Canaan(US:CAN) Jin Rong Jie·2025-05-20 12:20Core Viewpoint - 嘉楠科技 reported strong financial performance in Q1 2025, driven by robust self-mining operations and significant growth in revenue and sales power [1][2][3] Financial Performance - Total revenue for Q1 2025 reached $82.78 million, exceeding the previous forecast of $75 million and representing a 135.9% increase year-over-year [1][3] - The company achieved a total sales power of 5.5 million TH/s, a 62.6% increase compared to the previous year [1][2] - Self-mining revenue amounted to $24.25 million, a 131.9% year-over-year increase, with 259 bitcoins mined at an average income of $93,466 per bitcoin [1][2] Cost and Profitability - Gross profit for Q1 2025 was approximately $650,000, a significant improvement from a gross loss of $37.33 million in the same quarter last year [1][3] - Total operating expenses were $38.28 million, a decrease from $49.29 million in Q4 2024 but an increase from $30.72 million in Q1 2024 [3] EBITDA and Earnings Per Share - Adjusted EBITDA for Q1 2025 was a loss of $38.13 million, compared to a profit of $19.27 million in Q4 2024 and a loss of $25.98 million in Q1 2024 [4] - Basic and diluted net loss per American Depositary Share (ADS) was $0.27, an improvement from $0.33 in Q4 2024 but worse than $0.16 in Q1 2024 [4] Cryptocurrency Holdings and Market Outlook - As of March 31, 2025, the company held 1,468.1 bitcoins, with a total fair value of cryptocurrency assets and receivables amounting to $125.9 million [5] - Due to recent U.S. tariff measures causing significant uncertainty in the bitcoin mining industry, the company has withdrawn its previous full-year revenue forecast for 2025 [5] - For Q2 2025, the company anticipates total revenue of approximately $10 million, reflecting current market dynamics and changing customer demand [5]