Canaan Inc. (CAN) is having a good Tuesday. The Singapore-based crypto mining company's shares climbed more than 13% after delivering third-quarter results that showed meaningful improvement across the board.
The Numbers Tell a Story
Canaan posted a quarterly loss of 5 cents per share, matching Wall Street's expectations. But the real story was on the revenue line, where the company brought in $150.48 million—comfortably ahead of the $132.23 million analysts were expecting.
Even better? The outlook. Management guided fourth-quarter sales between $175 million and $205 million, significantly above the street's $160.34 million estimate. That's the kind of guidance that gets traders excited.
What's Driving the Performance
"We delivered another solid quarter with revenue, profitability, and cash flow all showing meaningful improvement, a result of focused execution and disciplined financial management," said CFO Jin Cheng.
He pointed to product sales revenue of $118.6 million for the quarter, driven by strong growth in computing power sold and higher average selling prices. The company also locked in substantial new orders, particularly from a top-tier U.S. mining client, which Cheng said is "laying a strong foundation for the remainder of 2025."
The mining segment delivered a record $30.6 million in revenue. Perhaps most impressive: Canaan swung from a gross loss of $21.5 million in the same quarter last year to a gross profit of $16.6 million this time around.
The company has also been putting its capital to work, repurchasing approximately $3.4 million in American Depository Shares from a $30 million buyback program approved in May.
At publication time, CAN shares were trading around 97 cents, up 13.13% on the day.
