instruments other
than derivatives(20,571)46,584Excess of fair value of Convertible Preferred
Shares50,72528,179Non-GAAP adjusted EBITDA(71,495)(50,501) 



View original content:https://www.prnewswire.com/news-releases/canaan-inc-reports-unaudited-fourth-quarter-and-full-year-2025-financial-results-302683644.htmlSOURCE Canaan Inc.

Original: Canaan Inc. Reports Unaudited Fourth Quarter and Full Year 2025 Financial Results

Canaan Inc. Provides January 2026 Bitcoin Production and Mining Operation UpdatesFebruary 10, 2026 6:31 AM
PR Newswire (US)

Achieved record high cryptocurrency treasury of 1,778 BTC and 3,951 ETH Deployed global hashrate exceeded 10 EH/sSINGAPORE, Feb. 10, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today released its unaudited bitcoin mining update for the month ending January 31, 2026.Management Commentary"Our results for January 2026 demonstrate the resilience and adaptability of our global mining operations," said Nangeng Zhang, chairman and CEO of Canaan. "Despite macroeconomic headwinds and record winter storms across North America, our operational discipline allowed us to increase our bitcoin balance. As part of our joint mining arrangement, our joining mining partners worked closely with us on curtailment to balance power loads during high-demand periods, including in areas affected by Winter Storm Fern. These actions were aimed at maximizing long-term economics and highlight both the agility of our operating model and the inherent flexibility of bitcoin mining.""We delivered 83 BTC and expanded our deployed hashrate to over 10 EH/s, maintaining an operating hashrate of 6.63 EH/s at month-end. Following the conversion of stablecoin proceeds from the sale of miners into bitcoins, our cryptocurrency reserve reached a record high of 1,778 BTC and 3,951 ETH. In addition, our global average miner efficiency improved slightly to 24.2 J/TH, underscoring our operational consistency.""Looking ahead, we remain long-term Bitcoin believers. In addition to our core business, we are focused on additional ways to advance energy reuse and continue expanding into the home mining segment, which offers attractive margins with limited capital intensity."January 2026 Bitcoin Mining Updates (unaudited)Key MetricsResults (Rounded Numbers)Bitcoins Mined During the Month83 BTCMonth-End Bitcoins and ETH Owned by Canaan
Inc. on Balance Sheet11,778 BTC3,951 ETHMonth-End Deployed Hashrate (EH/s)10.07 EH/sMonth-End Operating Hashrate (EH/s)6.63 EH/sMonth-End Average Revenue Split2 58.2 %Average All-in Power Cost During the Month3US$0.043/kWhJanuary 2026 Bitcoin Mining Infrastructure Updates (unaudited)
North AmericaNon-North AmericaGlobalMonth-End Average
Miner Efficiency19.3 J/TH 29.0 J/TH 24.2 J/TH Month-End Installed
Power Capacity95.7 MW 157.5 MW 253.3 MW Notes:1. Defined as the total number of bitcoins and ETH owned by the Company on its balance sheet, including any bitcoins and ETH receivable, excluding bitcoins and ETH that the Company has received as customer deposits. 2. Defined as the weighted average percentage that Canaan would receive from the total revenues generated according to the applicable joint mining arrangements if 100% of the mining machines consisting of Installed Computing Power (as defined below) were energized.3. Defined as the weighted average cost of power if 100% of the mining machines consisting of Installed Computing Power were energized.Current Mining Projects (As of January 31, 2026):Regions
in alphabetical order
(A to Z)Active Mining
Projects
CountEnergized
Computing
Power4Installed
Computing
Power5Expected
Computing
Power6Estimated
Total
Computing
Power7Global 96.63 EH/s10.07 EH/s0.59 EH/s10.66 EH/sAmerica43.45 EH/s4.95 EH/s0.27 EH/s5.22 EH/sCanada10.00 EH/s0.00 EH/s0.16 EH/s80.16 EH/sEthiopia23.06 EH/s4.99 EH/s0.16 EH/s5.15 EH/sMiddle East10.04 EH/s0.04 EH/s0.00 EH/s0.04 EH/sMalaysia10.08 EH/s0.08 EH/s0.00 EH/s0.08 EH/sNotes: 4. Defined as the amount of computing power that could theoretically be generated if all mining machines that have been energized were currently in operation, including mining machines that may be temporarily offline. 5. Defined as the sum of Energized Computing Power and computing power that has been installed but not yet energized, if any.6. Defined as the amount of computing power that has been delivered to the country where each mining project is located, but not yet installed. 7. Defined as the sum of Installed Computing Power and Expected Computing Power.8. Equipment is in transit to the gas-to-computing pilot project site in Canada.Recent Corporate Updates: Expanded Energy Efficiency Initiatives with 3 MW Compute Heat Recovery Proof-of-ConceptOn January 6, 2026, the Company announced a 3.0 MW proof-of-concept project in Manitoba, Canada, to recover heat from an Avalon computing system and utilize it as a supplemental source for greenhouse operations. The project aims for 95% uptime and an estimated approximately 90% capture and transfer of electricity consumed by the computing servers for supplemental heating, demonstrating the Company's role at the forefront of monetizing thermal output from specialized computing infrastructure.Update on the Renewed US$30 Million Share Buyback ProgramOn December 17, 2025, the Company announced that its board of directors approved the renewal of a share repurchase program authorizing the buyback of up to US$30 million of its outstanding American depositary shares or Class A ordinary shares over a 12-month period beginning December 12, 2025. As of February 10, 2026, the Company has repurchased approximately 2.8 million ADSs for a total of US$2 million under the program, reflecting management's confidence in the Company's financial position and long-term growth relative to market pricing.About Canaan Inc.Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.Safe Harbor StatementThis press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.'s beliefs and expectations, such as expectations with regard to revenue or mining hash rate deployment, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, the ability of the Company to execute against its goals, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company's expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company's expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company's investment plans and strategies, fluctuations in the Company's quarterly operating results; competition in its industry; changing macroeconomic and geopolitical conditions, including evolving international trade policies and the implementation of increased tariffs, import restrictions, and retaliatory trade actions; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.Investor Relations ContactCanaan Inc.
Xi Zhang
Email: IR@canaan-creative.comChristensen Advisory
Christian Arnell
Email: canaan@christensencomms.comPublic Relations ContactBlocksBridge Consulting
Jesse Colzani
Email: canaan@blocksbridge.com



