Canaan Inc.
- Open
- 0.34
- Day high
- 0.35
- Day low
- 0.33
- Prev close
- 0.35
- Volume
- 1.5M
- Mkt cap
- $261M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.7
- P/S
- 0.5
- Yield
- —
- Per share
- —
- ▼Insiders net selling $0 over the last 3 months (3 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions mixed (13F)
Canaan Inc. (CAN) is a Technology company listed on NASDAQ. The stock is down 42% over the past year. Over the trailing 3 months, insiders filed 3 open-market buys and 0 sales (SEC Form 4).
Canaan Inc. (CAN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CAN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 19, 2026 | $-0.07 | $-0.13 | -85.7% | $9M | -3.1% |
| Nov 18, 2025 | $-0.06 | $-0.05 | +16.7% | $151M | +509.6% |
| Aug 14, 2025 | $-0.13 | $-0.03 | +76.9% | $14M | -23.5% |
| May 20, 2025 | $-0.15 | $-1.79 | -1093.3% | $82 | -100.0% |
| Nov 20, 2024 | $-0.05 | $-0.27 | -440.0% | $10M | +0.7% |
| Aug 15, 2024 | $-0.30 | $-0.15 | +50.0% | $10M | -2.3% |
| May 17, 2024 | $-0.60 | $-0.16 | +73.3% | $5M | -0.1% |
| Feb 27, 2024 | $-0.30 | $-0.30 | +0.0% | $15M | +210.6% |
| Nov 28, 2023 | $-0.30 | $-0.41 | -36.7% | $5M | -17.8% |
| Aug 29, 2023 | $-0.15 | $-0.58 | -286.7% | $3M | -3.1% |
| May 26, 2023 | $-0.15 | $-0.43 | -186.7% | $8M | -8.8% |
| Mar 7, 2023 | $-0.19 | $-0.30 | -57.9% | $11M | +91.6% |
CAN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 22, 2026 | Zhang Nangengdirector, officer: Chief Executive Officer | Buy | 250,000 | — |
| Jun 17, 2026 | Zhang Nangengdirector, officer: Chief Executive Officer | Buy | 250,000 | — |
| Jun 17, 2026 | Cheng Jinofficer: Chief Financial Officer | Buy | 65,000 | — |
Source: CAN SEC Form 4 filings, latest Jun 22, 2026. For informational purposes only — not investment advice.
See the full CAN insider & 13F page →Canaan Inc. company profile
Overview
Canaan Inc. (NASDAQ:CAN) is a Singapore-headquartered technology company founded in 2013 that specializes in designing and manufacturing cryptocurrency mining equipment and operating Bitcoin mining operations. The company emerged as one of the early pioneers in Application-Specific Integrated Circuit (ASIC) chip development for Bitcoin mining and went public on NASDAQ in November 2019. Canaan has evolved from a pure hardware manufacturer to a vertically integrated Bitcoin mining enterprise, operating mining facilities across multiple continents while continuing to develop and sell advanced mining equipment to third-party customers.
Business
Canaan operates in the Bitcoin mining ecosystem, which is the computational process that validates Bitcoin transactions and secures the Bitcoin network. The company's business spans two primary segments that together generated $269 million in revenue for 2024. Mining Machine Manufacturing and Sales (73% of revenue): Canaan designs and manufactures specialized computer hardware called ASIC (Application-Specific Integrated Circuit) miners, which are purpose-built machines optimized exclusively for Bitcoin mining. These machines perform the complex mathematical calculations required to validate Bitcoin transactions and compete for Bitcoin rewards. The company's flagship products include the Avalon series, with recent models like the A15 series delivering 215 terahash per second of computing power with industry-leading energy efficiency of 16.8 joules per terahash. Bitcoin mining requires enormous computational power, and miners must constantly upgrade to more efficient machines to remain profitable as the network difficulty increases and electricity costs mount. Self-Mining Operations (17% of revenue): Canaan operates its own Bitcoin mining facilities, primarily in North America, Kazakhstan, and other energy-rich regions. The company uses its own mining machines and third-party equipment to mine Bitcoin directly, accumulating digital assets on its balance sheet. As of end-2024, Canaan held 1,293 Bitcoins and operated 5.4 exahash of total installed mining capacity. Mining operations provide recurring revenue streams and allow the company to benefit directly from Bitcoin price appreciation. Consumer Products (10% of revenue): The company has recently expanded into consumer-oriented mining products, including the Avalon Nano series - compact mining devices that double as space heaters for residential use. These products target cryptocurrency enthusiasts and small-scale miners who want to participate in Bitcoin mining without industrial-scale operations.
