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Total Revenue: $82.8 million, exceeding guidance of $75 million, up 136% year over year.
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Mining Revenue: $24 million, up 132% year over year, with 259 Bitcoins mined, a 33% increase year over year.
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Machine Sales Revenue: $58.3 million, up 149% year over year.
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Average Selling Price (ASP): $10.5 per terahertz per second, up 53% from the previous year.
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Gross Profit: $0.6 million, first positive gross profit in two years.
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Operating Expenses: Approximately $38 million, compared to $31 million in the same period last year.
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Cash Balance: Approximately $97 million at the end of Q1.
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Bitcoin Holdings: 1,408 Bitcoins as of March 31, with a fair market value of around $117 million.
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Projected Q2 Revenue: Approximately $100 million.
Release Date: May 20, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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Canaan Inc (NASDAQ:CAN) achieved total revenues of USD82.8 million in Q1 2025, exceeding their previous guidance of USD75 million, marking a 136% year-over-year increase.
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The company saw a significant increase in the average selling price per terahertz, rising to USD10.5, representing a 30% growth.
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Canaan Inc (NASDAQ:CAN) reported a strong performance in its self-mining business, with 259 Bitcoins mined, up 39% quarter over quarter.
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The company successfully ramped up production and delivery of its A15 series mining machines, contributing to a 62.6% year-over-year increase in total computing power sold.
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Canaan Inc (NASDAQ:CAN) maintained a solid mining gross margin of 31% in Q1, supported by competitive electricity costs of 4.2 US cents per kilowatt hour.
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The global bitcoin mining industry faced macroeconomic challenges, including significant tariffs imposed by the US and China, leading to volatility in global markets.
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The US tariffs have led to higher mining costs and greater uncertainty for American miners, significantly suppressing demand for mining machines in the US market.
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Canaan Inc (NASDAQ:CAN) decided to withdraw its full-year revenue guidance and mining hash rate deployment targets for the first half of 2025 due to ongoing global political and economic volatility.
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The company faced a fair value loss in cryptocurrency assets of USD16.3 million due to a 12% decline in Bitcoin prices from the previous quarter.
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Canaan Inc (NASDAQ:CAN) experienced increased operating expenses, totaling approximately USD38 million, partly due to increased stock costs and R&D expenditures.
Q: Can you describe the trends in your average selling price (ASP) for equipment during the quarter, especially as Bitcoin prices fluctuated? A: James Cheng, CFO: In Q1, our ASP climbed to $10.5 due to strong demand and positive feedback for our A15 series. Despite market sentiment being poor in April, our locked contract sales prices in April and May were higher than previous A15 series prices. We expect Q2’s ASP to improve, but remain cautious about Q3 and Q4 due to US market uncertainties.