View original content:https://www.prnewswire.com/news-releases/canaan-inc-provides-january-2026-bitcoin-production-and-mining-operation-updates-302683651.htmlSOURCE Canaan Inc.

Original: Canaan Inc. Provides January 2026 Bitcoin Production and Mining Operation Updates

Canaan Inc. to Report Fourth Quarter and Full Year 2025 Financial Results on February 10, 2026February 3, 2026 9:05 AM
PR Newswire (US)

SINGAPORE, Feb. 3, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today announced that it plans to report its financial results for the fourth quarter and full year ended December 31, 2025, before the U.S. market opens on February 10, 2026.
The Company's management team will hold a conference call at 8:00 A.M. U.S. Eastern Time/9:00 P.M. Singapore Time on February 10, 2026, to discuss the financial results. Details for the conference call are as follows:Event Title:Canaan Inc. Fourth Quarter and Full Year 2025 Earnings Conference CallRegistration Link:https://register-conf.media-server.com/register/BIced319ec0cb74f199f256c63833a212dAll participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers and a unique access PIN, which can be used to join the conference call.Investors may submit questions to the Company via IR@canaan-creative.com up to 24 hours before the start of the conference call. The Company's management team will answer a selection of the submitted questions during the Q&A session of the conference call.A live and archived webcast of the conference call will be available at the Company's investor relations website at investor.canaan-creative.com.About Canaan Inc.Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.Investor Relations ContactCanaan Inc.
Xi Zhang
Email: IR@canaan-creative.com Christensen Advisory
Christian Arnell
Email: canaan@christensencomms.comPublic Relations ContactBlocksBridge Consulting
Jesse Colzani
Email: canaan@blocksbridge.com



View original content:https://www.prnewswire.com/news-releases/canaan-inc-to-report-fourth-quarter-and-full-year-2025-financial-results-on-february-10-2026-302677627.htmlSOURCE Canaan Inc.

