Canaan Inc
canaan.ioWhat Do They Do?
Designs and sells Bitcoin mining machines and related equipment to mining businesses and home users, and mines Bitcoin through mining-farm collaborations.
20-F for FY2025, filed Apr 15, 2026Our technology and expertise in ASIC applications are primarily dedicated to the design, development, production and sales of our…View ↗
To further democratize access to bitcoin mining, we launched the Avalon Home series in 2024 and formally commercialized it in 2025, a new…View ↗
Leveraging our deep understanding of the cryptocurrency industry and strong technology as applied to ASIC chip design, we intend to capture…View ↗
How Do They Make Money?
Mining-equipment buyers usually pay in full before delivery, though some customers pay in installments. Mining-pool operators compensate Canaan in Bitcoin for hash calculations, with payouts transferred after each pool contract term.
20-F for FY2025, filed Apr 15, 2026The Company generates revenue primarily from the sale of mining equipment directly to a customer, such as a business or individual engaged…View ↗
The Company recognizes products revenue at a point in time when the control of the products has been transferred to customers. The transfer…View ↗
The Company entered into a Bitcoin mining pool by executing a contract, as amended from time to time, with a mining pool operator to…View ↗
The Company earns Bitcoin from mining operation, which is considered noncash and all variable. The fair value of the Bitcoin award earned…View ↗
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20-F for FY2025, filed Apr 15, 2026
FY2025 revenue by product or service (Revenue from Contract with Customer, Excluding Assessed Tax) ↗
$529.7M
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20-F for FY2025, filed Apr 15, 2026
$529.7M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Products revenue
Sold outright
20-F for FY2025, filed Apr 15, 2026 |
79%
FY2022: 95%
|
Products revenue, FY2025
$413.8M Sources
|
Sold outright |
|
Mining revenue
Usage-based
20-F for FY2025, filed Apr 15, 2026 |
21%
FY2022: 5.0%
|
Mining revenue, FY2025
$113.2M Sources
|
Usage-based |
Who Are Their Customers?
Mining businesses and individual Bitcoin miners buy equipment directly, while mining-pool operators pay for hash-computation services; online stores target overseas retail buyers.
20-F for FY2025, filed Apr 15, 2026The Company generates revenue primarily from the sale of mining equipment directly to a customer, such as a business or individual engaged…View ↗
The Company entered into a Bitcoin mining pool by executing a contract, as amended from time to time, with a mining pool operator to…View ↗
We, through our operating subsidiaries, conduct the marketing of our Bitcoin mining machines mainly through word of mouth, press releases…View ↗
Do Revenues Turn Into Profits?
No. It lost $210.3M in FY2025.
20-F for FY2025, filed Apr 15, 2026
−$112.2MView ↗
20-F for FY2025, filed Apr 15, 2026
−$210.3MView ↗
20-F for FY2025, filed Apr 15, 2026
−$295.8MView ↗
How Are They Changing?
Shrinking. Revenue fell 31% in 4 years, from $772.8M in FY2021 to $529.7M in FY2025, about 9% a year.
Added home-use miners
The latest report adds compact mining devices for individual users alongside machines for industrial-scale mining; the older report describes its product line as Bitcoin mining machines.
20-F for FY2022, filed Apr 19, 2023 20-F for FY2025, filed Apr 15, 2026Our technology and expertise in ASIC applications are primarily dedicated to the design, development, production and sales of our…View ↗
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