Canaan Inc. (CAN): Business Model Canvas [Dec-2025 Updated]

You're looking for the real mechanics behind the latest numbers for Canaan Inc. (CAN), and after two decades analyzing tech and finance, I can tell you their model is a tightrope walk between selling high-efficiency ASIC hardware and managing their own growing Bitcoin treasury. We're talking about a company guiding for total FY2025 revenue between US$900 million and US$1.1 billion, driven by next-gen miners like the Avalon A15 Pro (under 20 J/TH), while simultaneously holding over 1,610 BTC as of October 2025. Honestly, understanding how they balance selling rigs to institutional miners with their own self-mining operations-which brought in US$30.6 million in Q3 2025 alone-is defintely key to valuing their next move. Dive in below to see the full nine blocks of their current business blueprint.

Canaan Inc. (CAN) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Canaan Inc. (CAN) is building to drive hardware sales and secure long-term deployment for its Avalon miners. Honestly, the focus is clearly on North American expansion and sustainable energy integration, so let's map out the key players based on the latest data we have through late 2025.

The structure of these alliances is designed to de-risk equipment purchases for large operators and secure capacity for Canaan's own self-mining strategy. For instance, the Q3 2025 total revenues hit US$150.5 million, showing that these sales channels are active, and the company's Bitcoin treasury stood at 1,610 BTC as of October 31, 2025, which speaks to their asset accumulation strategy.

Here's a breakdown of the most concrete partnership commitments:

Partner Entity	Deployment/Collaboration Focus	Capacity/Volume Metric	Key Product/Technology
Soluna Holdings	Hosting agreement for wind-powered deployment at Project Dorothy, Texas	20 megawatts (MW) deployment	Avalon® A15 XP Bitcoin miners (expected ~1 EH/s)
Luxor Technology Corporation	Flexible, non-dilutive customer financing solutions	Facilitated sale of over 5,000 Avalon A15 Pro units in August 2025	Avalon® A15 Pro machines
Bitfury Group	Upgrade kits for existing North American mining capacity	Enhance up to 10MW of existing capacity	Avalon® ASIC-powered upgrade kits

The collaboration with Bitfury Group builds on a prior relationship, which included the delivery of 4,500 Avalon® A14 series miners starting in July 2024. This latest order, announced August 28, 2025, focuses on repurposing existing infrastructure to boost efficiency at a lower capital cost than a full rebuild.

Canaan Inc. is also solidifying relationships with its largest customers, which is critical given the scale of their hardware output. You see this clearly in the recent order flow:

• A U.S.-based institutional miner acquired more than 5,000 Avalon A15 Pro rigs in August 2025 through the Luxor financing program.
• A landmark U.S. order secured on October 2, 2025, involved more than 50,000 units of Avalon® A15 Pro mining machines, noted as the largest single order in the past three years.
• The company's Q3 2025 mining revenue reached US$30.6 million, supported by increased computing power deployment.

Regarding high-performance ASIC chip manufacturing, Canaan Inc. relies on key foundry partners, which is central to their vertical integration strategy that includes ASIC design and manufacturing. While specific foundry names aren't detailed in the latest operational updates, the ability to secure a purchase order for over 50,000 A15 Pro units shows strong supply chain execution. The company's Q2 2025 product revenue was $71.9 million, reflecting sales from these manufacturing capabilities.

Finance: review the impact of the 50,000+ unit order on Q4 2025 revenue guidance of $175M-$205M by next Tuesday.

Canaan Inc. (CAN) - Canvas Business Model: Key Activities

You're looking at the core things Canaan Inc. does to make money and run its business as of late 2025. It's all about ASICs, mining, and a recent, sharp pivot away from non-core ventures. Honestly, the numbers tell a clear story of focus.

ASIC high-performance computing chip design and R&D

Canaan Inc. maintains its foundational activity in designing and developing its Application-Specific Integrated Circuits (ASICs) for cryptocurrency mining. This R&D effort directly feeds its manufacturing pipeline. The latest visible output is the next-generation Avalon A16 series, which was unveiled on October 28, 2025. The flagship air-cooled model, the A16XP, delivers a hash rate of 300 TH/s with an energy efficiency of 12.8 J/TH. This continuous chip development is key to maintaining competitive advantage in the hardware sales segment.

Manufacturing and sales of Avalon Bitcoin mining equipment

This is the primary revenue driver. Canaan Inc. manufactures and sells its Avalon-branded mining equipment globally. The momentum in sales has been significant, especially in the latter half of 2025. Total computing power sold in the third quarter of 2025 exceeded 10.0 exahashes per second (EH/s), marking a new quarterly record.

Here's a look at the recent financial performance tied to these sales activities:

Metric	Q3 2025 Value	Q2 2025 Value	YoY Growth (Q3 2025 vs Q3 2024)
Total Revenues	US$150.5 million	US$100.2 million	104.4%
Products Revenue	US$118.6 million	US$71.9 million	N/A (Product revenue in Q3 2024 was US$64.6 million)
Computing Power Sold	Over 10.0 EH/s	N/A	37.7%
Avalon Home-Use Miner Revenue	N/A	$5.7 million	N/A

The company secured its largest single order in the past three years on October 2, 2025, a landmark purchase order from a U.S.-based operator for more than 50,000 Avalon A15 Pro mining machines, scheduled for delivery in Q4 2025.