Original: Canaan Inc. to Report Fourth Quarter and Full Year 2025 Financial Results on February 10, 2026

CAN....................................https://stockcharts.com/sc3/ui/?s=CAN&p=w&b=5&g=0&id=p86431144783

.96

.99

CAN...........................https://stockcharts.com/sc3/ui/?s=CAN&p=W&b=5&g=0&id=p86431144783

Timber along with Bitcoin .88 cents 

CAN.............................................https://stockcharts.com/sc3/ui/?s=CAN&p=W&b=5&g=0&id=p86431144783

$1.15. Canaan Inc. Reports Unaudited Third Quarter 2025 Financial ResultsTotal revenues of US$150.5 million exceeded guidance, up 104.4% YoYBitcoin mining revenues reached US$30.6 million, up 241.0 % YoYCryptocurrency treasury climbed to a milestone of 1,610 BTC and 3,950 ETH as of October-end 2025 Singapore, November 18, 2025 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), an innovator in crypto mining, today announced its unaudited financial results for the three months ended September 30, 2025. Third Quarter 2025 Operating and Financial Highlights Total revenues surged to US$150.5 million, exceeding the high-end of the Company’s previous guidance range, representing 104.4% year-over-year and 50.2% quarter-over-quarter growth, underpinned by strong momentum across global sales and bitcoin mining operations. Total computing power sold exceeded 10.0 exahashes per second (EH/s), setting a new quarterly record and representing 37.7% year-over-year growth and 55.6% quarter-over-quarter growth, driven by robust customer demand in Asia and a strategic rebound in North America. Mining revenue hit a record of US$30.6 million, representing 241.0% year-over-year growth, as the Company mined 267 bitcoins at an average revenue of US$114,485 per bitcoin, despite elevated network difficulty. Gross profit surged to US$16.6 million, compared to a gross loss of US$21.5 million in the same period of last year, reflecting product mix optimization and supply chain resilience. Cryptocurrency treasury expanded to 1,581.9 BTC and 2,830 ETH by the end of the third quarter in 2025 and further climbed to 1,610 BTC and 3,950 ETH by October-end 2025, reaching new historical highs. Nangeng Zhang, chairman, and chief executive officer of Canaan, commented, “In the third quarter of 2025, we delivered a strong performance amid complex macro conditions and ongoing geopolitical friction. Our total revenue reached US$150.5 million, exceeding the high end of our guidance range, driven by record-breaking momentum in both mining machine sales and self-operated mining. We sold over 10 EH/s of computing power, marking a 55.6% sequential increase and setting a new quarterly high. Our Avalon Home product line also gained significant traction among retail and distributor channels, contributing more than 8% of total revenue for the quarter. Meanwhile, our installed mining fleet expanded to 9.3 EH/s by the end of the third quarter, supported by competitive power costs and rising efficiency, reinforcing our integrated strategy in mining operations.” “With the successful ramp-up of our U.S. assembly partner, we have secured new orders from leading U.S.-based miners and advanced our own mining deployment in North America. This progress reflects the strength of our global supply chain and growing client trust. We also introduced our next-generation air-cooled A16XP model, offering 300 TH/s and energy efficiency of 12.8 J/TH, underscoring our leadership in high-performance ASIC design. Beyond these milestones, we have recently launched pilot initiatives that explore the synergy between bitcoin mining, energy management, and broader computing applications, such as grid balancing, stranded natural gas utilization, and residential heat integration. These projects point to an exciting new direction where mining becomes a catalyst for value creation across the energy and AI infrastructure landscape.”  Note 1: Defined as the total number of bitcoins and other cryptocurrencies owned by the Company on its Balance Sheet, including any bitcoins receivable, excluding bitcoins that the Company has received as customer deposits.    Jin “James” Cheng, chief financial officer of Canaan, commented, “We delivered another solid quarter with revenue, profitability, and cash flow all showing meaningful improvement, a result of focused execution and disciplined financial management. Product sales revenue reached US$118.6 million for the quarter, supported by strong growth in computing power sold and higher average selling prices. Our team also secured a substantial volume of new orders, especially from a top-tier U.S. mining client, laying a strong foundation for the remainder of 2025. In the third quarter, our mining business achieved a quarterly record, with US$30.6 million in revenue and 267 bitcoins mined, despite the ongoing increase in mining difficulty. These operations further strengthened our growing bitcoin holdings. Despite the added cost pressure from evolving tariff policies, we expanded our gross profit to US$16.6 million and lifted our gross margin to 11%, reflecting our commitment to operational efficiency. The third quarter’s bottom line included a US$9.5 million non-cash impact from the change in fair value of preferred shares, which we excluded from our Non-GAAP