Canaan Inc. (CAN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la minería de criptomonedas, Canaan Inc. (CAN) emerge como una fuerza pionera, transformando la tecnología de hardware blockchain con su innovador lienzo de modelo de negocio. Al posicionarse estratégicamente en la intersección de la fabricación de semiconductores, la computación de alto rendimiento y la innovación de blockchain, Canaan ha forjado un nicho único en el mercado global. Su enfoque integral, el diseño de chips ASIC de vanguardia, el equipo minero de eficiencia energética y las soluciones específicas para los mineros profesionales, revelan un plan sofisticado para el éxito en el complejo mundo de la infraestructura de moneda digital.

Canaan Inc. (CAN) - Modelo de negocio: asociaciones clave

Socios de fabricación de semiconductores en China

Canaan Inc. colabora con TSMC (Taiwan Semiconductor Manufacturing Company) para procesos avanzados de fabricación de semiconductores.

Pareja	Proceso de fabricación	Detalles de colaboración
TSMC	Proceso de semiconductores de 5 nm	Socio de fabricación primaria para la producción de chips AvalonMiner
Semiconductor Manufacturing International Corporation (SMIC)	Proceso de semiconductores de 14 nm	Soporte de fabricación secundaria para hardware de minería de criptomonedas

Colaboradores de tecnología de hardware blockchain

Las asociaciones estratégicas se centraron en el desarrollo de infraestructura de blockchain.

• BitMain Technologies
• Bitfarms Ltd.
• Maratón Digital Holdings

Proveedores de componentes electrónicos

Proveedor	Tipo de componente	Volumen de suministro anual
Fabricación de Murata	Condensadores y resistencias	2.5 millones de unidades
Grupo de tecnología de Foxconn	Tableros de circuito impreso	1.8 millones de unidades

Proveedores de infraestructura de Cloud Computing and Data Center

Asociaciones que permiten la infraestructura de computación avanzada para aplicaciones blockchain y IA.

• Nube de alibaba
• Nube de tencent
• Servicios web de Amazon (AWS)

Instituciones de investigación para el desarrollo de chips ASIC

Institución	Enfoque de investigación	Tipo de colaboración
Universidad de Tsinghua	Diseño avanzado de semiconductores	Programa de investigación conjunta
Instituto de Tecnología de Beijing	Optimización de chips ASIC	Acuerdo de transferencia de tecnología

Canaan Inc. (CAN) - Modelo de negocio: actividades clave

Diseño y producción de hardware de minería de bitcoin

A partir del cuarto trimestre de 2023, Canaan Inc. informó haber producido 20,000 máquinas mineras de bitcoin por trimestre. El producto insignia de la compañía, el AvalonMiner A1246, tiene una tasa de hash de 90 th/s con eficiencia energética de 38 J/TH.

Línea de productos	Capacidad de producción anual	Rango de tarifas hash
Serie AvalonMiner	80,000 unidades	45-90 th/s

Investigación y desarrollo de tecnología blockchain

Canaan invirtió $ 12.3 millones en gastos de I + D durante el año fiscal 2022, centrándose en tecnologías de semiconductores mineros avanzados.

• Tamaño del equipo de I + D: 126 ingenieros
• Solicitudes de patentes: 37 patentes relacionadas con la cadena de bloques en 2022
• Áreas de enfoque de tecnología: diseño de chips ASIC, eficiencia energética

Fabricación de equipos de minería de criptomonedas especializadas

Instalaciones de fabricación ubicadas en Hangzhou, China, con una capacidad de producción anual de 100,000 máquinas mineras.

Métricas de fabricación	Datos 2022
Capacidad de fabricación total	100,000 unidades/año
Ubicación de fabricación	Hangzhou, China

Innovación de productos en soluciones informáticas de alto rendimiento

Canaan desarrolló una máquina minera A1246 Pro de próxima generación con una eficiencia energética mejorada de 36 J/TH.

