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Shares of Canaan Inc. (NASDAQ:CAN) are trading higher Tuesday after the Singapore-based crypto mining company reported better-than-expected unaudited third-quarter earnings.
What To Know: Canaan reported quarterly losses of 5 cents per share, which was in line with market expectations. The company reported quarterly sales of $150.48 million, which beat the analyst consensus estimate of $132.23 million.
The company issued fourth-quarter sales guidance above market expectations, predicting sales between $175 million and $205 million versus estimates of $160.34 million.
Shares were up more than 13% at last check, according to Benzinga Pro.
“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 Canaan CFO Jin Cheng.
“Product sales revenue reached US$118.6 million for the quarter, supported by strong growth in computing power sold and higher average selling prices. Our team also secured a substantial volume of new orders, especially from a top-tier U.S. mining client, laying a strong foundation for the remainder of 2025.”
The company’s mining segment hit a record of $30.6 million, and overall reported gross profit of $16.6 million compared to a gross loss of $21.5 million the same quarter last year.
Canaan also said it has repurchased approximately $3.4 million in American Depository Shares out of a $30 million allotment that was approved in May.
CAN Price Action: The stock was up 13.13%, trading around 97 cents at the time of publication, according to Benzinga Pro.
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Posted In: CAN