results to provide a clearer view of our underlying operational performance. With all preferred shares now fully converted, we expect to include a final impact from this item in the fourth quarter.” “Driven by our robust sales cash inflow, our cash position surged to US$119.2 million by the end of the third quarter, strengthening our liquidity. Our balance sheet was also further bolstered by record-high crypto treasuries of approximately 1,582 BTC and 2,830 ETH, which also contributed an aggregate US$5.7 million of unrealized fair value gain on our digital asset holdings as these cryptocurrency prices increased by the end of the third quarter. As part of our enhanced treasury management initiative, we capitalized on recent price volatility to strategically acquire 100 additional bitcoins from the open market. In early November, we are also pleased to have received US$72 million in strategic investment from influential institutional investors. Looking ahead, we will continue to uphold prudent financial management while remaining flexible and responsive to market dynamics. Our reinforced liquidity, combined with a growing treasury and operational resilience, positions us well to pursue great opportunities in the evolving digital mining economy.” Third Quarter 2025 Financial Results Total revenues in the third quarter of 2025 were US$150.5 million, compared to US$100.2 million in the second quarter of 2025 and US$73.6 million in the same period of 2024. Total revenues consisted of US$118.6 million in products revenue, US$30.6 million in mining revenue and US$1.3 million in other revenues. Products revenue in the third quarter of 2025 was US$118.6 million, compared to US$71.9 million in the second quarter of 2025 and US$64.6 million in the same period of 2024. The sequential and year-over-year increases were mainly driven by the increased computing power sold and increased average selling price. Mining revenue in the third quarter of 2025 was US$30.6 million, compared to US$28.1 million in the second quarter of 2025 and US$9.0 million in the same period of 2024. The sequential and year-over-year increases were mainly attributable to an increase in energized mining computing power and an increase in the bitcoin price. Cost of revenues in the third quarter of 2025 was US$133.9 million, compared to US$90.9 million in the second quarter of 2025 and US$95.1 million in the same period of 2024. Products costs in the third quarter of 2025 were US$98.7 million, compared to US$58.8 million in the second quarter of 2025 and US$81.6 million in the same period of 2024. The sequential increase was mainly due to the increased sales volume. The year-over-year increase was mainly attributable to increased sales volume, partially offset by the decreased inventory write-down. The inventory write-down for this quarter was US$1.3 million, compared to the inventory write-down of US$1.0 million for the second quarter of 2025 and the inventory write-down and prepayment write-down of US$22.9 million for the same period of 2024. Products costs consist of direct production costs of mining machines, and indirect costs related to production, as well as inventory write-down.    Mining costs in the third quarter of 2025 were US$34.1 million, compared to US$32.0 million in the second quarter of 2025 and US$13.5 million in the same period of 2024. Mining costs herein consist of direct production costs of mining operations, including electricity and hosting, as well as depreciation of deployed mining machines. The sequential and year-over-year increases were mainly due to the increase in deployed computing power for the Company's mining operations. The depreciation in this quarter for deployed mining machines was US$11.8 million, compared to US$10.5 million in the second quarter of 2025 and US$6.5 million in the same period of 2024. Gross profit in the third quarter of 2025 was US$16.6 million, compared to a gross profit of US$9.3 million in the second quarter of 2025 and a gross loss of US$21.5 million in the same period of 2024. Total operating expenses in the third quarter of 2025 were US$40.5 million, compared to US$36.4 million in the second quarter of 2025 and US$35.3 million in the same period of 2024. Research and development expenses in the third quarter of 2025 were US$16.3 million, compared to US$16.4 million in the second quarter of 2025 and US$14.8 million in the same period of 2024. Research and development expenses remained relatively stable sequentially. The year-over-year increase was mainly due to an increase of US$1.7 million in staff costs. Research and development expenses in the third quarter of 2025 also included share-based compensation expenses of US$1.0 million. Sales and marketing expenses in the third quarter of 2025 were US$5.1 million, compared to US$4.5 million in the second quarter of 2025 and US$1.7 million in the same period of 2024. The sequential and year-over-year increase was mainly due to an increase in staff costs. Sales and marketing expenses in the third quarter of 2025 also included share-based compensation expenses of US$67 thousand. General and administrative expenses in the third quarter of 2025 were US$17.9 million, compared to US$16.4 million in the second quarter of 2025 and