Canaan Inc. Renews Its US$30 Million Share Buyback Program

Core Viewpoint - Canaan Inc. has authorized a share repurchase program of up to US$30 million, reflecting confidence in its long-term value and strategic progress [1] Group 1: Share Repurchase Program - The new share repurchase program allows the company to buy back up to US$30 million worth of its outstanding American depositary shares (ADSs) over the next 12 months starting December 12, 2025 [1] - The previous program, which began on May 27, 2025, resulted in the repurchase of 6,586,413 ADSs for approximately US$4.9 million [2] - The company plans to fund the repurchases with its existing cash balance and will execute transactions in compliance with relevant regulations [3] Group 2: Company Performance and Market Position - Canaan's chairman and CEO, Nangeng Zhang, stated that the current market valuation does not reflect the company's progress and operational improvements [3] - The company has shown encouraging improvements in its third-quarter performance, expanded global customer engagement, and enhanced product innovation [3] - Canaan's machines hold the second largest share of the global bitcoin mining market, indicating a strong competitive position [4]