Canaan Inc. · NASDAQ:CAN
Canaan — Q3 2025 Earnings Presentation
23 slides from Canaan's earnings presentation, Nov 18, 2025
Slide 1: Operating & Financial Results Third Quarter 2025
Operating & Financial Results Third Quarter 2025 November 18, 2025 Chairman & CEO CFO Nangeng Zhang Jin “James” Cheng 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains certain financial measures that are not recognized under generally accepted accounting principles in the United States (“GAAP”), including adjusted EBITDA (including adjusted EBITDA margin), non-GAAP net income, non-GAAP diluted earnings per share/ADS
Slide 3: Quarterly Update
QUARTERLY UPDATE 3
Slide 4: Best Quarter in Current Bitcoin Cycle
Best Quarter in Current Bitcoin Cycle BTC Price and Global Network Hashrate in Q3 Total Revenue $150.5 Million • Beat guidance of $125M-$145M 121000 1100 • +104% Year-over-Year • +50% Quarter-over-Quarter 1050 • Highest revenue in past 13 quarters 116000 1000 Other Highlights 950 111000 • Gross Prof
Slide 5: Increasingly Diversified Revenue Streams
Increasingly Diversified Revenue Streams Q3 2025 Revenue Split Revenue Mix $ in millions 100% 90.9% 85.0% 85.3% 81.3% 80% 68.1% 70.3% $30.6 66.5% 66.0% 60% $12.2 40% 29.8% 29.3% 28.0% 17.2% 20.3% 20% 13.0% 12.2% $105.8 7.6% 5.6% 8.1% 2.0% 1.1% 1.5% 0.7% 0% Industrial Mining Equipment Q4'23 Q1'24 Q2'
Slide 6: Revenues & Other Key Trends
Revenues & Other Key Trends Revenues Computing Power Sold and ASP 160 $ 150.5 $11.8 $11.1 140 $10.5 12 120 10 $9.1 $8.8 10.0 $ 100.2 $8.2 $8.1 10 100 $ 88.8 $6.9 $ 82.8 7.3 9.1 8 80 $ 71.9 $ 73.6 6.2 6.4 5.5 5.5 5 6 60 $ 49.1 3.4 4 40 $ 35.1 2 20 0 0 0 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25
Slide 7: Unveiled Next-Gen Avalon A16 Series
Unveiled Next-Gen Avalon A16 Series Avalon A16 & A16XP Air-Cooled Powerful Hashrate Performance - Delivers up to 300 TH/s of computing power for high-efficiency mining Industry-leading Energy Efficiency - Achieves industry-leading 12.8 J/TH efficiency and power saving Compact and Reliable Design - O
Slide 8: Avalon Family – Industrial Mining Solutions
Avalon Family – Industrial Mining Solutions Avalon ASIC Miners Avalon Box Air-Cooled Hydro-Cooled Immersion-Cooled Air-Cooled (20&40ft) A15Pro A15HS A1566I Hydro-Cooled (20&40ft) A15HU - Proprietary dual-fan - Superior heat design dissipation Immersion-Cooled (20&40ft) - Best-in-class durability - E
Slide 9: Avalon Family – Home Mining Solutions
Avalon Family – Home Mining Solutions Portable Heater Miner Baseboard Heater Miner Professional Home Miner Avalon Nano 3S Avalon Mini 3 Avalon Q - Compact & Ultra quiet - Heater & Miner - High performance - Portable & Efficient - Moderate power use - Adjustable power consumption - Beginner friendly
Slide 10: Q3 Self-Mining Overview
Q3 Self-Mining Overview Q3 Updates Mining Revenue & Adjusted Mining Gross Margin $45 40.7% 41.9% 33.6% 33.3% 31.1% 26.3% 40% 279 9.3 EH/s 1,582 $30.6 M 26.3% $40 22.1% 23.3% $35 20% $ 28.1 $ 30.6 $30 $ 24.3 0% Installed Bitcoins Bitcoins Mining Adjusted $25 The 4th Computing Owned -20% Mined* Revenu
Slide 11: Self-mining Progress in October 2025
Self-mining Progress in October 2025 Quarterly Installed Computing Power (North American vs Global) Self-Mining Progress 9.30 9.31 8.15 6.60 6 5.44 • 92 bitcoins mined in October 2025 4.61 4.62 3.67 • Month-end bitcoins owned: 1,610 1.52 0.76 • Advanced our renewable-powered mining strategy 1 thro