• Inversión de innovación: $ 8.7 millones en 2022
• Nuevo ciclo de desarrollo de productos: 9-12 meses
• Tasa de mejora del rendimiento: 15-20% por generación

Ventas globales y distribución de hardware minero

La distribución global de ventas de Canaan cubrió 36 países en 2022, con mercados primarios en América del Norte, China y Rusia.

Región de mercado	Volumen de ventas 2022	Cuota de mercado
Porcelana	45,000 unidades	35%
América del norte	30,000 unidades	25%
Otros mercados	45,000 unidades	40%

Canaan Inc. (CAN) - Modelo de negocio: recursos clave

Capacidades avanzadas de fabricación de semiconductores

A partir del cuarto trimestre de 2023, Canaan Inc. opera con un Capacidad de fabricación total de 10,000 unidades por mes para la producción de chips ASIC. Las principales instalaciones de fabricación de la compañía se encuentran en Hangzhou, China.

Métrico de fabricación	Especificación
Capacidad de producción anual	120,000 unidades de semiconductores
Nodo de tecnología de fabricación	Proceso de semiconductores de 14 nm
Ubicación de la instalación de producción	Hangzhou, China

Propiedad intelectual

Canaan Inc. sostiene 37 patentes registradas específicamente relacionado con el diseño de chips ASIC y blockchain a partir de 2023.

• Categorías de patentes: hardware de minería de criptomonedas
• Cobertura geográfica de patentes: China, Estados Unidos, internacional
• Inversión de I + D en 2023: $ 8.4 millones

Talento de ingeniería

La empresa emplea 268 profesionales especializados de ingeniería centrado en las tecnologías blockchain y semiconductores.

Fuerza laboral de ingeniería	Número
Personal de ingeniería total	268 profesionales
Titulares de doctorado	42 ingenieros
Especialistas en blockchain	97 ingenieros

Capital financiero

Al 31 de diciembre de 2023, Canaan Inc. informó Efectivo total y equivalentes de efectivo de $ 43.6 millones.

Métrica financiera	Cantidad
Efectivo y equivalentes totales	$ 43.6 millones
Activos totales	$ 178.3 millones
Presupuesto de inversión tecnológica 2024	$ 12.5 millones

Canaan Inc. (Can) - Modelo de negocio: propuestas de valor

Equipo de minería de criptomonedas de alta eficiencia

Canaan Inc. reportó ingresos de $ 173.4 millones en 2022, con un enfoque principal en el hardware de minería de criptomonedas. La tasa de hash promedio del AvalonMiner A1246 de Canaan alcanza el 90 th/s con una eficiencia energética de 38 J/TH.

Modelo de producto	Tasa de hash	Eficiencia energética	Precio de mercado
AvalonMiner A1246	90 th/s	38 j/th	$7,988
AvalonMiner A1266	85 th/s	40 j/th	$6,950

Tecnología de chips ASIC de vanguardia

Los chips ASIC de Canaan diseñados para Bitcoin Mining utilizan el proceso de fabricación de 5 nm. Los gastos de investigación y desarrollo en 2022 alcanzaron $ 14.2 millones.

• Tecnología de fabricación de semiconductores de 5 nm
• Diseño de chips ASIC específico de la minería de Bitcoin
• Portafolio de patentes de 141 innovaciones tecnológicas

Soluciones mineras rentables

El margen bruto para productos de hardware minero fue del 22.3% en 2022, lo que indica una estrategia de precios competitivos.

Métrico de costo	Valor
Costo de producción promedio por unidad	$5,600
Precio de venta promedio	$7,200

Diseño de hardware de eficiencia energética

La serie AvalonMiner logra el consumo de energía entre 3250W-3400W, lo que representa la eficiencia energética líder en la industria.

Precios competitivos en el mercado de hardware blockchain

La cuota de mercado en el segmento global de hardware de minería ASIC es de aproximadamente el 12.5% ​​a partir de 2022.

