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Canaan (CAN)
NASDAQ:CAN
Earnings Data
Report Date
May 23, 2025TBA Not Confirmed
Period Ending
2025 (Q1)Consensus EPS Forecast
-0.07Last Year’s EPS
-0.01Same Quarter Last Year
Strong Buy
Based on 3 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Mar 26, 2025
|% Change Since: -15.74%
|Next Earnings Date:May 23, 2025
Earnings Call Sentiment|Positive
Canaan Inc. experienced a strong Q4 2024 with record revenue and significant growth in both mining operations and product sales. The expansion into North America and the successful launch of new products were key highlights. However, challenges such as inventory write-downs, regulatory uncertainties, and high operating expenses were noted. Despite these challenges, the company's positive cash flow and EBITDA profitability indicate a strong outlook.Company Guidance
During Canaan Inc.'s earnings call for the fourth quarter and full year of 2024, the company provided robust guidance and performance metrics. Canaan reported $89 million in Q4 revenue, surpassing their guidance of $80 million, and achieved nearly $270 million for the full year, marking a 27.4% increase year-over-year. In Q4, the computing power sold reached 9.1 million terahash per second, a 66% increase year-over-year, contributing $73 million to mining machine revenue. The company mined 186 Bitcoins, an 84% year-over-year increase, generating $15.3 million in mining revenue, up 313% year-over-year. Canaan's North American market accounted for approximately 40% of mining machine sales in 2024. The firm also launched new consumer products, with total orders for these products reaching 12,000 units and valued at over $5 million. For 2025, Canaan anticipates Q1 revenue of approximately $75 million, with Q2 expected to range between $120 million and $150 million, projecting total annual revenue between $900 million to $1.1 billion.Record Revenue Achievement
Canaan Inc. reported approximately $89 million in total revenue for Q4 2024, surpassing the guidance of $80 million and achieving the highest quarterly revenue in the past two years. For the full year, the company achieved nearly $270 million in revenue, up 27.4% year-over-year.
Significant Growth in Mining Operations
The company mined 186 Bitcoins in Q4 2024, an 84% increase year-over-year. Mining revenue reached $15.3 million, up 313% year-over-year. The total installed mining hash rate reached 5.4 exahash per second, with a gross margin increase to 42% from 22% in Q3.
Successful Product Launches
The A15 series led to $73 million in mining machine revenue, up 64% year-over-year. The consumer product line Avalon Home series attracted 24,000 orders for the Nano 3 and 12,000 for new products, contributing $5 million.
Expansion in North America
North America accounted for approximately 40% of mining machine sales. Canaan signed agreements to expand mining capacity in Pennsylvania and Texas, aiming for 10 exahash per second in North America by mid-2025.
Strong Cash Flow and EBITDA
Cash flow from production and operations turned positive, generating $17 million in Q4. The adjusted EBITDA gain was $19.3 million, marking the first profitability since the market downturn began two years ago.
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CAN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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CAN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Mar 26, 2025 | $1.08 | $0.94 | -12.96% |
| Nov 20, 2024 | $1.59 | $1.67 | +5.03% |
| Aug 15, 2024 | $0.83 | $0.83 | 0.00% |
| May 17, 2024 | $1.17 | $1.05 | -10.26% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Canaan (CAN) report earnings?
Canaan (CAN) is schdueled to report earning on May 23, 2025, TBA Not Confirmed.
What is Canaan (CAN) earnings time?
Canaan (CAN) earnings time is at May 23, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CAN EPS forecast?
CAN EPS forecast for the fiscal quarter 2025 (Q1) is -0.07.
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