Canaan Inc. · NASDAQ:CAN
Canaan — Q4 2025 Earnings Presentation
27 slides from Canaan's earnings presentation, Feb 10, 2026
Slide 1: Operating & Financial Results
Operating & Financial Results Forth Quarter 2025 & FY2025 February 10, 2025 Chairman & CEO CFO Nangeng Zhang Jin “James” Cheng 1
Slide 2: Safe Harbor Statement
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
Slide 3: Quarterly Update
QUARTERLY UPDATE 3
Slide 4: Solid Q4 Performance Through Bitcoin Cycle
Solid Q4 Performance Through Bitcoin Cycle BTC Price and Global Network Hashrate in Q4 Total Revenue $196.3 Million • In line with guidance of $175M-$205M • +121% Year-over-Year 123000 1250 • +30% Quarter-over-Quarter • Highest revenue in past 14 quarters 115000 1160 107000 1070 Other Highlights 990
Slide 5: Increasingly Diversified Revenue Streams
Increasingly Diversified Revenue Streams Q4 2025 Revenue Split Revenue Mix $ in millions 100% 85.0% 85.3% 81.3% 81.2% $30.4 80% 68.1% 70.3% 66.5% 66.0% $6.3 60% 40% 29.8% 29.3% 28.0% 17.2% 20.3% 13.0% 12.2% 15.6% 20% 5.6% 8.1% $158.1 0.7% 2.0% 1.1% 1.5% 3.2% 0% Industrial Mining Equipment Q1'24 Q2'2
Slide 6: Revenues & Other Key Trends
Revenues & Other Key Trends Revenues Computing Power Sold and ASP $ 196.3 200 $11.8 180 $11.1 $11.3 $10.5 16 160 $ 150.5 14.6 10 $9.1 14 140 $8.8 $8.1 12 120 $6.9 10.0 $ 100.2 9.1 10 100 $ 88.8 $ 82.8 7.3 8 80 $ 71.9 $ 73.6 5 6.2 6.4 6 60 5.5 3.4 4 $ 35.1 40 2 20 0 0 0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25
Slide 7: FY2025 Update
FY2025 UPDATE 7
Slide 8: Full Year Results Highlights
Full Year Results Highlights Revenue ($ in millions) FY2024 FY2025 YoY FY2025 Revenue Split Industrial Mining Product revenue 212.2 386.7 82.2% Industrial Mining Equipment 21.6% Home Mining Product revenue 2.6 24.6 850.0% 4.7% Home Mining Equipment Mining revenue 44.0 113.2 98.5% 73.7% Self-mining T
Slide 9: Product Lineup
Product Lineup 9
Slide 10: Unveiled Next-Gen Avalon A16 Series
Unveiled Next-Gen Avalon A16 Series Avalon A16 & A16XP Air-Cooled Powerful Hashrate Performance - Delivers up to 300 TH/s of computing power for high-efficiency mining Industry-leading Energy Efficiency - Achieves industry-leading 12.8 J/TH efficiency and power saving Compact and Reliable Design - O
Slide 11: Avalon Family – Industrial Mining Solutions
Avalon Family – Industrial Mining Solutions Avalon ASIC Miners Avalon Box Air-Cooled Hydro-Cooled Immersion-Cooled Air-Cooled (20&40ft) A15Pro A15HS A1566I Hydro-Cooled (20&40ft) A15HU - Proprietary dual-fan - Superior heat design dissipation Immersion-Cooled (20&40ft) - Best-in-class durability - E
Slide 12: Avalon Family – Home Mining Solutions
Avalon Family – Home Mining Solutions Portable Heater Miner Baseboard Heater Miner Professional Home Miner Avalon Nano 3S Avalon Mini 3 Avalon Q - Compact & Ultra quiet - Heater & Miner - High performance - Portable & Efficient - Moderate power use - Adjustable power consumption - Beginner friendly
Slide 13: Self-Mining
Self-Mining 13
Slide 14: Q4 Self-Mining Overview
Q4 Self-Mining Overview Q4 Updates Mining Revenue & Adjusted Mining Gross Margin $45 33.6% 33.3% 41.9% 31.1% 23.3% 26.3% 300 9.91 EH/s 1,750 $30.4 M 17.8% $40 22.1% 17.8% 30% $35 $ 30.6 $ 28.1 $ 30.4 10% Bitcoins $30 Installed $ 24.3 -10% Bitcoins Owned Mining Adjusted $25 The 4th Mined* Computing a
Slide 15: Self-Mining Progress in January 2026
