olivLaw · US equity research
Canaan Inc. CAN
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
Canaan Inc. designs ASIC chips and sells Bitcoin mining machines under the AvalonMiner brand, and in 2025 extended its offer to home users through the Avalon Home line. The company matters now because its revenue depends directly on the profitability of Bitcoin mining, which has fluctuated sharply, and because it has shifted away from the Chinese market. Revenue from mining machines and parts reached 412.6 million USD in 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Canaan Inc. (CAN) stock was 0.21 USD (+2.94% on the day), with market capitalisation 954.7 m USD, beta 3.07, 52-week range 0.17–1.29 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 33.3
- weak (30–45)
- Bollinger (20, 2)
- 0.17 – 0.30
- in the lower half of the band · %B 0.26 · band width 52.4%
- SMA 50 / 200
- 0.31 / 0.39
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -0.03
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −37.9% | −2.0% | −35.9 pp | — |
| 3 months | +5.0% | −2.2% | +7.2 pp | — |
| 6 months | −62.7% | +4.3% | −66.9 pp | — |
| Year to date | −70.0% | +10.6% | −80.6 pp | — |
| 1 year | −81.4% | +10.5% | −91.8 pp | −47.5% |
| 3 years | −88.9% | +73.7% | −162.6 pp | −48.3% |
| 5 years | −97.6% | +61.7% | −159.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | ⚠ 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | 204.3 m | 68.6 m | 772.8 m | 651.5 m | 211.5 m | 269.3 m | 529.7 m |
| Revenue YoY | unavailable | unavailable | −66.4% | — | −15.7% | −67.5% | +27.4% | +96.7% |
| Net income | unavailable | -148.6 m | -33.0 m | 309.1 m | 69.9 m | -414.2 m | -249.8 m | -210.3 m |
| Net income YoY | unavailable | unavailable | unavailable | — | −77.4% | −692.6% | unavailable | unavailable |
| Diluted EPS | unavailable | -6.90 | -1.41 | 12.00 | 2.71 | -16.06 | -6.13 | -2.99 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | — | −77.4% | −692.6% | unavailable | unavailable |
| net % | unavailable | -72.7% | -48.0% | 40.0% | 10.7% | -195.8% | -92.7% | -39.7% |
| Free cash flow | unavailable | -41.4 m | 6.1 m | 196.6 m | -200.3 m | -126.9 m | -218.6 m | -295.8 m |
The series breaks before 2021: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 80.8 m USD
- Financial debt
- 52.2 m USD
- Net debt
- -28.5 m USD
- Equity
- 437.4 m USD
- Total assets
- 602.9 m USD
- Debt / equity
- 0.12x
- Current ratio
- 3.31x
- ROE
- -59.8%
- ROA
- -39.5%
- FCF margin
- -55.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 68.6 m | 772.8 m | 651.5 m | 211.5 m | 269.3 m | 529.7 m | SEC (XBRL)· 15 Apr 2026verified |
| Cost of revenue | 62.8 m | 331.0 m | 421.2 m | 452.3 m | 353.6 m | 488.6 m | SEC (XBRL)· 15 Apr 2026verified |
| Gross profit | 5.8 m | 441.8 m | 230.3 m | -240.8 m | -84.3 m | 41.2 m | SEC (XBRL)· 15 Apr 2026verified |
| Research & development | 21.5 m | 52.2 m | 81.8 m | 64.8 m | 61.3 m | 63.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Operating income | -38.9 m | 283.0 m | 42.9 m | -410.9 m | -227.1 m | -112.2 m | SEC (XBRL)· 15 Apr 2026verified |
| Interest expense | 550.0 k | — | — | — | 521.0 k | 2.0 m | SEC (XBRL)· 15 Apr 2026verified |