Revenue model
Canaan generates revenue through three distinct business models, each with different customer bases and margin profiles. Equipment Sales Revenue: The company sells mining machines directly to commercial mining operations, ranging from small-scale miners to large publicly-traded mining companies like Cipher Mining. Revenue is generated through one-time hardware sales, typically with 30-50% gross margins depending on market conditions and product generation. Pricing follows Bitcoin's market cycles - when Bitcoin prices rise, mining becomes more profitable, driving demand and allowing higher pricing. Conversely, during crypto winters, intense price competition and inventory clearance can compress margins significantly. Mining Services Revenue: Canaan operates its own mining facilities and generates revenue by successfully mining Bitcoin blocks and earning Bitcoin rewards. This business model provides recurring cash flows but faces several margin pressures: electricity costs (typically 60-70% of mining revenue), equipment depreciation, facility maintenance, and Bitcoin price volatility. The company targets energy-rich regions with low electricity costs to maximize mining profitability. Factors affecting profitability include: Bitcoin price volatility directly impacts both equipment demand and mining profitability. The Bitcoin halving event (occurring every four years) cuts mining rewards in half, pressuring margins and accelerating demand for more efficient equipment. Global electricity costs, semiconductor supply chain constraints, and competitive intensity from other ASIC manufacturers like Bitmain and MicroBT also significantly influence margins. Additionally, regulatory changes in key mining jurisdictions can force costly relocations and operational disruptions.
Competitive moat
Canaan operates in a highly competitive industry with limited sustainable competitive advantages. The company's primary moat lies in its accumulated R&D expertise and intellectual property in ASIC chip design, particularly for SHA-256 hashing algorithms used in Bitcoin mining. Developing competitive mining chips requires specialized semiconductor engineering knowledge, significant capital investment, and multi-year development cycles, creating some barriers to entry. However, this moat is relatively weak and constantly under threat. The Bitcoin mining equipment market is dominated by a few key players, with Bitmain holding the largest market share, followed by competitors like MicroBT and Canaan. Product differentiation is limited - mining machines are largely commoditized based on hash rate, power efficiency, and price. Technological advantages are typically short-lived, as competitors can reverse-engineer innovations and semiconductor foundries like TSMC serve multiple ASIC manufacturers. The company faces several competitive threats: Established players like Bitmain have larger scale, more resources, and stronger customer relationships. New entrants, including traditional semiconductor companies, could leverage superior chip design capabilities. Additionally, potential shifts in Bitcoin's consensus mechanism, regulatory crackdowns on mining, or the emergence of alternative cryptocurrencies could disrupt the entire market. The cyclical nature of cryptocurrency markets also means that during downturns, even established players struggle with excess inventory and margin compression, limiting the value of any competitive positioning.
Risks & safety
Canaan presents a moderate margin of safety profile with improving but still challenging fundamentals. • Liquidity Position: Strong cash position of $96 million with current ratio of 1.87, providing adequate short-term liquidity. However, negative free cash flow of -$44.6 million in Q4 2024 indicates ongoing cash burn. • Debt and Solvency: Low debt-to-equity ratio of 0.36 indicates manageable leverage. Total debt obligations are relatively modest compared to asset base of $463 million. • Valuation Metrics: Trading at 2.2x price-to-book ratio with negative earnings making P/E ratios unreliable. EV/EBITDA of 3,150x reflects minimal EBITDA generation despite recent improvement to near-breakeven. • Operational Concerns: Company achieved first EBITDA profitability since market downturn but still posted -$250 million net loss for 2024. Highly cyclical business model tied to Bitcoin price volatility creates earnings unpredictability. • Other Considerations: Bitcoin holdings of 1,293 coins provide some asset backing but also concentration risk. Revenue guidance suggests significant improvement expected in 2025 ($900M-$1.1B target vs $269M in 2024), though execution risk remains high.
Recent development
Over the past two years, Canaan has executed a significant strategic transformation from a pure-play mining equipment manufacturer to a vertically integrated Bitcoin mining enterprise. The company has aggressively expanded its North American mining operations, targeting 10 exahash of installed capacity by mid-2025, up from 5.4 exahash currently. This geographic diversification reduces regulatory risk from potential Chinese restrictions while positioning the company in energy-rich regions with favorable mining economics. Product innovation has accelerated with the successful launch of the A15 series mining machines featuring industry-leading 16.8 joules/terahash efficiency, and development of the next-generation A16 series targeting sub-10 joules/terahash performance. The company has also diversified into consumer markets with the Avalon Home product line, including the popular Nano 3 mining heater that generated significant pre-order demand across 80 countries. Operationally, Canaan has strengthened its balance sheet by clearing legacy inventory, improving working capital management, and achieving its first EBITDA profitability since the crypto market downturn. The company has also expanded its global sales network, with North America now representing 40% of mining machine sales, and established partnerships with major mining operators like Cipher Mining. Strategic Bitcoin accumulation has built a treasury of 1,293 Bitcoins, providing both operational flexibility and potential upside from price appreciation.
CAN company profile · for informational purposes only — not investment advice.
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