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
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