| Pre-tax income | -33.0 m | 316.9 m | 88.3 m | -465.5 m | -172.3 m | -207.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Income tax | 0 | 7.8 m | 18.5 m | -51.3 m | 77.5 m | 2.8 m | SEC (XBRL)· 15 Apr 2026verified |
| Net income | -33.0 m | 309.1 m | 69.9 m | -414.2 m | -249.8 m | -210.3 m | SEC (XBRL)· 15 Apr 2026verified |
| Diluted EPS | -1.41 | 12.00 | 2.71 | -16.06 | -6.13 | -2.99 | SEC (XBRL)· 15 Apr 2026verified |
| Weighted average diluted shares | 2.3 bn | 2.6 bn | 2.6 bn | 2.6 bn | 4.1 bn | 7.0 bn | SEC (XBRL)· 15 Apr 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 60.0 m | 421.2 m | — | 96.2 m | 96.5 m | 80.8 m | SEC (XBRL)· 15 Apr 2026verified |
| Receivables | 1.1 m | 58.0 k | — | 3.0 m | 1.5 m | 19.3 m | SEC (XBRL)· 15 Apr 2026verified |
| Inventories | 34.6 m | 127.5 m | 211.6 m | 142.3 m | 94.6 m | 180.8 m | SEC (XBRL)· 15 Apr 2026verified |
| Current assets | 154.4 m | 827.5 m | 555.7 m | 363.7 m | 334.0 m | 433.3 m | SEC (XBRL)· 15 Apr 2026verified |
| Property, plant & equipment, net | 1.9 m | 29.1 m | 85.4 m | 29.5 m | 40.2 m | 44.0 m | SEC (XBRL)· 15 Apr 2026verified |
| Intangibles (excl. goodwill) | — | — | — | — | 901.0 k | 689.0 k | SEC (XBRL)· 15 Apr 2026verified |
| Total assets | 158.8 m | 883.8 m | 685.0 m | 493.3 m | 463.0 m | 602.9 m | SEC (XBRL)· 15 Apr 2026verified |
| Accounts payable | 5.7 m | 22.5 m | 16.7 m | 6.2 m | 14.0 m | 25.6 m | SEC (XBRL)· 15 Apr 2026verified |
| Short-term debt | 5.3 m | — | — | — | 16.7 m | 28.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Long-term debt | — | — | — | — | 7.3 m | 23.7 m | SEC (XBRL)· 15 Apr 2026verified |
| Current liabilities | 90.8 m | 327.2 m | 75.3 m | 135.2 m | 178.6 m | 131.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Total liabilities | 92.5 m | 341.1 m | 77.3 m | 145.1 m | 196.8 m | 165.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Equity | 66.3 m † | 542.5 m † | 607.7 m † | 348.2 m † | 266.3 m † | 437.4 m † | SEC (XBRL)· 15 Apr 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 6.5 m | 202.3 m | -182.6 m | -123.6 m | -199.3 m | -271.2 m | SEC (XBRL)· 15 Apr 2026verified |
| Capex | 333.0 k | 5.6 m | 17.7 m | 3.3 m | 19.3 m | 24.6 m | SEC (XBRL)· 15 Apr 2026verified |
| Free cash flow | 6.1 m ≈ | 196.6 m ≈ | -200.3 m ≈ | -126.9 m ≈ | -218.6 m ≈ | -295.8 m ≈ | SEC (XBRL)· 15 Apr 2026derived |
| Investing cash flow | -7.6 m | 848.0 k | -8.1 m | 39.6 m | 61.0 m | 56.7 m | SEC (XBRL)· 15 Apr 2026verified |
| Financing cash flow | -17.2 m | 139.2 m | -56.2 m | 90.0 m | 139.7 m | 197.9 m | SEC (XBRL)· 15 Apr 2026verified |
| Share repurchases | 3.7 m | 16.1 m | 37.4 m | — | — | 5.0 m | SEC (XBRL)· 15 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 954.7 m USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -31.3% | 50 (vs peers) | 21% |
| Net margin · Quality | -39.7% | 54 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -6.7% | 0 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -57.1x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 3.3x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -31.0% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.5% | 7 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality52/100 · 2/3 factors with a value