Self-mining operations to accumulate Bitcoin treasury assets

Canaan Inc. actively engages in self-mining, using its own hardware to generate Bitcoin, which it then holds as long-term reserve assets. This activity is measured by its hashrate and the resulting treasury accumulation. The company's operational hashrate was 7.85 EH/s at the end of October 2025, with an installed base of 9.31 EH/s deployed. As of November 7, 2025, the operating hashrate increased to approximately 8.25 EH/s after redeploying machines.

The treasury growth reflects this activity:

• BTC Mined in August 2025: 98 bitcoins.
• BTC Mined in September 2025: 92 bitcoins.
• BTC Mined in Q3 2025: 267 bitcoins.
• Total Cryptocurrency Treasury (End of October 2025): 1,610 BTC and 3,950 ETH.
• North American miner efficiency reached below 20 J/TH for the first time in August 2025.

The average all-in power cost remained stable and competitive, reported around $0.042/kWh in September 2025.

Global expansion, especially scaling North American operations

Scaling operations in North America is a clear strategic push, partly to navigate tariff environments and improve delivery cycles. The company completed a pilot production run in the US by June 2025. In June 2025, approximately 1 EH/s of new computing power was en route to U.S. facilities, expected to be installed by the end of July 2025. Furthermore, Canaan announced a 20 MW partnership with Soluna Holdings in Texas for deployment in Q1 2026. On the Canadian front, a pilot gas-to-computing project in Calgary, Canada, was announced, featuring over US$2 million worth of Avalon A15 Pro miners supporting approximately 2.5 MW of capacity.

Strategic realignment, discontinuing non-core AI semiconductor business

Canaan Inc. officially commenced a strategic realignment in June 2025 to discontinue its non-core AI semiconductor business unit, focusing entirely on crypto-related operations. This unit, described as 'ASICs for edge computing applications,' generated approximately $0.9 million in revenue in fiscal year 2024. The unit accounted for around 15% of Canaan's total operating expenses in 2024. The wind-down process was expected to conclude within the coming months following the June 2025 announcement.

The key activities driving the business now are:

• ASIC chip design for next-gen miners (e.g., A16XP at 300 TH/s).
• Manufacturing and selling industrial miners, evidenced by Q3 2025 Product Revenue of $118.6 million.
• Operating self-mining fleet, reaching 8.25 EH/s as of November 7, 2025.
• Accumulating treasury assets, holding 1,610 BTC and 3,950 ETH by October 2025.
• Scaling North American presence, including a 20 MW Texas partnership and a 50,000+ unit U.S. order.

Finance: review the cash impact of the AI unit wind-down versus Q3 2025 operating expenses by next Tuesday.

Canaan Inc. (CAN) - Canvas Business Model: Key Resources

You're looking at the core assets Canaan Inc. (CAN) relies on to compete in the high-performance computing and crypto mining space as of late 2025. These aren't just abstract concepts; they are concrete, measurable resources driving their strategy.

Proprietary Avalon ASIC technology and intellectual property

Canaan Inc. has deep, foundational expertise in ASIC (Application-Specific Integrated Circuit) high-performance computing chip design, research, and development, which started with the first-ever ASIC mining machines shipped under the Avalon brand in 2013. This intellectual property is central to their vertical integration strategy. The latest iteration showcases this capability:

ASIC Product Line	Key Specification	Efficiency Metric
Avalon A16XP (Air-Cooled)	300 TH/s per unit	12.8 J/TH
Avalon Q (Home Use Prototype)	Up to 90 TH/s	Adjustable consumption: 800W-1600W

The A16XP, unveiled in October 2025, sets a new standard for performance and energy optimization, which is critical when network difficulty is rising. Also, the company has experience with streamlined production in the ASIC field.

Cryptocurrency treasury holdings of over 1,610 BTC (Oct 2025)

A disciplined treasury strategy means Canaan Inc. holds a significant reserve of digital assets generated from its self-mining operations. As of the end of October 2025, the total cryptocurrency treasury reached a record high:

• Bitcoin (BTC) held: 1,610 coins
• Ethereum (ETH) held: 3,950 coins

This digital asset accumulation serves as a long-term reserve and a strategic hedge.

Global installed computing power of over 8.6 EH/s (Aug 2025)

The company's physical operational scale, both in terms of machines sold and its own self-mining fleet, represents a massive installed base of hashing power. While the August Installed Computing Power stood at 8.6 EH/s, this figure was growing. By the end of October 2025, the deployed hashrate was reported at 9.31 EH/s, with an expectation to reach over 10 EH/s as recently delivered capacity came online.

Global supply chain for chip production and equipment assembly

Canaan Inc. manages a globally distributed supply chain, which they actively work to keep agile to mitigate cost burdens. This supply chain supports the production and assembly of their high-performance equipment. The latest A16 series is slated to ship from production centers located across multiple regions:

• North America
• East Asia
• Southeast Asia

This geographic spread is part of their strategy to ensure smooth production and delivery.

North American operational footprint and low-cost power access

A key operational focus has been optimizing energy costs, especially within the North American footprint. They achieved a major efficiency milestone by reducing their average North American miner performance to below 20 J/TH in August 2025, improving further to 19.7 J/TH in September 2025. The global average power cost was reported at $0.042/kWh. Concrete steps to secure low-cost, sustainable power include:

• Launching a gas-to-computing pilot in Alberta, Canada, supporting approximately 2.5 MW.
• Partnering with Soluna Holdings to deploy 20 MW of miners at a wind-powered data center in Texas.

These power arrangements directly support the economics of their self-mining segment, which generated a record US$30.6 million in revenue in Q3 2025.

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.