Core Insights - Canaan Inc. returned to gross profit in Q3 2025 with a revenue increase of 114% year-over-year [1][2] Financial Performance - Gross profit for Q3 2025 was $16.6 million, compared to a gross loss of $21.5 million in the same quarter last year [2] - Total revenue reached $150.5 million, up from $100.2 million in the previous quarter and $73.6 million a year ago [2] - The company reported a net loss of $27.7 million, an increase from a net loss of $11.1 million in Q2 2025 [2] Revenue Breakdown - Product revenue was $118.6 million, while mining revenue accounted for $30.6 million [3] - Mining revenue was bolstered by 267 bitcoins mined, generating an average revenue of $114,485 per bitcoin [3] - Total computing power sold exceeded 10.0 exahashes per second, marking a quarterly record [3] Cryptocurrency Holdings - Canaan's cryptocurrency treasury reached a record of 1,581.9 BTC and 2,830 ETH at the end of Q3 2025 [3] - By the end of October, holdings increased to 1,610 BTC and 3,950 ETH [3] Business Developments - The company secured its largest single order in three years, with over 50,000 Avalon A15 Pro units from the U.S., scheduled for delivery in Q4 2025 [4] - A gas-to-computing pilot project was launched in Calgary, Alberta, in partnership with Aurora AZ Energy Ltd., involving over $2 million of A15 Pro units [4] - Canaan unveiled the Avalon A16 series on October 28, featuring the A16XP model rated at 300 TH/s and 12.8 J/TH, available for pre-order [5]

Core Insights - The company, Jia Nan Technology, reported an increase in operational metrics for October 2025, with deployed hash rate, operational hash rate, North American mining machine efficiency, and installed power capacity all surpassing September levels [1] - Despite an increase in mining difficulty across the network, the company produced 92 BTC in October, with a deployed hash rate of 9.31 EH/s and an operational hash rate of 7.85 EH/s [1] - The company's total cryptocurrency holdings increased to 1,610 BTC and 3,950 ETH, supported by a rigorous mining operation and holding strategy [1] Operational Performance - The operational hash rate improved to approximately 8.25 EH/s as of November 7, following the reallocation of less efficient mining machines [1] - The company maintains a stable revenue-sharing ratio and electricity costs [1] Strategic Initiatives - Jia Nan Technology is advancing a global strategy focused on sustainability, efficiency, and innovation [1] - A pilot project named "Gas to Hash Power" was launched in Alberta, Canada, converting stranded natural gas into clean, low-cost electricity for Bitcoin mining [1] - The company introduced the next-generation Avalon® A16 series, featuring the flagship air-cooled model A16XP, which achieves a hash rate of 300 TH/s and an energy efficiency ratio of 12.8 J/TH [1]