- Returns· partial7/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Canaan Inc. (CAN). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 529.7 m USD in 2025; YoY growth 96.7%; net margin -39.7%; ROE -59.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.3x
What contradicts it
- Revenue CAGR 3Y: -6.7%
- Interest coverage: -57.1x
- FCF yield: -31.0%
- Shareholder yield (distributions): 0.5%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 218.3 bn | 18.3 | 35.9% | 27.9% | +6.4% | −11% / +91% |
| ARBKArgo Blockchain PLC | 45.2 bn | — | — | -117.2% | −7.0% | −97% / −99% |
| COINCoinbase Global, Inc. | 38.5 bn | — | -4.7% | -12.5% | +9.4% | −47% / +17% |
| SOFISoFi Technologies, Inc. | 21.7 bn | 35.0 | 7.1% | 104.3% | +23.1% | −44% / +130% |
| MARAMara Holdings, Inc. | 2.7 bn | — | -107.2% | -430.2% | +38.2% | −42% / −43% |
| UPSTUpstart Holdings, Inc. | 2.3 bn | 39.9 | 8.0% | 4.9% | +64.0% | −48% / −13% |
| PURRHyperliquid Strategies Inc | 1.9 bn | 3.0 | 32.6% | 3,229.8% | unavailable | unavailable / unavailable |
| CLSKCleanSpark, Inc. | 1.7 bn | — | -68.6% | -130.2% | +102.2% | −55% / +9% |
| BTDRBitdeer Technologies Group | 1.5 bn | — | -196.7% | -171.3% | −5.1% | −51% / +45% |
| RHLDResolute Holdings Management, Inc. | 1.0 bn | 24.1 | — | 4.2% | +9.9% | −26% / unavailable |
| CANCanaan Inc. | 954.7 m | — | -59.8% | -39.7% | +96.7% | −81% / −89% |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| GDOTGreen Dot Corp | 727.1 m | — | -2.8% | -1.1% | +20.7% | +2% / +59% |
| TRONTron Inc. | 664.1 m | 96.8 | 3.8% | 135.6% | +10.0% | −24% / −48% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| BTBTBit Digital, Inc. | 300.9 m | — | -56.7% | -237.2% | +5.1% | −65% / −68% |
| CANGCango Inc. | 272.7 m | — | -130.8% | -90.4% | +524.3% | −92% / −76% |
| CNTNCanton Strategic Holdings, Inc. | 172.1 m | — | -43.1% | — | unavailable | −17% / −83% |
| USBCUsbc, Inc. | 166.5 m | — | -414.1% | — | −100.0% | −47% / −97% |
| SNFCASecurity National Financial Corporation | 166.1 m | 6.5 | 9.0% | 11.1% | +3.0% | +15% / +37% |
| TONXTon Strategy Company | 159.7 m | — | -75.5% | -532.8% | +1,327.8% | −15% / −93% |
| BMHLBluemount Holdings Limited | 79.0 m | 61,098.2 | 26.2% | 18.8% | unavailable | −8% / unavailable |
| UPXIUpexi, Inc. | 62.9 m | — | -1,356.3% | -984.3% | +58.1% | −73% / −95% |
| SGRXSangrix Inc. | 40.8 m | — | -300.3% | -36,190.3% | −98.6% | −99% / −100% |
| AVXAvax One Technology Ltd. | 34.9 m | — | -189.6% | -1,533.9% | +8,709.3% | −80% / −100% |
1- and 3-year price returns: for CAN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 15 Apr 2026; since then the company filed 6-K (19 Oct 2026), 6-K (15 Oct 2026), 6-K (14 Sept 2026), 6-K (11 Sept 2026), 6-K (08 Sept 2026), 6-K (17 Aug 2026).
In brief
Canaan Inc. designs ASIC chips and sells Bitcoin mining machines under the AvalonMiner brand, and in 2025 extended its offer to home users through the Avalon Home line. The company matters now because its revenue depends directly on the profitability of Bitcoin mining, which has fluctuated sharply, and because it has shifted away from the Chinese market. Revenue from mining machines and parts reached 412.6 million USD in 2025 1.
