Crypto mining firm Canaan's Q3 revenue more than doubles

Canaan

18/11/2025 12:10

Overview

Canaan Q3 2025 revenue up 104.4% YoY, exceeding guidance

Bitcoin mining revenue surged 241% YoY to US$30.6 mln

Pretax profit for Q3 missed analyst expectations

Outlook

Canaan expects Q4 2025 revenue between $175 mln and $205 mln

Company to monitor global policy and may update outlook based on market changes

Canaan highlights strategic investments to bolster liquidity and pursue opportunities

Result Drivers

COMPUTING POWER SALES - Total computing power sold exceeded 10 EH/s, driven by demand in Asia and North America

MINING REVENUE - Record mining revenue of US$30.6 mln due to increased bitcoin price and computing power

GROSS PROFIT IMPROVEMENT - Gross profit surged due to product mix optimization and supply chain resilience

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Net Income
-$27.74 mln
Q3 Pretax Profit
Miss
-$27.25 mln
-$8.95 mln (4 Analysts)
Q3 Operating Expenses
-$40.53 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

Wall Street's median 12-month price target for Canaan Inc is $3.00, about 71.6% above its November 17 closing price of $0.85

Press Release: ID:nPn3tRkmpa

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)