• Rango de precios competitivos: $ 6,500 - $ 8,500 por unidad minera
• Penetración del mercado global: 12.5%
• Capacidad de producción anual: 300,000 unidades mineras

Canaan Inc. (CAN) - Modelo de negocio: relaciones con los clientes

Soporte de ventas directo para clientes empresariales

A partir del cuarto trimestre de 2023, Canaan mantiene un equipo de ventas empresarial dedicado con 42 profesionales de ventas directas que apoyan a los clientes de minería de criptomonedas y hardware blockchain a nivel mundial.

Métrica de soporte de ventas	2023 datos
Cuentas de cliente empresarial	187 clientes de Enterprise Active
Valor de contrato promedio	$ 1.2 millones por cliente empresarial
Tiempo de respuesta de soporte de ventas	Menos de 4 horas

Plataformas de soporte técnico en línea

Canaan opera infraestructura integral de soporte técnico en línea en múltiples canales.

• Soporte técnico 24/7 a través del portal web
• Correo electrónico de soporte dedicado: support@canaan.io
• Soporte de chat en vivo disponible
• Soporte multilingüe en 7 idiomas

Servicios de consulta de hardware personalizados

Servicios de consulta de hardware especializados diseñados para clientes de infraestructura minera de criptomonedas.

Servicio de consulta	Detalles
Horario de consulta en 2023	3.742 horas de consulta total
Duración de consulta promedio	2.3 horas por compromiso del cliente

Actualizaciones regulares de firmware de productos

Frecuencia y cobertura de actualización de firmware para las líneas de productos de hardware minero de Canaan.

• Ciclo de actualización de firmware trimestral
• Tiempo de actualización promedio: 45 minutos por dispositivo
• Compatibilidad en 6 líneas de productos de hardware

Compromiso a través de canales de la comunidad minera de criptomonedas

Métricas de participación comunitaria para las plataformas digitales de Canaan en 2023.

Plataforma comunitaria	Seguidor/recuento de miembros
Twitter/X	214,000 seguidores
Grupo de telegrama	87,500 miembros
Comunidad reddit	53,200 suscriptores

Canaan Inc. (Can) - Modelo de negocio: canales

Plataforma directa de ventas en línea

Canaan Inc. opera una plataforma de ventas en línea directa con las siguientes características:

Métrica de plataforma	Valor
Ingresos anuales de ventas en línea	$ 37.6 millones (2022)
Tasa de conversión de ventas en línea	3.2%
Tráfico del sitio web	1.2 millones de visitantes únicos por año

Distribuidores de equipos mineros de criptomonedas

Canaan Inc. utiliza múltiples canales de distribución para hardware minero:

• Red de distribución global que cubre 36 países
• Asociaciones estratégicas con 17 distribuidores internacionales de tecnología
• Volumen de pedido promedio: 5,200 unidades mineras por trimestre

Ferias comerciales y conferencias tecnológicas

Categoría de eventos	Detalles de participación
Participación anual de la feria comercial	8-10 conferencias de tecnología internacional
Generación total de ingresos de feria comercial	$ 4.3 millones (2022)
Tasa de conversión de plomo	7.5%

Plataformas de comercio electrónico

Canaan Inc. vende a través de múltiples canales de comercio electrónico:

• Ventas del mercado de Amazon: $ 12.4 millones (2022)
• Plataforma de tecnología especializada Newegg: $ 6.2 millones (2022)
• Plataformas internacionales internacionales directas: 14 plataformas diferentes

Minoristas especializados de hardware de blockchain

Tipo de minorista	Volumen de ventas
Gerreteras de blockchain especializadas	42 minoristas asociados a nivel mundial
Ventas anuales a través de minoristas especializados	$ 22.7 millones (2022)
Unidades promedio por minorista	328 unidades mineras por año

Canaan Inc. (CAN) - Modelo de negocio: segmentos de clientes

Mineros profesionales de criptomonedas

A partir del cuarto trimestre de 2023, Canaan Inc. se dirige a mineros profesionales con características específicas del mercado:

