Crypto mining firm Canaan's Q3 revenue more than doubles

Reuters

2025/11/18

Crypto mining firm Canaan's Q3 revenue more than doubles

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

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.

(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.)

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For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.</p><p>(This story was created using Reuters automation and AI based on LSEG and company data. 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cryptocurrency peer group is \"buy\"</p></li><li><p>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</p></li></ul><p>Press Release: <span>ID:nPn3tRkmpa</span></p><p>For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.</p><p>(This story was created using Reuters automation and AI based on LSEG and company data. 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For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.(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.)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}