Canaan Highlights Record $150M Quarter, New Avalon A16 Miners and Growing Bitcoin Treasury at Conference
Canaan NASDAQ: CAN used a virtual investor presentation to outline its position in the bitcoin mining hardware market, recent financial performance, and strategy for diversifying revenue through self-mining, home mining products, and a bitcoin treasury.
Company background and business model
Leo Wang, Canaan’s head of capital markets and vice president of capital markets and corporate development, said the company launched its IPO in 2019 and described it as one of the first crypto-related companies to go public in what he characterized as a very different regulatory environment than today. Wang said Canaan was founded in 2013 and has since developed 16 generations of ASICs, specialized chips used for bitcoin mining that displaced GPU and CPU mining due to higher efficiency.
Wang said Canaan designs ASICs and works with manufacturing partners for tape-out and chip production, then integrates the chips into mining machines that are sold to customers while some are kept for self-mining. He added that Canaan’s headquarters is in Singapore, and said the company had “almost 500 worldwide patents” by the end of 2024. He also said Canaan operates close to 1% of global hash rate and has sold products into 86 countries through online and offline distribution.
Wang emphasized Canaan’s vertical integration across:
- ASIC design and bitcoin mining machine sales (industrial and consumer)
- Self-mining operations across multiple jurisdictions
- A crypto treasury that includes bitcoin and ethereum
He described machine sales and self-mining as “self-complementary,” particularly across bull and bear markets, and said customers sometimes pay for miners using cryptocurrencies such as USDT, USDC, bitcoin, or ethereum. Wang said the company uses third-party services providers to process crypto payments “under regulation.”
Recent quarterly results and guidance
Wang said the company’s most recent quarter was its best quarter in the current bitcoin cycle, reporting revenue of $150 million, exceeding guidance of $125 million to $145 million. He said revenue growth was 104% year-over-year and 50% quarter-over-quarter, and described it as the highest revenue in the past 13 quarters.
Additional quarterly metrics cited in the presentation included:
- Gross profit of $16.6 million, up 79% quarter-over-quarter
- Operating loss narrowed to $23.9 million
- Bitcoin treasury of 1,610 bitcoins as of October 30
- More than 10 exahash of computing power delivered, an all-time high for the company
- Average selling price of $11.80 per terahash per second
Wang said revenue streams have been diversifying. He cited 2023 revenue as being over 90% from machine sales, while the latest quarter was about 70% from machine sales, about 20% from self-mining, and 8.1% from home mining equipment sales.
He also cited fourth-quarter revenue guidance of $175 million to $205 million.
Products: next-generation miners and home mining offerings
Wang said Canaan unveiled its next-generation Avalon A16 series, including the A16 and A16 XP. He described them as the most powerful machines the company has offered and said they reached energy efficiency as low as 12.8 joules per terahash. He also said North American customers value Canaan’s machines for durability in heat, dust, and humidity, as well as “very little maintenance need” and ease of repair.
He said Canaan offers air-cooled and hydro-cooled machines and has patents related to immersion-cooled systems. Wang discussed differences in operating requirements between cooling methods, including higher upfront capital expenditure for hydro/immersion systems but potentially lower labor needs once deployed.
On the consumer side, Wang described “home mining solutions” designed to plug into standard 110-volt outlets and to recycle heat for home heating. He said products include portable miners and designs such as a space heater-like unit (Avalon Mini 3) and a tower-style miner (Avalon Q). Wang said the company believes it is currently the only one providing a “meaningful amount of sales” in this niche market and highlighted social media-driven adoption through user case sharing.
Self-mining expansion, partnerships, and alternative energy initiatives
Wang said Canaan’s self-mining is primarily structured through arrangements with third parties who have experience and power contracts and contribute construction, while Canaan deploys machines and shares revenue and costs. He cited a self-mining gross margin of 26.3% and said the company has invested relatively little in its own construction, aside from a small site in Texas of about 5 megawatts.
In a December update, Wang said the company mined 86 bitcoins and ended the month owning 1,750 bitcoins, which he also referenced as the company’s bitcoin holdings as of December 31, 2025. He described a gas-to-computing pilot in Alberta, Canada, converting stranded natural gas into energy used for mining, and a greenhouse initiative in Canada that uses mining-generated heat to support vegetable production, reducing traditional greenhouse energy consumption. He said the greenhouse project targeted an estimated 90% heat recovery and benefited from “agriculture power” economics.
Wang said the company had nine mining projects, including four in the U.S. and two in Ethiopia, which he described as Canaan’s second-largest mining geography due to hydropower availability. He said the U.S. remains a focus and added the company may consider more direct construction and power contracts over time, especially where bitcoin mining and AI data centers may converge.
He highlighted a joint venture-style project with Soluna (SLNH): a 20-megawatt hosting agreement at Soluna’s wind power project in Texas to deploy Canaan’s A15 XP mining machines.
Tariffs, power markets, market share, and capital actions
During Q&A, Wang addressed tariffs and said having manufacturing facilities across the globe provides a barrier against trade risks. He also noted Canaan has a new manufacturing facility in California and said some customers prefer U.S.-assembled machines, which he described as reducing tariff exposure. He said the company also manufactures in Malaysia and China.
On the power market and AI-related data center demand, Wang said he does not view the situation as “black-and-white” and argued bitcoin mining can work in concert with AI data centers. He said miners’ established grid and contractor relationships have helped some expand into data center construction, and he said he has not seen miners “fire sell their mining fleet.” He also said some power is not suitable for AI data centers, and suggested power sellers could raise prices broadly, creating challenges for miners. Wang said Canaan is exploring alternative ways to reuse wasted power and seek pricing advantages in the U.S. and Canada, and he suggested the market could cool as power contracts near execution deadlines.
Asked about market share, Wang said he believes Canaan has been gaining share and cited third-party market investigators indicating the company is “positioned as a second provider in terms of hash rate delivered.” He attributed gains to machine durability, maintenance support, and being a public company with transparency.
Wang also said Canaan has launched a share repurchase program and has been actively repurchasing stock because management believes the shares are undervalued.
About Canaan NASDAQ: CAN
Canaan Inc is a China-based technology company specializing in the design and manufacture of high-performance computing hardware for the digital currency and blockchain industry. The company's core business revolves around application-specific integrated circuit (ASIC) miners, which are purpose-built machines optimized for cryptocurrency mining. By focusing on energy efficiency and processing power, Canaan's mining rigs aim to deliver competitive hash rates while managing power consumption in large-scale operations.
The flagship product line, known as AvalonMiner, encompasses a range of models tailored to different scales of mining activity, from small-scale hobbyist setups to industrial farms.
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