SWOT
Strengths
- The company has more than a decade of experience in ASIC design and produces its own mining machines, giving it control over its technology.
- The customer base has diversified geographically, reducing dependence on a single market.
- The product portfolio has grown through containerized solutions and a line for home users.
Weaknesses
- Revenue depends largely on equipment sales, which are sensitive to the Bitcoin price.
- The company has recorded significant write-downs of inventory and supplier prepayments in recent years.
- A funding history based on repeated share issuances has diluted shareholders.
Opportunities
- If the home mining market develops, the Avalon Home line could open a new category of customers.
- The company's own mining segment could stabilize revenue if its operations become profitable.
- Containerized solutions could attract industrial operators looking for rapid deployment.
Threats
- A prolonged decline in the Bitcoin price could reduce demand and force further price cuts.
- Regulations on cryptocurrencies and policy in the home country could affect operations.
- Dependence on a few fabrication partners could delay deliveries.
Risks
- Dependence on the Bitcoin pricehigh
Mining returns and demand for equipment fall if the Bitcoin price drops and fails to recover, and the company may have to reduce its prices 1.
- Inventory write-downshigh
Inventory and prepayments can be written down if the Bitcoin price drops sharply, as happened in the past 1.
- Dependence on fabrication partnersmedium
Delays or yield problems at external wafer foundries can postpone deliveries and affect customer orders 1.
- Regulatory risks in Chinamedium
Legislative changes and government control over overseas offerings may limit the company's ability to raise capital 1.
- Dilution from share issuancesmedium
At-the-market programs and direct placements can reduce the value of existing shares for investors 1.
Investment thesis
What would need to be true (bull case)
- If the Bitcoin price recovers and demand for mining equipment rises, the company could quickly recover sales, given its high share of external revenue.
- The own mining segment and containerized solutions could add recurring revenue, reducing dependence on cyclical equipment sales.
- Technical experience in ASIC design could allow more efficient new generations of machines, supporting competitiveness.
What would break the thesis
- If the Bitcoin price stays low, equipment revenue could fall again, as it did in earlier periods of write-downs.
- Repeated dilution through share issuances could continue to limit gains for existing shareholders.
- Dependence on a few fabrication partners and on external markets could expose the company to unexpected disruptions.
What to watch
- Development of revenue from Bitcoin mining and machine salesQ1 2027
- Level of inventory write-downs relative to the Bitcoin price2027
- Commercial success of the Avalon Home series2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 15 Apr 2026; since then the company filed 6-K (19 Oct 2026), 6-K (15 Oct 2026), 6-K (14 Sept 2026), 6-K (11 Sept 2026), 6-K (08 Sept 2026), 6-K (17 Aug 2026).
The business
Canaan Inc. is a Cayman Islands holding company that conducts its operations through operating subsidiaries and specializes in designing ASIC integrated circuits for Bitcoin mining. The company works as a fabless designer: chips are fabricated by external wafer foundry partners, while machines are assembled in-house in China and, through partners, in Southeast Asia and the United States 1. Its principal executive offices are in Singapore 1. Besides selling equipment, the company develops its own Bitcoin mining business through collaborations with mining farms and self-owned facilities, which generated 113.2 million USD in revenue in 2025 1.
The company was founded in 2013 by a team led by its chairman and chief executive officer, which shipped the first ASIC-based mining machines in Bitcoin history, and was reorganized under Canaan Inc. in the Cayman Islands in 2018 1. It has been listed on Nasdaq since November 2019 1. Funding has relied largely on share issuances and at-the-market programs, which have diluted existing shareholders 1.
The product line includes the AvalonMiner series, the Avalon Box containerized mining solution for industrial operations, and the Avalon Home series for individual users, commercialized in 2025 1.
Segments
Bitcoin mining machines (AvalonMiner)
This is the main revenue driver, with sales of machines and parts of 412.6 million USD in 2025 1. Sales are determined by the demand and pricing of the machines, which depend on the expected economic returns of Bitcoin mining 1. Customers outside China represented 58.9% of these sales in 2025 1.
