经济观察网 嘉楠科技发布2025年第四季度及全年财报，业绩表现亮眼，营收与算力销售创下纪录，自 营挖矿业务规模显著扩大，并实现扭亏为盈。 业绩经营情况 2025年第四季度总营收达到1.963亿美元，同比增长121.1%。全年总营收为5.297亿美元，较2024年增长 96.7%。增长主要得益于硬件销售的强劲表现，第四季度总销售算力创下14.6 EH/s的季度新高，同比增 长60.9%；全年销售总算力达36.5 EH/s，同比增长40.7%。 业务进展情况 自营挖矿业务成为重要增长点。2025年第四季度挖矿收入为3,036万美元，当季产出300枚比特币；全年 挖矿收入跃升至1.132亿美元，同比增长157.2%。截至2025年末，公司加密货币储备达到约1,750枚BTC 和3,951枚ETH的历史峰值。 目前经营状况 公司在2025年实现毛利转正。第四季度毛利润为1,458万美元，而2024年同期为毛亏损635万美元；全年 毛利润为4,116万美元，对比2024年全年毛亏损8,432万美元，反映出产品结构优化和成本控制成效。尽 管全年仍为净亏损，但净亏损额同比收窄15.6%。 战略推进 嘉楠科技在北美市场获得里 ...

Bitcoin miner Canaan (NASDAQ: CAN) released its Q4 earnings Tuesday, posting a 121.1% year-over-year revenue increase to $196.3 million for the fourth quarter of 2025. The Singapore-based ASIC miner manufacturer achieved a gross profit of $14.6 million, reversing a $6.4 million loss from the same period in 2024. The company attributed the growth to record sales of computing power, which totaled 14.6 EH/s during the quarter for a total of $118.6 million in revenue. Large-scale orders from North American c ...

CFO James Jin Cheng said fourth-quarter revenue was heavily concentrated in North America, with revenue from North American customers totaling $125 million , representing over 75% of total product sales. He said the results reflected continued recognition from “top-tier institutional miners” in the region.Zhang attributed the quarter’s performance to a “major breakthrough” in mining machine sales, including a large-scale order of more than 50,000 A15 Pro models from a leading mining company. The company rep ...

Canaan (NasdaqGM:CAN) Q4 2025 Earnings call February 10, 2026 08:00 AM ET Company ParticipantsBen Summers - Equity Research AssociateGwyn Lauber - Director of Investor RelationsJames Jin Cheng - CFONangeng Zhang - Chairman and CEOConference Call ParticipantsKevin Cassidy - Managing Director and Senior Research AnalystKevin Dede - Managing Director and Senior Technology AnalystMark Palmer - Managing Director and Senior Equity Research AnalystWilliam Chan - AnalystOperatorLadies and gentlemen, thank you for s ...