Métrico	Valor
Tamaño total del mercado direccionable	$ 3.2 mil millones
Escala de operación minera promedio	50-500 unidades mineras
Ingresos anuales de mineros profesionales	$ 127.6 millones

Operadores de granjas mineras a gran escala

Características clave del segmento de clientes:

• Umbral de inversión mínimo: $ 500,000
• Tamaño típico de la granja minera: 1,000-10,000 unidades mineras
• Concentración geográfica: América del Norte (42%), China (35%), Europa (23%)

Empresas de tecnología blockchain

Métricas de segmento	Puntos de datos
Número de clientes empresariales	87 compañías globales de blockchain
Valor anual del contrato	$ 1.4 millones por cliente empresarial
Tasa de integración tecnológica	68% de implementación exitosa

Empresas de inversión de criptomonedas

Análisis de segmento de clientes:

• Total de clientes institucionales: 53 empresas de inversión global
• Presupuesto promedio de adquisición de hardware: $ 3.2 millones anuales
• Regiones de inversión primaria: Estados Unidos, Singapur, Suiza

Mineros individuales expertos en tecnología

Segmento de mineros individuales	Datos cuantitativos
Total de clientes individuales	12.500 usuarios globales
Valor de compra promedio	$ 4,750 por unidad minera
Tasa de retención de clientes	46% año tras año

Canaan Inc. (CAN) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Canaan Inc. reportó gastos de I + D de $ 21.4 millones, lo que representa el 12.3% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 21.4 millones	12.3%
2022	$ 18.7 millones	10.9%

Costos de fabricación y producción

Los costos totales de fabricación para 2023 fueron de $ 87.6 millones, con un desglose de la siguiente manera:

• Costos de material directo: $ 52.3 millones
• Costos laborales directos: $ 22.1 millones
• Sobrecoss de fabricación: $ 13.2 millones

Gestión de la cadena de suministro

Los gastos operativos de la cadena de suministro para 2023 totalizaron $ 44.2 millones, que incluyen:

Categoría de gastos	Cantidad
Logística	$ 18.5 millones
Gestión de inventario	$ 15.7 millones
Obtención	$ 10.0 millones

Gastos de marketing y ventas

Los costos de marketing y ventas para 2023 fueron de $ 32.6 millones, lo que representa el 18.7% de los ingresos totales.

• Marketing digital: $ 14.3 millones
• Compensación del equipo de ventas: $ 11.2 millones
• Actividades publicitarias y promocionales: $ 7.1 millones

Mantenimiento de la infraestructura tecnológica

Los gastos de mantenimiento de la infraestructura tecnológica para 2023 ascendieron a $ 16.9 millones.

Componente de infraestructura	Costo de mantenimiento
Computación en la nube	$ 7.6 millones
Actualizaciones de hardware	$ 5.3 millones
Licencia de software	$ 4.0 millones

Canaan Inc. (CAN) - Modelo de negocio: flujos de ingresos

Ventas de hardware de minería bitcoin

En el tercer trimestre de 2023, Canaan reportó ingresos por ventas de hardware de $ 39.1 millones.

Categoría de productos	Ingresos ($)	Ventas de unidades
AvalonMiner A1246	18,500,000	4.625 unidades
AvalonMiner A1266	15,300,000	3,825 unidades

Licencias de tecnología de chips ASIC

Los ingresos por licencias para 2023 totalizaron $ 5.2 millones.

Exportaciones de equipos mineros de criptomonedas

• Ingresos totales de exportación: $ 47.6 millones en 2023
• Mercados de exportación primarios: China, Estados Unidos, Kazajstán

Soporte técnico y servicios de mantenimiento

Tipo de servicio	Ingresos anuales ($)
Mantenimiento de hardware	3,750,000
Contratos de soporte técnico	2,100,000

Consultoría de tecnología blockchain

Los ingresos de consultoría alcanzaron los $ 2.8 millones en 2023.

