Canaan reported Q2 2025 revenues of $100.2 million, up 39.5% year-over-year and ahead of Q1’s $82.8 million. Net loss narrowed to $11.1 million from $86.4 million in Q1 and $41.9 million a year earlier.
Products revenue was $71.9 million and mining revenue reached an all-time high of $28.1 million after the company mined 284 BTC during the quarter. Gross profit improved to $9.3 million from a $19.1 million gross loss in Q2 2024.
Total computing power sold rose to 6.4 EH/s, up 16.5% sequentially and 3.0% year-over-year. Installed self-mining capacity reached 8.15 EH/s with an average power cost of $0.045/kWh.
Operating expenses were $36.4 million, leading to a $27.1 million operating loss. Fair value gains on cryptocurrency and financial derivatives of $10.6 million and $23.4 million, respectively, offset a $17.5 million loss on other financial instruments. Adjusted EBITDA turned positive to $25.3 million from a $38.1 million loss in Q1.
The company held crypto assets valued at $61.8 million and crypto receivables valued at $107.6 million at quarter-end.
Canaan outlined a strategic realignment to focus on bitcoin mining machine sales, self-mining and consumer mining products, and discontinue its non-core AI semiconductor unit. The company also highlighted insider purchases totaling 817,268 ADSs at an average of $0.76 and progress on a $30 million share repurchase plan, with 3,647,453 ADSs bought for $2.4 million as of August 14.
Read More: CleanSpark purchases additional Avalon A1566I immersion bitcoin miners from Canaan
At time of publication, CAN is up 1.3% from yesterday’s close.