Canaan (NasdaqGM:CAN) Q4 2025 Earnings call February 10, 2026 08:00 AM ET Company ParticipantsBen Summers - Equity Research AssociateGwyn Lauber - Director of Investor RelationsJames Jin Cheng - CFONangeng Zhang - Chairman and CEOConference Call ParticipantsKevin Cassidy - Managing Director and Senior Research AnalystKevin Dede - Managing Director and Senior Technology AnalystMark Palmer - Managing Director and Senior Equity Research AnalystWilliam Chan - AnalystOperatorLadies and gentlemen, thank you for s ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 reached $196 million, up 30.4% quarter-over-quarter and 121.1% year-over-year, marking the highest quarterly revenue in the past three years [6][29] - Full-year revenue for 2025 was $530 million, surging 96.7% year-over-year, nearly doubling 2024 results [13][29] - Gross margin in Q4 was $14.6 million, down from $16.6 million in Q3, primarily due to large-scale orders and declining Bitcoin prices [34] Business Line Data and Key Metrics Changes - Product revenue from mining machines was $165 million in Q4, up 39.1% quarter-over-quarter and 124.5% year-over-year, driven by strong sales volume [9][29] - The total computing power sold reached 14.6 exahash per second, up 45.7% quarter-over-quarter and 60.9% year-over-year [8][29] - The Avalon Home series contributed approximately $25 million in revenue for 2025, indicating strong growth in this segment [30] Market Data and Key Metrics Changes - Revenue from North American customers in Q4 was $125 million, accounting for over 75% of total product sales, highlighting the importance of this market [30] - The total installed hash rate increased 8.6% quarter-over-quarter to 9.91 exahash per second by the end of Q4 [10] Company Strategy and Development Direction - The company aims to integrate computing and energy infrastructure, focusing on the co-location of Bitcoin mining and AI high-performance computing (HPC) [17][19] - In 2026, the strategy will prioritize securing reliable power resources and developing a systematic approach to power capacity [18][20] - The company plans to enhance its consumer and small to medium-sized business segments by improving product quality and building distribution channels [21][22] Management's Comments on Operating Environment and Future Outlook - The management expressed a cautious outlook for the first quarter of 2026, anticipating revenue between $60 million and $70 million due to market volatility [26][27] - The company remains focused on maintaining cash flow discipline and preparing for potential demand recovery later in the year [25][36] Other Important Information - The company holds 1,750 Bitcoins and 3,951 Ethereums, valued at approximately $166 million at year-end prices, providing liquidity and potential upside [10][30] - The company recorded a $44 million non-cash fair value loss due to the decline in Bitcoin prices, impacting adjusted EBITDA [35] Q&A Session Summary Question: Update on A16 mass production timeline - The A16 mass production is expected to start after the Lunar New Year holiday, with volume ramp-up anticipated by the end of Q1 [41][42] Question: Margin profile differences between Home series and A15 - The Home series maintains good profitability, while industrial machines face pressure due to market conditions; the company will continue to prioritize the Home series for profit generation [43][44] Question: Size of the total addressable market for energy efficiency initiatives - The size of individual projects typically ranges from a few megawatts to several tens of megawatts, with a cautious approach to market size estimates [50][51] Question: Long-term manufacturing footprint and U.S. manufacturing adjustments - The company has built a resilient manufacturing footprint across multiple regions, including the U.S., to adapt to changing compliance and market conditions [56][57] Question: Breakeven price for Bitcoin mining - The all-in payback level for Bitcoin mining is estimated to be around $100,000-$110,000, while the shutdown price for the A15 Pro version is approximately $37,000 [60][61] Question: Foundry availability for A16 and cost differences - The foundry capacity is tight, but the company has secured critical resources; the unit cost for A16 is expected to face upward pressure compared to A15 [66][67] Question: Self-mining targets for 2026 - The company does not have a fixed self-mining target for 2026 but aims to prioritize energy infrastructure to scale operations when market conditions allow [87][88]

Operating & Financial Results Forth Quarter 2025 & FY2025 February 10, 2025 Chairman & CEO CFO Nangeng Zhang Jin "James" Cheng 1 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 and cash flow. These non-GAAP measures should be considered in addition to, and no ...

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吴说获悉，嘉楠科技（NASDAQ: CAN）发布 2026 年 1 月未经审计比特币挖矿更新。公司当月挖矿 83 BTC，加密货币储备达纪录 1778 BTC 和 3951 ETH。全球部署算力达 10.07 EH/s，运营算力 6.63 EH/s，平均矿机效率 24.2 J/TH。 （来源：吴说） ...

Achieved record high cryptocurrency treasury of 1,778 BTC and 3,951 ETH Deployed global hashrate exceeded 10 EH/s SINGAPORE, Feb. 10, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today released its unaudited bitcoin mining update for the month ending January 31, 2026. Management Commentary "Our results for January 2026 demonstrate the resilience and adaptability of our global mining operations," said Nangeng Zhang, chairman and CEO of Canaan. " ...