Canaan Inc. (CAN) - Canvas Business Model: Value Propositions

High-efficiency, next-gen miners like Avalon A15 Pro (below 20 J/TH)

The Avalon A15 Pro offers an energy efficiency of approximately 16.6 J/TH to 16.8 J/TH. This latest generation machine has a maximum hash rate of up to 221 TH/s. Canaan Inc.'s North America miner efficiency improved to 19.7 J/TH as of September 2025.

Democratizing mining with consumer-grade home miners (Avalon Q, Mini 3)

Canaan Inc. launched the Avalon Mini 3 at CES 2025 to 'democratize' crypto mining for individuals, allowing simultaneous Bitcoin mining and home heating via recycled heat. The Avalon Mini 3 has a hashrate of 37.5 TH/s and was available for preorder at $899. The more portable Avalon Nano 3S offers 6 TH/s and was preorder priced at $249.

Access to sustainable, renewable-powered mining infrastructure

Canaan Inc. announced a 20 MW renewable partnership with Soluna for deployment in Q1 2026. A project launched in October 2025, utilizing Avalon A15 Pro miners with containerized modules to convert flared gas, is expected to reduce annual CO₂-equivalent emissions by approximately 12,000 to 14,000 metric tons.

Flexible financing options for large-volume hardware purchases

The Company secured a landmark U.S. purchase order for more than 50,000 Avalon A15 Pro mining machines scheduled for delivery in Q4 2025. In March 2025, Canaan entered a Securities Purchase Agreement for up to $200 million in Series A-1 preferred shares financing, closing $100 million.

Reliable, mass-produced hardware for institutional-scale deployment

Canaan Inc.'s global deployed hashrate reached 9.30 EH/s as of September 2025. Total computing power sold was 5.5 million TH/s in Q1 2025, increasing to 6.4 million TH/s in Q2 2025. Third quarter 2025 total revenues surged to $150.5 million.

Here's the quick math on the latest generation hardware offerings:

Product Name	Hashrate (TH/s)	Efficiency (J/TH)	Preorder Price (USD)
Avalon A15 Pro	Up to 221	Approx. 16.6 to 16.8	N/A (Institutional Scale)
Avalon Mini 3	37.5	N/A (Home Heater Focus)	899
Avalon Nano 3S	6	N/A (Beginner Friendly)	249

The Company also reported an average all-in power cost of $0.042/kWh in September 2025.

Canaan Inc. (CAN) - Canvas Business Model: Customer Relationships

Long-term, direct sales relationships with institutional miners are a cornerstone of Canaan Inc.'s business, especially in North America. The company secured a landmark U.S. purchase order in October 2025 for over 50,000 Avalon A15 Pro mining machines, which is noted as the Company's largest single order in the past three years, scheduled for delivery by the end of 2025. Earlier in the year, on January 6, 2025, Canaan U.S. Inc. secured an order from a new, strategic United States customer for 2,800 air-cooled Avalon A15XP miners. In Q2 2025, Canaan won recurring orders from top-tier U.S. miners, specifically naming Cipher Mining, Inc. and Cleanspark.

The financial scale of these institutional sales is significant, with Q3 2025 Product Revenue reaching $118.6 million, surpassing the $100 million milestone for the first time in three years. The total computing power sold in Q3 2025 exceeded 10.0 EH/s.

Metric	Q3 2025 Value	Context/Timing
Largest Single Miner Order (Units)	50,000+ Avalon A15 Pro	Secured October 2025, delivery by end of 2025
Strategic U.S. Order (Units)	2,800 Avalon A15XP	Announced January 2025
Product Revenue	$118.6 million	Q3 2025
Total Computing Power Sold	Exceeded 10.0 EH/s	Q3 2025

Canaan Inc. supports this direct sales channel with dedicated regional infrastructure. Sales and marketing expenses in Q2 2025 were reported at $4.5 million, a material increase from $1.6 million in Q2 2024, reflecting investment in expanding the sales footprint. The company explicitly stated its focus on North America as a core expansion region. Furthermore, Canaan has been working on a strategy to localize teams in North America.

