- Canaan Q2 2025 revenue up 39.5% (YoY) to $100.2 million, exceeding the company’s guidance.
- Bitcoin mining revenue hits record $28.1 million, up 201.6% (YoY).
- Pre-tax profit beats analyst expectations, per LSEG data.
Crypto mining firm Canaan posted mixed results for the second quarter of 2025, showing record growth in its mining operations but still reporting a net loss. Revenues are up 39.5% (YoY) to $100.2 million, and it expects Q3 2025 revenue between $125 million and $145 million.
The company’s Bitcoin mining revenue hit an all-time high of $28.1 million, more than triple what it earned a year ago. This surge was driven by the company’s expanded mining capacity. It also grew its Bitcoin holdings to 1,511 BTC by the end of July, reinforcing its commitment to building a strong crypto treasury.
Sales of computing power rose 16.5% compared to the previous quarter, showing that Canaan is reaching more markets and customers. Despite these gains, the company reported a net loss of $11.06 million and an operating loss of $27.07 million. Operating expenses totaled $36.38 million.
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Analysts were encouraged by the results. Canaan’s pretax loss of $10.28 million was far better than the expected $26.6 million, and most analysts rate the stock a “buy.” The average 12-month price target is $2.10, over 60% higher than its recent closing price of $0.82.
Looking ahead, the company says it will keep a close eye on global policy and market trends to adjust its outlook as needed. While profitability remains a challenge, Canaan’s record mining revenue and growing Bitcoin reserves hold promise for investors.
