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Canaan
(NASDAQ:CAN)
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Rating:46Neutral
Price Target:
$0.58
▲(142.92% Upside)
Action:Downgraded
Date:01/27/26
The score is held down primarily by weak financial performance (ongoing losses and negative cash flow) and bearish technicals (downtrend with negative momentum). A strong and optimistic Q3 earnings call with raised guidance provides meaningful support, but valuation signals are limited due to negative earnings and no dividend.
Positive Factors
Sustained Revenue Acceleration
Sustained, large revenue acceleration indicates renewed product demand and improving market traction. Over multiple quarters this trend supports stronger scale economics and revenue visibility, reducing execution risk for capacity expansion and R&D investments over the next several quarters.
Negative Factors
Persistent Negative Margins & Cash Flow
Ongoing negative gross and net margins and recurring negative operating/free cash flow indicate the company still struggles to convert revenue into sustainable profits. Over months this weak cash generation increases reliance on external funding and pressurizes investment in R&D and capex.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Acceleration
Sustained, large revenue acceleration indicates renewed product demand and improving market traction. Over multiple quarters this trend supports stronger scale economics and revenue visibility, reducing execution risk for capacity expansion and R&D investments over the next several quarters.
Read all positive factors
Canaan (CAN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$144.46M
Dividend YieldN/A
Average Volume (3M)9.10M
Price to Earnings (P/E)―
Beta (1Y)2.23
Revenue Growth61.11%
EPS Growth66.24%
CountryUS
Employees399
SectorTechnology
Sector Strength88
IndustryComputer Hardware
Share Statistics
EPS (TTM)-0.34
Shares Outstanding749,194,900
10 Day Avg. Volume5,975,163
30 Day Avg. Volume9,102,867
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)0.74
Price to Sales (P/S)0.61
P/FCF Ratio0.00
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$2.15Price Target Upside795.83% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.22
Revenue Forecast (FY)$269.20M
Canaan Business Overview & Revenue Model
Company Description
Canaan Inc. operates as a holding company, primarily engaged in the design, production, and sale of Bitcoin mining hardware, in addition to supplying various associated services. A key focus for the company is the advancement and implementation of...
How the Company Makes Money
Canaan generates revenue primarily through the sale of its ASIC mining machines, which are in high demand as the cryptocurrency market expands. The company also earns income from software services that optimize mining operations for clients, provi...
Canaan Earnings Call Summary
Earnings Call Date:May 19, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 13, 2026
Earnings Call Sentiment Neutral
The call presented a balanced picture: the company executed several strategic initiatives (notably the ABC JV acquisition, strong YoY installed hash growth, A16 product progress, channel expansion and meaningful expense reductions) that strengthen its long-term positioning in energy-enabled computing infrastructure. At the same time, near-term financials were hurt by market-driven events — a sharp BTC price decline, a $25M inventory write-down, a $41M fair-value loss on digital assets and a sizable adjusted EBITDA loss (~$76M) — and management guided to lower revenues for Q2. Overall the company emphasized resilience, discipline and strategic progress but acknowledged meaningful short-term headwinds.Positive Updates
Revenue In Line With Guidance
Total revenue of ~$62.7M (CFO rounded to $63M) for Q1 2026, within prior guidance range; product revenue ~$42.9M and mining revenue ~$19.1M.
Negative Updates
Sharp Bitcoin Price Decline and Market Volatility
Bitcoin fell from near ~$95k in mid-January to ~ $66k in early March, creating industry-wide demand pullback and investment caution that pressured ASPs and order timing.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue In Line With Guidance
Total revenue of ~$62.7M (CFO rounded to $63M) for Q1 2026, within prior guidance range; product revenue ~$42.9M and mining revenue ~$19.1M.
Read all positive updates
Company Guidance
Canaan guided Q2 2026 revenue of $35 million to $45 million (down from Q1 revenue of ~$62.7M/$63.0M), reflecting a cautious near‑term outlook; Q1 product revenue was $42.9M and mining revenue ~$19.1M, driven by sales of 4.1 EH/s of computing power at an average ASP of $10.50/TH and production of 257 BTC. At quarter end the company reported ~11 EH/s installed (up 11% QoQ, 66% YoY), non‑JV all‑in power cost ≈ $0.044/kWh, the ABC JV added ~4.82 EH/s and 120 MW at < $0.03/kWh, and digital‑asset holdings included 1,808 BTC and 3,952 ETH (market value ~$121M as of 3/31/26, rising toward ~$140M after a subsequent price recovery). Q1 P&L and liquidity highlights: a $25M noncash inventory write‑down (driving a $23M gross loss), a $41M fair‑value loss on digital assets, adjusted EBITDA loss of $76M, operating expenses of $31M (R&D $15M, selling $1M, G&A $15M), cash of $43M, and quarter cash uses including $57M manufacturing, $6M wafer procurement and $2M share repurchases; the company also issued ~54M ADS (fair value $25M) to acquire a 49% stake plus 6,840 A15 Pro units.Canaan Financial Statement Overview