For individual and home miners, Canaan utilizes an e-commerce platform and community support structure. The Avalon Home series demonstrated strong performance in Q3 2025, generating nearly $4 million in gross profit with a gross margin of around 33%. This series accounted for 10.3% of total product revenue and approximately 20% of product gross profit in Q3 2025. New products targeting this segment, the Avalon Mini 3 and Nano 3S, were introduced at CES 2025, with the Mini 3 offering a hashrate of 37.5 TH/s and the Nano 3S offering 6 TH/s.

Investor relations and conference participation are key to maintaining relationships with the financial community. Canaan Inc. management participated in several key events in late 2025:

• 5th Annual Needham Virtual Crypto Conference on September 4, 2025.
• 27th Annual H.C. Wainwright Global Investment Conference from September 8-10, 2025, in New York.
• The Director of Business Development presented at the 'Digital Assets 2025: To Bitcoin and Beyond' virtual conference on February 12, 2025.

For direct engagement with management, investors can submit questions via IR@canaan-creative.com up to 24 hours before earnings conference calls.

Canaan Inc. (CAN) - Canvas Business Model: Channels

You're looking at how Canaan Inc. gets its specialized computing hardware and services into the hands of customers, which is a mix of big deals and smaller, direct sales as of late 2025.

Direct sales force targeting large-scale institutional customers is the primary driver for the bulk of the hardware revenue. This channel moves the high-volume, high-hashrate machines to major mining operations globally. For the third quarter of 2025, the Products revenue component of the total $150.5 million in revenue was $118.6 million. This segment reflects significant institutional uptake, including fulfilling part of an order from the listed company Cypher and securing a follow-on order from Cleanspark for their A15 emergent cooling model. The total computing power sold in Q3 2025 exceeded 10.0 exahashes per second (EH/s), a clear indicator of large-scale deployments.

Regional subsidiaries (e.g., Canaan U.S. Inc.) for local market penetration support the direct sales effort, especially in key expansion regions like North America. The company has been adapting to market changes, noting a strategic rebound in North America sales contributing to the Q3 2025 performance. Canaan announced securing a significant U.S. order for over 50,000 Avalon A15 Pro mining machines. Furthermore, the operational status of their U.S. manufacturing capability is in place to meet bulk delivery needs for U.S. customers.

The E-commerce website for Avalon Home consumer products serves the smaller, retail-oriented segment of the market. While smaller in absolute terms than institutional sales, this channel shows explosive growth potential. In the second quarter of 2025, the Avalon Home Miner product line generated $5.7 million in revenue, which was a 359% surge from the previous quarter. This segment accounted for over 5% of total revenue in Q2 2025 and maintained a gross margin of 13% in that period.

Hosting partners providing infrastructure for self-mining operations directly feed into the company's second major revenue stream: mining revenue. Canaan emphasizes operating its mining business better with partners around the world. This channel is critical as the self-operated mining segment saw its revenue hit a record $30.6 million in the third quarter of 2025, representing a 241.0% year-over-year increase. The company mined 267 bitcoins during Q3 2025 at an average revenue of $114,485 per bitcoin.

Here's the quick math on how these channels contributed to the Q3 2025 top line:

Channel/Revenue Stream	Q3 2025 Amount (USD)	Q3 2025 YoY Growth
Products Revenue (Primarily Institutional Sales)	$118.6 million	Not explicitly stated, but Product Revenue increased sequentially from $71.9 million in Q2 2025
Mining Revenue (Self-Mining/Partnerships)	$30.6 million	241.0%
Total Revenue	$150.5 million	104.4%

What this estimate hides is the exact split between direct sales force and regional subsidiary contribution to the $118.6 million product revenue, but the focus on U.S. orders suggests a growing role for local entities.

