CAN

MKT CAP:$247M

Canaan Inc.

Market Cap

$247M

Technology·Computer Hardware·🇸🇬 Singapore·NASDAQ

Technology·Computer Hardware·🇸🇬·NASDAQ

Stock Price

$0.50-$0.27 (-34.61%)

Apr 23, 2026

Company Details

Canaan, Inc. is a holding company, which engages in developing and selling Bitcoin mining machines and related services. It focuses on the development of green mining. The company was founded by Jia Xuan Li, Xiang Fu Liu and Nan Geng Zhang ...

CEO

Nangeng Zhang

IPO Date

Nov 20, 2019

Website

www.canaan.io

Key Metrics TTM

Revenue

$530M

+38.8% YoY

Net Income

-$210M

EPS (Diluted)

-$0.48

Free Cash Flow

$0

Revenue / Share

$0.84

Gross Margin

7.8%

Operating Margin

-21.0%

Net Margin

-39.7%

FCF Margin

0.0%

P/S

0.5x

P/E

—

Earnings Reports

FY 2025

Dec 31, 2025

$530M+96.7%EPS -$0.45

Q4 2025

Feb 10, 2026

$196MEPS -$0.13

Q3 2025

Nov 18, 2025

$151M+104.7%EPS -$0.05

Q2 2025

Aug 14, 2025

$100M+39.5%EPS -$0.03

Q1 2025

May 20, 2025

$83M+136.3%EPS -$0.27

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 19	$7M	$67.7K	-$8M
Q2 19	$35M	$2M	-$39M
Q3 19	$98M	$21M	$11M
Q4 19	$68M	-$98M	-$117M
Q3 20	$24M	-$3M	-$14M
Q1 21	$61M	$30M	-$2M
Q2 21	$167M	$66M	$26M
Q3 21	$204M	$115M	$72M
Q1 22	$201M	$123M	$85M
Q1 24	$35M	-$37M	-$68M
Q2 24	$72M	-$19M	-$46M
Q3 24	$74M	-$22M	-$57M
Q1 25	$83M	$646.0K	-$38M
Q2 25	$100M	$9M	-$27M
Q3 25	$151M	$17M	-$23M
Q4 25	$196M	$15M	-$24M

Valuation

Quarter	P/S	P/E
Q1 19	—	—
Q2 19	—	—
Q3 19	6.9x	—
Q4 19	4.7x	—
Q3 20	1.3x	—
Q1 21	11.3x	—
Q2 21	4.3x	—
Q3 21	2.3x	9.4x
Q1 22	1.7x	5.6x
Q1 24	0.6x	2.6x
Q2 24	0.6x	4.1x
Q3 24	0.7x	—
Q1 25	1.1x	—
Q2 25	0.6x	—
Q3 25	0.9x	—
Q4 25	0.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 19	$0	$0
Q2 19	$0	$0
Q3 19	-$2M	-$3M
Q4 19	-$39M	-$40M
Q3 20	$0	$0
Q1 21	$0	$0
Q2 21	$0	$0
Q3 21	$0	$0
Q1 22	$0	$0
Q1 24	$0	$0
Q2 24	$0	$0
Q3 24	-$59M	-$61M
Q1 25	$0	$0
Q2 25	$0	$0
Q3 25	$0	$0
Q4 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q1 19	$0
Q2 19	$0
Q3 19	$520.9K
Q4 19	$298.1K
Q3 20	$0
Q1 21	$0
Q2 21	$0
Q3 21	$0
Q1 22	$0
Q1 24	$0
Q2 24	$0
Q3 24	$2M
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 19	+66.8%	+266.1%
Q3 20	+247.7%	+144.9%
Q1 21	+73.8%	-14.9%
Q2 21	+70.7%	+62.4%
Q3 21	+201.6%	-28.3%
Q1 22	+739.3%	+208.4%
Q1 24	-42.9%	+62.3%
Q2 24	-57.0%	-17.0%
Q3 24	-63.9%	-1.5%
Q1 25	-58.9%	+3.7%
Q2 25	+186.1%	+23.6%
Q3 25	+109.7%	+47.4%
Q4 25	+166.6%	+68.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 19	$575.1K	8.3%
Q2 19	$32M	89.9%
Q3 19	$225.2K	0.2%
Q4 19	$7M	10.3%
Q3 20	$240.7K	1.0%
Q1 21	$22M	35.2%
Q2 21	$24M	14.1%
Q3 21	$19M	9.1%
Q1 22	$16M	7.8%
Q1 24	$8M	22.5%
Q2 24	$7M	9.1%
Q3 24	$7M	9.1%
Q1 25	$7M	8.7%
Q2 25	$6M	6.2%
Q3 25	$5M	3.4%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 19	$5M	$4M	$340.7K
Q2 19	$5M	$35M	$820.6K
Q3 19	$6M	$4M	$918.3K
Q4 19	$9M	$8M	$1M
Q3 20	$5M	$6M	$468.1K
Q1 21	$9M	$22M	$959.3K
Q2 21	$10M	$27M	$4M
Q3 21	$15M	$22M	$6M
Q1 22	$15M	$20M	$3M
Q1 24	$15M	$14M	$1M
Q2 24	$15M	$10M	$2M
Q3 24	$15M	$12M	$2M
Q1 25	$19M	$17M	$3M
Q2 25	$16M	$16M	$4M
Q3 25	$16M	$18M	$5M
Q4 25	$11M	$17M	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$416M	$0	$416M
Q2 22	$394M	$0	$394M
Q3 22	$280M	$0	$280M
Q4 22	$102M	$3M	$106M
Q1 23	$72M	$0	$72M
Q2 23	$66M	$0	$66M
Q3 23	$41M	$0	$41M
Q4 23	$96M	$0	$96M
Q1 24	$55M	$0	$55M
Q2 24	$67M	$0	$67M
Q3 24	$72M	$0	$72M
Q4 24	$96M	$0	$96M
Q1 25	$97M	$0	$97M
Q2 25	$66M	$0	$66M
Q3 25	$119M	$0	$119M
Q4 25	$81M	$0	$81M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 19	135M	+4.2%	—
Q2 19	140M	+3.5%	—
Q3 19	146M	+4.1%	—
Q4 19	149M	+2.5%	+15.0%
Q3 20	157M	+4.9%	+15.8%
Q1 21	162M	+3.1%	+15.4%
Q2 21	175M	+8.2%	+20.0%
Q3 21	174M	-0.4%	+16.5%
Q1 22	172M	-1.1%	+9.9%
Q1 24	248M	+44.0%	+53.5%
Q2 24	275M	+10.7%	+57.1%
Q3 24	278M	+1.1%	+59.4%
Q1 25	321M	+15.7%	+86.5%
Q2 25	400M	+24.4%	+61.2%
Q3 25	519M	+29.9%	+89.1%
Q4 25	634M	+22.2%	+128.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 19	—	—
Q2 19	—	—
Q3 19	—	—
Q4 19	$203.3K	333
Q3 20	$72.0K	333
Q1 21	$247.4K	248
Q2 21	$674.5K	248
Q3 21	$823.2K	248
Q1 22	$581.9K	346
Q1 24	$78.7K	445
Q2 24	$161.5K	445
Q3 24	$165.4K	445
Q1 25	$178.8K	463
Q2 25	$216.4K	463
Q3 25	$325.4K	463
Q4 25	$423.9K	463

Revenue / Employee