Summary
Income Statement
25
Negative
Balance Sheet
40
Negative
Cash Flow
30
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 509.85M | 529.74M | 269.32M | 211.48M | 4.46B | 4.91B |
| Gross Profit | 17.63M | 41.16M | -84.32M | -240.78M | 1.58B | 2.81B |
| EBITDA | -101.54M | -75.22M | -143.33M | -330.11M | 526.74M | 1.82B |
| Net Income | -212.62M | -210.27M | -249.75M | -414.15M | 478.84M | 1.96B |
Balance Sheet | ||||||
| Total Assets | 532.07M | 602.88M | 463.01M | 493.30M | 4.69B | 5.63B |
| Cash, Cash Equivalents and Short-Term Investments | 43.45M | 80.78M | 96.49M | 96.15M | 695.83M | 2.68B |
| Total Debt | 56.55M | 54.90M | 94.99M | 1.43M | 25.73M | 31.07M |
| Total Liabilities | 150.13M | 165.52M | 196.76M | 145.11M | 529.62M | 2.17B |
| Stockholders Equity | 381.94M | 437.37M | 266.25M | 348.19M | 4.16B | 3.46B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 0.00 | -218.57M | -126.93M | -12.49B | 1.25B |
| Operating Cash Flow | 0.00 | 0.00 | -199.26M | -123.62M | -11.83B | 1.29B |
| Investing Cash Flow | 0.00 | 0.00 | 60.97M | 39.63M | -211.42M | 5.39M |
| Financing Cash Flow | 0.00 | 0.00 | 139.75M | 90.00M | -2.55B | 884.38M |
Canaan Technical Analysis
Negative
0.24
Price Trends
0.29
Negative
0.38
Negative
0.60
Negative
Market Momentum
-0.03
Negative
38.10
Neutral
50.81
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CAN, the sentiment is Negative. The current price of 0.24 is above the 20-day moving average (MA) of 0.23, below the 50-day MA of 0.29, and below the 200-day MA of 0.60, indicating a bearish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 38.10 is Neutral, neither overbought nor oversold. The STOCH value of 50.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CAN.
Canaan Risk Analysis
Canaan disclosed 91 risk factors in its most recent earnings report. Canaan reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 2 New Risks
1.
If we issue additional equity securities in the future, you may suffer dilution, and trading price of our ADSs may decline. Q4, 2023
2.
We have a limited history in the operation of mining facilities. Q4, 2023
Canaan Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | $1.48B | 40.87 | 5.52% | ― | 3.11% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | $343.26M | -2.18 | -30.77% | ― | 73.04% | 24.91% | |
53 Neutral | $611.42M | -9.38 | -22.63% | ― | -6.22% | 61.98% | |
47 Neutral | $61.22M | -3.63 | -11.74% | ― | -6.38% | 41.73% | |
46 Neutral | $144.46M | -0.58 | -55.85% | ― | 61.11% | 66.24% | |
46 Neutral | $13.55M | -0.94 | -5.66% | ― | 11.39% | 30.41% |
* Technology Sector Average
CAN
Canaan
0.20
-0.54
-73.06%
DDD
3D Systems
3.81
1.53
67.11%
INVE
Identiv
2.58
-1.09
-29.70%
NNDM
Nano Dimension
1.66
0.28
20.29%
EBON
Ebang International Holdings
2.11
-2.05
-49.35%
CRSR
Corsair Gaming
12.83
3.53
37.96%
Canaan Corporate Events
Canaan Posts Record Crypto Holdings and JV Recovery as It Shifts to Nasdaq Capital Market
Jul 14, 2026
Canaan Inc. reported unaudited bitcoin mining results for June 2026, highlighting production of 64 BTC and a net addition of 49 BTC to its treasury despite grid maintenance disruptions. The company’s cryptocurrency holdings reached record le...
Canaan Transfers CAN Listing to Nasdaq Capital Market, Seeks Extended Bid-Price Compliance
Jul 6, 2026
On June 29, 2026, Canaan received Nasdaq approval to transfer the listing of its American Depositary Shares from the Nasdaq Global Market to the Nasdaq Capital Market, a move that became effective at the opening of trading on July 1, 2026 and leav...
Canaan Executives Buy Over 1 Million ADSs in Open-Market Purchases
Jun 24, 2026
On June 24, 2026, Canaan Inc. disclosed that chairman and chief executive officer Nangeng Zhang and chief financial officer Jin “James” Cheng had recently acquired a combined 1,065,000 American Depositary Shares in open market transact...
Canaan Reports Record May Mining Efficiency and Expands Hash-to-Heat, Tether Partnerships
Jun 11, 2026
Canaan reported unaudited May 2026 bitcoin mining results on June 11, 2026, showing self-mining output of 90 BTC plus 24 BTC from customer payments, bringing its treasury to 1,867 BTC and 3,952 ETH at month-end. The company ended May with 10.05 EH...
Canaan Wins Nordic Hash-to-Heat District Heating Contract
May 19, 2026
On May 19, 2026, Singapore-based Canaan Inc. announced it had won a competitive bid to supply its Avalon A1566HA hydro-cooled “hash-to-heat” equipment to a district heating network in the Nordic region. The project, developed with a le...
Canaan Posts Q1 2026 Revenue in Line With Guidance as Crypto Treasury Hits Record
May 19, 2026
Canaan Inc. reported unaudited first-quarter 2026 results on May 19, 2026, posting total revenue of US$62.7 million, in line with prior guidance, as it completed final deliveries under a major U.S. order and navigated weaker bitcoin-driven demand....
Canaan Posts Record Crypto Treasury and Expands Global Hashrate in April 2026 Update
May 14, 2026
Canaan reported April 2026 operational data showing continued expansion of its crypto mining platform and balance sheet holdings despite industry-wide margin pressure. The company’s self-mining and customer payment flows lifted its cryptocur...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.