Canaan Inc. · NASDAQ:CAN
Canaan — Q2 2025 Earnings Presentation
21 slides from Canaan's earnings presentation, Aug 14, 2025
Slide 1: Operating & Financial Results Second Quarter 2025
Operating & Financial Results Second Quarter 2025 August 14, 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 Q2 Total Revenue $100.2 Million 1000 • Beat guidance of $100M 110000 • +40% Year-over-Year 950 • +21% Quarter-over-Quarter 100000 • Best quarter in past 10 quarters 900 90000 850 80000 800 70000 Other Highlights 60000 750
Slide 5: Increasingly Diversified Revenue Streams
Increasingly Diversified Revenue Streams 25Q2 Revenue Split Revenue Mix $ in millions 100% 89.3% 90.9% 85.0% 85.3% 81.3% 80% 68.1% 66.5% 66.0% 60% $28.1 40% 29.8% 29.3% 28.0% $5.7 17.2% $65.9 20% 9.8% 13.0% 12.2% 7.6% 5.6% 0.7% 1.1% 1.5% 2.0% 0% Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Indust
Slide 6: Revenues & Other Key Trends
Revenues & Other Key Trends Revenues Computing Power Sold and ASP 100 $11.1 $ 88.8 $ 100.2 $10.5 $ 82.8 12 10 $9.1 $8.8 80 $ 71.9 $ 73.6 $8.2 9.1 10 $7.9 $6.9 7.3 $8.1 8 60 $ 49.1 6.2 6.4 5.5 6 $ 35.1 5 5.5 40 $ 33.3 3.8 3.4 4 20 2 0 0 0 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'23 Q4'23 Q1
Slide 7: 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 8: 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 9: Q2 Self-Mining Overview
Q2 Self-Mining Overview Q2 Updates Mining Revenue & Adjusted Mining Gross Margin $40 40.7% 41.9% 33.6% 33.3% 31.1% 40% 284 8.2 EH/s 1,484 $28.1 M 23.3% $35 22.1% 23.3% 30% $30 $ 28.1 20% 10.0% $ 24.3 Bitcoins $25 The 4th 10% Bitcoins Installed Mining Adjusted Halving event Owned $20 0% Mined Computi
Slide 10: Self-mining Progress in July 2025
Self-mining Progress in July 2025 Installed Computing Power (North American vs Global) Self-Mining Progress 8.15 8.75 8.15 7.95 6.43 6.60 6.28 6 5.44 • 89 bitcoins mined in July 2025 3.67 3.67 3.69 • Month-end bitcoins owned: 1,511 3.08 • Terminated operations in Kazakhstan 1.21 1.21 1.52 0.76 (pr
Slide 11: Energized Computing Power Hits Record High
Energized Computing Power Hits Record High(As of August 13, 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 o
Slide 12: Bitcoin Treasury
BITCOIN TREASURY 12
Slide 13: 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 14: 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 15: Expansion in Manufacturing Capabilities in Q2
Expansion in Manufacturing Capabilities in Q2 • Partnered with a highly reputable local manufacturing facility • Enabling large-scale production of Avalon mining machines with cutting-edge equipment • With an expert team setting benchmark for industry quality • Empowers response to U.S. market deman
Slide 16: Financials
FINANCIALS 16
Slide 17: Revenue & Bitcoin Trends
Revenue & Bitcoin Trends Revenue #BTC Held and Market Value 140 $125-$145 $200.0 1484 1,500 1408 $180.0 120 1293 $100.2 1212 $160.0 $100 1114 $160.0 100 $88.8 1,200 1057 $123.2 $140.0 $82.8 $117.5 $80 860 909 $120.0 80 $71.9 $73.6 $75 1001 $73 900 730 1030 $70 530 730 $100.0 $74.5 60 $80.0 600 $77.0
Slide 18: Balance Sheet
Balance Sheet Inventory Cash 250 120 217.1 96.2 96.5 96.8 100 200 80 71.8 142.3 66.8 65.9 150 131.3 113.9 108.0 60 54.7 99.2 94.6 100 87.8 40.6 40 50 20 0 0 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2‘25 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 $ in millions $ in millions Source: Company dat
Slide 19: More Financial Data
More Financial Data Avg Revenue per BTC for Self-Mining Loss from Operations 98,870 93,466 82,174 (27.1) 65,992 (37.6) 61,034 (46.6) 53,765 (56.8) (55.6) (68.0) 36,627 28,127 (93.3) (112.8) Q3’23 Q4‘23 Q1’24 Q2’24 Q3'24 Q4'24 Q1'25 Q2'25 Source: Company data $ in millions Source: Company data Gross
Slide 20: Capital Markets
Capital Markets Share Repurchase: On May 27, 2025, Canaan announced up to US$30 million share repurchase program. As of August 14, 2025, Canaan had cumulatively repurchased 3,647,453 ADSs for approximately US$2.42 million under this share repurchase program. Series A-1 Preferred Shares Conversion Co
Slide 21: Q&A
et 1, J Canaan Q&A