Canaan sees FY25 revenue $900M-$1.1B

The company said, “In light of the increasing demand for bitcoin mining hash rate and our growing mining operations, our preliminary expectations for total revenues for fiscal year 2025 are in the range of US$900 million to US$1.1 billion. This guidance is based on current market and operational conditions, and our actual results may vary from these expectations. In Q1 2025, we continue to see increased computing power demand, leading to deliveries of customer orders scheduled into Q2 of 2025. As we balance the allocation of our Bitcoin mining machines between customer orders and our own mining hash rate deployment, we continue to prepare for longer-term impact of the bull market. Due to the typical slowdown that we anticipate because of the Lunar New Year holiday period in Q1 2025, we will provide guidance for Q1 in our Q4 2024 earnings release which we expect to issue in late March 2025. We remain committed to innovation, strategic partnerships, and expanding the Company’s footprint in the global Bitcoin mining industry.”