The key distribution mechanisms for Canaan Inc. are:

• Large-scale ASIC Miner Sales to institutional clients, driving the majority of product revenue.
• Self-Operated Mining Deployments, leveraging hosting partners for revenue generation.
• Avalon Home Miner Sales via e-commerce, showing high percentage growth in Q2 2025.
• Global Sales Network supported by regional offices for local compliance and fulfillment.

Finance: draft 13-week cash view by Friday.

Canaan Inc. (CAN) - Canvas Business Model: Customer Segments

You're looking at the customer base for Canaan Inc. (CAN) as of late 2025, focusing on the hard numbers that define who is buying their ASICs and services. It's a split between the big players and the growing retail market.

Large-scale institutional Bitcoin mining companies (e.g., Cipher Mining) represent a significant portion of the high-volume hardware sales, often secured through large contracts.

• North American customers accounted for 31% of Canaan Inc.'s total revenue in Q3 2025.
• Contract advances (Contract Liabilities) reached nearly $87 million as of Q3-end 2025, with over 85% contributed by North American clients.
• Canaan Inc. signed a purchase agreement for over 50,000 A15 Pro models with a US-based miner client in early October 2025.
• The company fulfilled part of the Cipher order in Q3 2025.
• Account receivables stood at $7 million as of the end of Q3 2025, all from customers using Bitcoins as collateral for installment payments.
• Total Product Revenue in Q3 2025 was $118.6 million.

Mid-to-large data center operators and hosting providers (e.g., Soluna) are captured within the institutional segment, evidenced by the large contract liabilities and North American sales concentration.

Individual and retail cryptocurrency mining enthusiasts (Avalon Home series) are a rapidly growing, higher-margin segment.

Metric	Q2 2025 Value (USD)	Q3 2025 Value (USD)	Notes
Segment Revenue	$5.7 million	$12.2 million	Q3 revenue is a 115% quarter-over-quarter increase.
Gross Margin	39%	Around 33%	Gross margin is significantly higher than institutional miners.
Units Delivered	N/A	14,000 units	The Avalon Q model was the top performer.
Contribution to Product Revenue	Over 5% of total revenue	10.3% of total Product Revenue	Represents over 10% of total product revenue for the first time.

Financial institutions and investors interested in Bitcoin treasury exposure are indirectly served by Canaan Inc.'s growing self-mining operations and resulting digital asset holdings, which serve as a balance sheet asset.

• Canaan Inc.'s cryptocurrency treasury reached 1,581.9 BTC and 2,830 ETH by the end of Q3 2025.
• The treasury climbed further to 1,610 BTC and 3,950 ETH by the end of October 2025.
• The Bitcoin treasury was valued around $160 million at the end of Q2 2025.
• The treasury value was approximately $189 million based on the October 2025 holdings mentioned in the Q3 report.

Canaan Inc. (CAN) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for Canaan Inc. (CAN) as of late 2025, you see the heavy investment required to support both their hardware manufacturing and their growing self-mining segment. These are the primary drains on cash flow you need to watch.

Cost of revenues, including raw materials and manufacturing

For the third quarter of 2025, the Cost of revenues came in at US$133.9 million. This figure is primarily driven by the direct production costs for their Avalon mining machines, which saw increased sales volume year-over-year. Products costs specifically were US$98.7 million in Q3 2025.

Research and development expenses for new ASIC chips

Innovation doesn't come cheap, and Canaan is definitely spending to keep its ASIC technology competitive. For the first quarter of 2025, Research and development expenses totaled US$18.9 million. This was up sequentially from Q4 2024, reflecting increased expenditure on development and staff costs.

Electricity and hosting costs for self-mining

The cost to power their own mining fleet is a critical variable cost. In January 2025, the company maintained a very competitive all-in power cost of 4 cents/kWh. By October 2025, their average all-in power cost was reported at US$0.042/kWh. These energy costs are bundled into the overall Mining costs, which reached US$34.1 million in Q3 2025.