Bitcoin mining business
The company's own mining segment generated revenue of 113.2 million USD in 2025, developed through collaborations with mining farms and self-owned facilities, with the aim of supporting equipment sales 1. Mining equipment located in North America and Ethiopia is carried on the balance sheet 1.
Avalon Home and containerized solutions
The Avalon Home series for home users was formally commercialized in 2025, and the Avalon Box offers containerized solutions for industrial mining operations 1. Both are new extensions of the offer, with no separate revenue figures given in the analyzed source 1.
Market context
The Bitcoin mining market is dominated by demand that follows the economic return of mining, and Canaan's revenue depends on the Bitcoin price, energy costs and network difficulty 1. The company recorded inventory write-downs of 190.2 million USD in 2023 and 18.6 million USD in 2025 amid price volatility 1. Demand outside China has become essential after regulatory restrictions in the company's home market 1.
Halving events, the most recent in April 2024, reduce mining rewards per unit of computing power and may slow investment in new equipment 1.
Trends
- Expansion into external marketstailwind
The share of customers outside China has grown, which could reduce dependence on regulations in China, according to the company 1.
- Volatility of the Bitcoin priceheadwind
Declines in the Bitcoin price have produced stock write-downs and price cuts, and if the price falls significantly, such losses could reappear 1.
- Demand for mining with new equipmentmixed
Launching new generations of machines with better energy efficiency can support sales, if demand for equipment stays high 1.
- Energy costsheadwind
Rising energy prices, including those driven by geopolitical conflicts, can reduce the attractiveness of mining and demand for the company's products 1.
Competitive position
Canaan competes in the global market for ASIC Bitcoin mining machines, where energy efficiency and speed of launching new chip generations are key 1. The company says its experience in ASIC design and access to foundry capacity give it an advantage 1.
Competitive risk is amplified because demand is variable and a limited number of fabrication partners can influence deliveries 1.
- Listed bitcoin mining machine producers
The analyzed source does not name competitors but describes the general market of mining machine producers.
- Asian ASIC producers
Competition comes from producers with similar access to wafer suppliers, but the source does not name them.
- Vertically integrated mining operators
Operators that produce their own equipment can reduce external demand, though the source gives no names.
- Fabless chip designers
Companies designing similar chips can compete for the same customers and fabrication suppliers.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Canaan (CAN) Sold Crypto to Buy Back Stock. Can It Offset Weak Mining-Equipment Demand?Yahoo Finance — News · 23 Sept 2026 · EN
- Falling Bitcoin Prices Drag Down Products and Mining Revenue for Canaan (CAN)Yahoo Finance — News · 17 Sept 2026 · EN
- Canaan (CAN) Q2 2026 Earnings Call TranscriptYahoo Finance — News · 09 Sept 2026 · EN
- Canaan revenue craters 68% as Bitcoin holdings hit recordYahoo Finance — News · 09 Sept 2026 · EN
- Canaan Q2 Revenue Falls 68% as Net Loss Widens to $97.6 MillionYahoo Finance — News · 08 Sept 2026 · EN
- Canaan Q2 Earnings Call HighlightsYahoo Finance — News · 08 Sept 2026 · EN
- New Avalon Malware Framework Packs CrownX Ransomware CapabilitiesThe Hacker News · 03 Jul 2026 · RO
The latest news item in our archive is from 23 Sept 2026; the newest SEC filing is from 19 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)19 Oct 2026
- Current report (foreign issuer)15 Oct 2026
- Current report (foreign issuer)14 Sept 2026
- Current report (foreign issuer)11 Sept 2026
- Current report (foreign issuer)08 Sept 2026
- Current report (foreign issuer)17 Aug 2026
- Current report (foreign issuer)04 Aug 2026
- Current report (foreign issuer)15 Jul 2026
- Current report (foreign issuer)14 Jul 2026
- Current report (foreign issuer)06 Jul 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Canaan Inc. · 15 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.