US$13.2 million in the same period of 2024. The sequential increase was mainly due to an increase of US$2.3 million in staff costs. The year-over-year increase was mainly due to an increase of US$3.6 million in staff costs and an increase of US$1.3 million in professional service fees. General and administrative expenses in the third quarter of 2025 also included share-based compensation expenses of US$4.0 million. Impairment on property, equipment and software in the third quarter of 2025 was US$1.2 million, compared to nil in the second quarter of 2025 and US$6.5 million in the same period of 2024. Loss from operations in the third quarter of 2025 was US$23.9 million, compared to US$27.1 million in the second quarter of 2025 and US$56.8 million in the same period of 2024. Change in fair value of cryptocurrency and Change in fair value of financial derivative in the third quarter of 2025 were a gain of US$1.7 million and a gain of US$3.9 million, respectively, compared to a gain of US$10.6 million and a gain of US$23.4 million in the second quarter of 2025, respectively. The gains were mainly due to the increased bitcoin price on September 30, 2025, compared to the bitcoin price on June 30, 2025.    Change in fair value of financial instruments other than derivatives in the third quarter of 2025 was a loss of US$9.5 million, compared to a loss of US$17.5 million in the second quarter of 2025 and a gain of US$1.2 million in the same period of 2024, which was mainly due to the changes in fair value of Series A and Series A-1 convertible preferred shares. Excess of fair value of Convertible Preferred Shares in the third quarter of 2025 was nil, compared to nil in the second quarter of 2025 and US$28.3 million in the same period of 2024. Foreign exchange losses, net in the third quarter of 2025 were US$1.8 million, compared to a gain of US$0.3 million in the second quarter of 2025 and a loss of US$1.0 million in the same period of 2024, respectively. Loss before income tax expense in the third quarter of 2025 was US$27.2 million, compared to US$10.3 million in the second quarter of 2025 and US$82.3 million in the same period of 2024. Net loss in the third quarter of 2025 was US$27.7 million, compared to US$11.1 million in the second quarter of 2025 and US$75.6 million in the same period of 2024. Non-GAAP adjusted EBITDA in the third quarter of 2025 was a gain of US$2.8 million, as compared to a gain of US$25.3 million in the second quarter of 2025 and a loss of US$34.1 million in the same period of 2024. For further information, please refer to "Use of Non-GAAP Financial Measures" in this press release. Foreign currency translation adjustment, net of nil tax, in the third quarter of 2025 was a loss of US$0.6 million, compared to a gain of US$1.4 million in the second quarter of 2025 and a gain of US$5.1 million in the same period of 2024, respectively. Basic and diluted net loss per American depositary share (“ADS”) in the third quarter of 2025 were US$0.05. In comparison, basic and diluted net loss per ADS in the second quarter of 2025 were US$0.03, while basic and diluted net loss per ADS in the same period of 2024 were US$0.27. Each ADS represents 15 of the Company's Class A ordinary shares. As of September 30, 2025, the Company held Cryptocurrency assets with a fair value of US$84.6 million and Cryptocurrency receivable with an aggregate fair value of US$113.1 million, respectively. Cryptocurrency assets primarily consist of 581.9 bitcoins owned by the Company and 63.4 bitcoins received as customer deposits. Cryptocurrency receivable consists of 900 bitcoins pledged for secured term loans and 100 bitcoins transferred to a fixed-term product. The classification of cryptocurrency receivable as current assets is consistent with the corresponding secured term loans. As of September 30, 2025, the Company held a total of 1,645.2 bitcoins. As of September 30, 2025, the Company had cash of US$119.2 million, compared to US$96.5 million as of December 31, 2024. Accounts receivable, net as of September 30, 2025 were US$7.0 million, compared to US$1.5 million as of December 31, 2024. Accounts receivable were mainly due to an installment policy implemented for some major customers who meet certain conditions. ADSs Outstanding As of September 30, 2025, the Company had a total of 563,836,579 ADSs outstanding, each representing 15 of the Company’s Class A ordinary shares.    Recent Developments Secured Landmark U.S. Order On October 2, 2025, the Company announced that it secured a purchase order from a U.S.