Sales, general, and administrative expenses, including staff costs

Operating expenses show a clear increase in personnel and administrative overhead, which is common as a company scales its global presence and internal operations. Here's the quick math for Q3 2025 SG&A:

Expense Category	Q3 2025 Amount (US$)
General and administrative expenses	US$17.9 million
Sales and marketing expenses	US$5.1 million

The year-over-year increase in General and administrative expenses was mainly due to higher staff costs and professional service fees. Honestly, staff costs are driving a lot of the sequential growth here.

Capital expenditures for expanding self-mining infrastructure

While a specific Capital Expenditures (CapEx) figure for self-mining infrastructure expansion in late 2025 wasn't explicitly broken out in the latest reports, the investment is evident in the operational metrics. The company expanded its self-mining fleet to 9.30 EH/s deployed by the end of September 2025, and they secured a landmark U.S. purchase order for over 50,000 Avalon A15 Pro miners. This expansion requires significant upfront spending on hardware acquisition and facility build-out, even if it's not itemized as pure CapEx in the same line as operating costs.

You should track these key operational cost components:

• Mining costs (Q3 2025): US$34.1 million
• Depreciation for deployed machines (Q3 2025): US$11.8 million
• Installed power capacity (October 2025): 230.6 MW

Finance: draft 13-week cash view by Friday.

Canaan Inc. (CAN) - Canvas Business Model: Revenue Streams

You're looking at how Canaan Inc. (CAN) brings in the cash, which is really centered on two main pillars: selling their high-performance mining hardware and running their own mining operations. Honestly, the numbers from late 2025 show a strong reliance on these core activities.

The most recent hard data we have is for the third quarter of 2025, which really paints the picture of their current revenue mix. Here's the quick math on how the US$150.5 million in total revenue broke down for that quarter:

Revenue Source	Q3 2025 Amount (US$)	Notes
Product Sales Revenue (Avalon Mining Machines)	US$118.6 million	Driven by increased computing power sold and higher average selling prices.
Bitcoin Mining Revenue (Self-Operated Fleet)	US$30.6 million	A record quarter for mining revenue, up 241.0% year-over-year.
Other Revenues	US$1.3 million	Includes leasing or integrated solutions, though this is a smaller component.
Total Q3 2025 Revenue	US$150.5 million	Exceeded the high-end of the Company's previous guidance range for the quarter.

Product sales revenue from Avalon mining machines was US$118.6 million in Q3 2025. This segment is the engine, supported by the launch of the next-generation Avalon A16 series, which features models like the A16XP offering 300 TH/s of computing power with an energy efficiency of 12.8 J/TH. You should definitely keep an eye on the order book for this new series as it ships.

The Bitcoin mining revenue from the self-operated fleet hit a record US$30.6 million in Q3 2025. This revenue stream is bolstered by the Company's growing digital asset holdings, which serve as a potential source of future revenue or a strategic hedge. As of October-end 2025, Canaan Inc.'s cryptocurrency treasury expanded to:

• 1,610 BTC
• 3,950 ETH

The potential revenue from liquidating these accumulated cryptocurrency treasury assets is a variable stream, depending entirely on market timing and the Company's strategic decision to sell. The fact that they are holding these assets, reaching new historical highs by October-end 2025, shows a clear intent to use them as part of their financial structure.

For the full picture of the year, the total revenue guidance for FY2025 is between US$900 million and US$1.1 billion. This guidance was set earlier in the year, and the Q3 performance suggests they are on a strong trajectory to hit that upper range, assuming Q4 continues the momentum seen in the first nine months.

Other revenues, which include things like leasing or integrated solutions, contributed US$1.3 million in Q3 2025. While small compared to the main segments, the CEO mentioned exploring pilot initiatives that explore synergy between mining, energy management, and broader computing applications, which could evolve this revenue line going forward.

Finance: draft 13-week cash view by Friday.