Accessibility StatementSkip Navigation Approximately US$7.8 million raised at an average price of approximately US$1.61 per ADS Company to pause further ATM Sales through 2025 SINGAPORE, Oct. 31, 2025 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today provides an update to its at-the-market ("ATM")Â offering program. On October 24, 2025, Eastern Standard Time, the Company established a new ATM equity offering program to replace the previous program, w ...

Core Insights - Canaan Inc. has launched its latest generation bitcoin mining machine, the Avalon A16 series, showcasing advancements in mining performance and chip innovation [1][2][3] Product Details - The Avalon A16XP model delivers 300 terahash per second (TH/s) of computing power with an energy efficiency of 12.8 joules per terahash (J/TH), making it one of the most competitive mining machines available [2] - The A16XP is designed for superior durability and reliability, enabling clients to maintain operational advantages and maximize returns on investment despite rising network difficulty [2] Company Strategy - Canaan's launch of the Avalon A16 series reflects its commitment to sustained innovation, emphasizing energy efficiency and computing power improvements [3] - The company is reinforcing its vertical integration across the bitcoin value chain, which includes ASIC design, hardware sales, self-mining operations, and bitcoin treasury management [4] - This strategic model positions Canaan to capture greater value throughout industry cycles while enhancing efficiency and operational agility [4] Global Expansion - Canaan plans to expand its international footprint through dedicated sales and service operations globally, providing world-class hardware solutions and post-sale support to its bitcoin mining clients [5]

Core Viewpoint - Canaan Inc. has demonstrated its ability to maintain a cost-effective bitcoin mining operation while expanding its global footprint and increasing bitcoin holdings, despite facing challenges such as a decline in bitcoin prices [2][3]. Mining Operations Update - In April 2025, Canaan mined a total of 87 bitcoins, bringing its total holdings to 1,424 bitcoins by the end of the month [5]. - The company's total deployed hashrate reached 8.15 EH/s, with an operating hashrate of 6.20 EH/s, maintaining a competitive all-in power cost of US$0.044/kWh [5][3]. - North American operations contributed significantly, with projects in Pennsylvania and Texas adding over 1.5 EH/s to the installed computing power [3]. Geographic Expansion and Efficiency - Canaan's non-North American operations, particularly in Ethiopia, achieved an average uptime of 95% in April, demonstrating resilience and efficiency despite minor power disruptions [4]. - The average miner efficiency in North America was recorded at 20.1 J/TH, while non-North America had an average of 30.8 J/TH, leading to a global average of 27.4 J/TH [6]. Financial and Strategic Developments - The company terminated a second tranche of a preferred share financing agreement worth US$100 million due to unforeseen market conditions, following the successful closing of the first tranche [12]. - Canaan has entered into new hosting agreements in North America, expected to enhance its self-mining capacity by approximately 4.7 EH/s [13]. Product Innovation - Canaan has completed the taped-out process for its next-generation bitcoin mining machine, the Avalon A16 series, and plans to release performance data and sample units upon full system testing [14].