Canaan Releases 2025 Financial Report: Bitcoin Mining Revenue Reaches $670 Million, Accelerating Transition to an AI Infrastructure Platform

Canaan Reports 2025 Financial Results: Bitcoin Mining Revenue Reaches $670 Million, Accelerating Transition to AI Infrastructure Platform

Author: BlockBeats

Source:

Repost: Mars Finance

DALLAS, Texas, March 16, 2026 — Canaan Inc. (NYSE: CANG, hereafter “Canaan” or “the Company”) today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025. As a Bitcoin mining company with a global operational footprint committed to building an integrated energy and AI computing platform, Canaan continues to advance its business transformation and infrastructure development.

2025 Full Year and Fourth Quarter Financial and Operational Highlights

• Financial Performance:

Total revenue for 2025 was $687.1 million, with $179.5 million in the fourth quarter.

Bitcoin mining revenue for the full year was $675.5 million, with $172.4 million in Q4.

Adjusted EBITDA for the full year was $24.5 million, while Q4 saw a loss of $156.3 million.

• Mining Operations and Costs:

Total Bitcoins mined in 2025: 6,594.6 BTC, averaging 18.07 BTC per day; in Q4: 1,718.3 BTC, averaging 18.68 BTC per day.

Average mining cost (excluding depreciation) per BTC for the year: $79,707; in Q4: $84,552.

Total costs per BTC: $97,272 and $106,251, respectively.

As of December 31, 2025, the company has produced a total of 7,528.4 BTC since entering the Bitcoin mining business.

• Strategic Progress:

The company has completed the termination of its ADR program and transitioned to direct listing on the NYSE to enhance transparency and align with strategic goals, with a long-term view to expanding its investor base.

CEO Paul Yu stated: “2025 was our first full year as a Bitcoin mining company, characterized by rapid execution and structural reshaping. We completed a comprehensive asset restructuring and established a globally distributed mining network. Additionally, we introduced a new management team to strengthen our capabilities and competitive edge in digital assets and energy infrastructure. Listing directly on the NYSE and denominating in USD also mark our transition toward becoming a global AI infrastructure company.”

“Entering 2026, we will continue optimizing our balance sheet and improve operational efficiency and cost resilience through adjustments in our mining equipment portfolio. We are also advancing our strategic shift toward an AI infrastructure provider. Leveraging EcoHash, we aim to utilize our capabilities in scalable computing power and energy networks to deliver cost-effective AI inference solutions. Currently, site renovations and product development are progressing in tandem, laying a solid foundation for ongoing execution in this new phase.”

CFO Michael Zhang commented: “In 2025, our scaled mining operations drove significant revenue growth. However, our ongoing operations recorded a net loss of $452.8 million, mainly due to one-time transformation costs and market-driven fair value adjustments. Financially, we plan to reduce leverage by optimizing Bitcoin reserves and liquidity management, and to strengthen our capital base by raising new funds, enabling us to navigate market volatility while seizing high-potential investment opportunities in AI infrastructure and other areas.”

Q4 2025 Financial Results from Continuing Operations

Revenue

Q4 total revenue was $179.5 million, with Bitcoin mining contributing $172.4 million from the production of 1,718.3 BTC. International auto trading revenue was $4.8 million.

Operating Costs and Expenses

Q4 total operating costs and expenses amounted to $456.0 million, primarily related to Bitcoin mining expenses, including mining equipment impairments and fair value changes in Bitcoin collateral receivables.

Details include:

• Cost of revenue (excluding depreciation): $155.3 million

• Cost of revenue (depreciation): $38.1 million

• Management expenses: $9.9 million (including $1.1 million related-party expenses)

• Mining equipment impairment loss: $81.4 million

• Fair value change in Bitcoin collateral receivables: $171.4 million

Profitability

Q4 operating loss was $276.6 million, significantly wider than the $0.7 million loss in Q4 2024, mainly due to Bitcoin price declines.

Net loss from continuing operations was $285.0 million, compared to a net profit of $2.4 million in the same period last year.

Adjusted EBITDA was -$156.3 million, versus $2.4 million in Q4 2024.

Full Year 2025 Financial Results from Continuing Operations

Revenue

Total revenue for 2025 was $687.1 million, with Bitcoin mining revenue at $675.5 million from 6,594.6 BTC mined. International auto trading revenue was $9.8 million.

Operating Costs and Expenses

Total operating costs and expenses for the year were $1.1 billion, including:

• Cost of revenue (excluding depreciation): $543.3 million

• Cost of revenue (depreciation): $116.6 million

• Management expenses: $28.9 million (including $0.11 million related-party expenses)

• Mining equipment impairment loss: $338.3 million

• Fair value change in Bitcoin collateral receivables: $96.5 million

Profitability

Full-year operating loss was $437.1 million. Net loss from continuing operations was $452.8 million, compared to a net profit of $4.8 million in 2024.

Non-GAAP adjusted net profit for 2025 was $24.5 million (2024: $5.7 million). This metric excludes share-based compensation expenses; see “Use of Non-GAAP Financial Measures.”

Assets and Liabilities

As of December 31, 2025, the company’s main assets and liabilities were:

• Cash and cash equivalents: $41.2 million

• Bitcoin collateral receivables (non-current, related-party): $663 million

• Mining equipment net book value: $248.7 million

• Long-term debt (related-party): $557.6 million

In February 2026, the company sold 4,451 BTC and repaid part of its related-party long-term debt to reduce leverage and optimize its balance sheet.

Share Repurchase

As of December 31, 2025, under the share repurchase plan announced on March 13, 2025, the company had repurchased approximately 890,155 Class A common shares for about $1.2 million.