Slide 12: Energized Computing Power Hits Record High
Energized Computing Power Hits Record High (As of Nov. 7, 2025) Regions Active Mining Energized Installed Expected Estimated in alphabetical order Projects Computing Computing Computing Total (A to Z) Count Power1 Power2 Power Computing Installed Estimated (Onshore)3 Power4 Weighted Average Cost of
Slide 13: Strategy
STRATEGY 13
Slide 14: Canaan Strategic Flywheel
Canaan Strategic Flywheel Compounding value throughout the full BTC cycle by utilizing three complementary strategies Hardware • Generate revenue from sale of mining machines • Accept payment in fiat currency and cryptocurrency Treasury • Use BTC as collateral to fund R&D and manufacturing • BTC app
Slide 15: Components of Vertical Integration
Components of Vertical Integration • Hardware Design & Manufacturing • Design and produce proprietary ASIC mining machines • Self-mining • Operate mining fleets through joint-venture partnerships and HODL BTC mined • Utilize Canaan mining rigs to significantly reduce mining expense • Sell portion of
Slide 16: Tap Renewable Power to Drive Sustainable Mining Expansion
Tap Renewable Power to Drive Sustainable Mining Expansion • Partnered with Soluna Holdings (Nasdaq: SLNH), announced a 20 MW hosting agreement to deploy Avalon® A15 XP Bitcoin miners at Soluna’s wind-powered Project Dorothy in Briscoe County, Texas. • The partnership strengthens Canaan’s North Ameri
Slide 17: Turning Flaring Into Power: Gas-to-Computing Pilot
Turning Flaring Into Power: Gas-to-Computing Pilot • Partnered with Aurora AZ Energy Ltd to launch a 2.5 MW gas-to-computing pilot in Alberta, Canada, converting stranded or flared gas into reliable, low-cost power using 700 Avalon® A15 Pro miners installed directly at the wellhead. • Strengthened C
Slide 18: Financials
FINANCIALS 18
Slide 19: Revenue & Bitcoin Trends
Revenue & Bitcoin Trends Revenue #BTC Held and Market Value $175-$205 1,582 $200.0 180 1484 $150.5 1,500 1408 $180.0 160 $179.0 1293 $160.0 140 $125-$145 1212 $160.0 1114 1,200 1057 $140.0 120 $100.2 $123.2 $117.5 1,001 909 $120.0 100 $88.8 $100 1001 $82.8 900 730 1030 $73.6 $80 530 730 $100.0 80 $7
Slide 20: Balance Sheet
Balance Sheet Inventory Cash 250 140 119.2 201.7 120 200 96.2 96.5 96.8 100 142.3 150 131.3 80 71.8 113.9 66.8 65.9 108.0 99.2 94.6 54.7 100 87.8 60 40 50 20 0 0 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2‘25 Q3'25 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 $ in millions $ in millions Source: Compan
Slide 21: More Financial Data
More Financial Data Avg Revenue per BTC for Self-Mining Loss from Operations 114,485 98,870 93,466 (23.9) 82,174 (27.1) (37.6) 65,992 (46.6) 61,034 53,765 (56.8) (55.6) 36,627 (68.0) (93.3) Q4‘23 Q1’24 Q2’24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Source: Compan
Slide 22: Shares Repurchase Program
Shares Repurchase Program On May 27, 2025, the Company announced a share repurchase program of up to US$30 million of its ADSs and/or Class A ordinary shares over a six-month period. Repurchases may be conducted through open-market or privately negotiated transactions, subject to market conditions a
Slide 23: Q&A
a <0 canaan Q&A