Self-mining Progress in January 2026 Quarterly Installed Computing Power (North American vs Global) 9.91 Self-Mining Progress 9.30 8.15 6.60 6 5.44 • 83 bitcoins mined in January 2026, despite 4.61 4.79 macroeconomic headwinds and record winter 3.67 storms across North America 1.52 0.76 • Month-end
Slide 16: Energized Computing Power Hits Record High
Energized Computing Power Hits Record High (As of Feb. 10, 2025) Regions Active Mining Energized Installed Expected Estimated in alphabetical order Projects Computing Computing Computing Total (A to Z) Count Power1 Power2 Power Computing Installed Estimated (Onshore)3 Power4 Weighted Average Cost of
Slide 17: Pivot to Energy Field
PIVOT TO ENERGY FIELD 17
Slide 18: Power × Compute Infrastructure
Power × Compute Infrastructure Building a More Proactive, Controllable, and Scalable Energy Foundation Strategy Shift Transitioning from an opportunistic, asset-light power strategy to a systematic upstream development model, prioritizing direct U.S. power applications and building a pipeline capabl
Slide 19: Consumer Products, Scalable Channel Build-Out
Consumer Products, Scalable Channel Build-Out Systematic Consumer / Small-to-medium-sized Business (SMB) Strategy Adopt a more systematic and disciplined approach to growing the consumer and SMB segment in 2026 Product Excellence as Long-Term Product Systematic Channel the Foundation Reputation Firs
Slide 20: Turning Flaring Into Power: Gas-to-Computing Pilot
Turning Flaring Into Power: Gas-to-Computing Pilot • Partnered with Aurora AZ Energy Ltd to launch a 2.5 MW gas-to- computing pilot in Alberta, Canada, converting stranded or flared gas into reliable, low-cost power using 700 Avalon® A15 Pro miners installed directly at the wellhead. • Strengthened
Slide 21: Heating Greenhouse: Heat Recovery Proof-of-Concept
Heating Greenhouse: Heat Recovery Proof-of-Concept • 3 MW greenhouse pilot in Manitoba using liquid-cooled Avalon® computing system deployed to recover and reuse heat for agricultural operations. • High-efficiency energy reuse with an estimated ~90% heat recovery, delivering >75°C hot water to suppl
Slide 22: Financials
FINANCIALS 22
Slide 23: Revenue & Bitcoin Trends
Revenue & Bitcoin Trends Revenue #BTC Held and Market Value $196.3 1,750 200 1,800 1,582 180 $175.0 1,484 $200.0 1,408 $150.5 1,500 1,293 $179.0 160 1,212 $160.0 $153.7 140 1,057 1,114 $150.0 $130 1,200 1,001 120 $123.2 $117.5 1,001 $100.2 1,001 100 $100 900 730 1,030 $82.8 530 730 $100.0 80 $75 $60
Slide 24: Balance Sheet
Balance Sheet Inventory Cash 250 140 119.2 201.7 120 200 180.8 96.5 96.8 100 80.8 150 131.3 80 71.8 113.9 66.8 65.9 108.0 99.2 94.6 54.7 100 87.8 60 40 50 20 0 0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2‘25 Q3'25 Q4'25 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 $ in millions $ in millions Source: Compan
Slide 25: More Financial Data
More Financial Data Avg Revenue per BTC for Self-Mining Loss from Operations 114,485 98,870 101,304 93,466 (23.9) (23.6) 82,174 (27.1) (37.6) 65,992 (46.6) 61,034 53,765 (56.8) (55.6) (68.0) (93.3) Q1’24 Q2’24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25
Slide 26: Renewed Shares Repurchase Program
Renewed Shares Repurchase Program On Dec 12, 2025, the Company announced a share repurchase program of up to US$30 million of its ADSs over a six-month period over the next 12 months. Repurchases may conducted by open-market transactions, private negotiations, or block trades, funded by existing cas
Slide 27: Q&A
Ca cv canaan Q&A