-based bitcoin miner for more than 50,000 units of Avalon® A15 Pro mining machines, which was the largest single order in the past three years. Scheduled for delivery in the fourth quarter of 2025, the order reinforces the Company’s technology leadership and highlights the continued recovery of the U.S. bitcoin-mining market. Launched Gas-to-Computing Pilot in Canada On October 13, 2025, the Company announced the launch of a pilot gas-to-computing mining project in Calgary, Alberta, Canada, in partnership with Aurora AZ Energy Ltd. The initiative converts wellhead natural gas into low-cost power for high-density computing and bitcoin mining and will deploy over US$2 million worth of Avalon A15 Pro miners and modular data units at the source. The project is expected to reduce annual CO2-equivalent emissions by approximately 12,000 to 14,000 metric tons. Unveiled Next-Generation Avalon® A16 Series Bitcoin Mining Machines On October 28, 2025, the Company announced the official launch of its next-generation Avalon A16 series, including the most competitive air-cooled A16XP model, featuring 300 TH/s of computing power with an energy efficiency of 12.8 J/TH. The A16 series mining machines are now available for pre-order and will ship from the Company’s production centers in North America, East Asia, and Southeast Asia. Regained Compliance with Nasdaq Minimum Bid Price On October 15, 2025, the Company received written compliance notification from the staff of the Nasdaq Stock Market LLC that for 10 consecutive business days from October 1 to 15, 2025, the closing bid price of its American Depositary Shares (“ADSs”) had been equal to or above US$1.00 per ADS. Accordingly, the Company has regained compliance with Nasdaq’s minimum bid-price requirement. The Share Repurchase Program On May 27, 2025, the Company announced a share repurchase program of up to US$30 million of its ADSs and/or Class A ordinary shares over a six-month period. Repurchases may be conducted through open-market or privately negotiated transactions, subject to market conditions and regulatory requirements. As of November 18, 2025, the Company had repurchased approximately 5.08 million ADSs for a total of about US$3.4 million under the program. Refreshed At-the-Market Offering (“ATM”) Program On October 24, 2025, the Company established a new ATM equity offering program to replace the prior program, which had expired. The renewal was intended to broaden banking relationships and enhance financial flexibility for future growth initiatives. Following the renewal, the Company sold approximately 4.84 million of ADSs through the ATM program at a combined average price of approximately US$1.61 per ADS, raising in total gross proceeds of about US$7.8 million. The Company has elected to pause further sales under the ATM for the remainder of 2025. Whether and when to resume active sales in 2026 will depend on the Company’s cash requirements, market conditions, and other relevant factors.    Completed US$72 Million Strategic Investment and Registered Direct Offering On November 4, 2025, the Company announced a strategic equity investment from institutional investors, including Brevan Howard Asset Management LLP, Galaxy Digital Holdings Ltd., and Weiss Asset Management LLC. The investment was executed through a registered direct offering that closed on November 7, 2025, raising aggregate gross proceeds of US$72 million. Each ADS, representing 15 Class A ordinary shares, was priced at US$1.131 per ADS. Net proceeds are intended to fund the acquisition and development of North American datacenter sites, expansion of the Company’s bitcoin-mining machine production capacity, R&D activities, and general corporate purposes. The transaction marks a milestone institutional endorsement of the Company’s growth strategy and long-term market positioning. Completion of Conversion of the Previously Announced Series A and Series A-1 Preferred Shares As of October 2025, all the Company’s Series A and Series A-1 Preferred Shares issued in previous preferred share financings had been converted into Class A ordinary shares by the Buyer. Business Outlook For the fourth quarter of 2025, the Company expects total revenues to be in the range of US$175 million to US$205 million, reflecting the near-term market conditions and evolving customer dynamics, which are subject to change. The Company will continue to closely monitor the global policy environment and market developments, and may revise or update its outlook as appropriate, based on future clarity and business visibility. Conference Call Information The Company’s management team will hold a conference call at 8:00 A.M. U.S. Eastern Time on November 18, 2025 (or 9:00 P.M. Singapore Time on the same day) to discuss the financial results. Details for the conference call are as follows:  All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers and a unique access PIN, which can be used to join the conference call. A live and archived webcast of the conference call will be ava

.85 to $1s on yesterday beatdown

I keep missing CAN on these dips. Had a bid at 1.02 today

can........................................https://stockcharts.com/sc3/ui/?s=CAN&p=W&b=5&g=0&id=p86431144783

Looks ready

Added Moore today 

CAN...........................p/m

Doubled up on this Gal , Avg'n Up,  sold some my  Bitfarms 

Wild times we live in
Mine btc while heating your home
One guy landed 1,000 dollars worth of btc in the first week. With this unit you have a 1 in 384 chance in a year to land a btc block worth over 300k
At the 21:00 minute mark

CAN.............................................p/m

Going to moon

In at $1.79

Another entry on Monday.

N
I
C
E

L
F
G
😆

PT?

$CAN overnight keeps on ripping. pic.twitter.com/Cwmf1NQjv2— 10k hours trading (@10khourstrading) October 3, 2025

CAN.............................................https://stockcharts.com/h-sc/ui?s=CAN&p=W&b=5&g=0&id=p86431144783

Looking
Good