Revenue volatility and a -192.0% operating margin in 2026Q2, alongside a -$97.8M net loss, suggest the company has not yet demonstrated sustainable profitability.
Canaan Inc. (CAN) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 441.56M | 529.74M | 269.32M | 211.48M | 4.46B | 4.91B | 447.52M | 1.42B | 2.71B | 1.31B |
| Revenue Growth % | 27.85% | 96.69% | 27.35% | -95.26% | -9.06% | 996.92% | -68.54% | -47.41% | 106.81% | - |
| Cost of Goods Sold | 462.62M | 488.58M | 353.64M | 452.26M | 2.89B | 2.1B | 409.77M | 1.94B | 2.2B | 703.7M |
| COGS % of Revenue | - | 92.23% | 131.31% | 213.86% | 64.65% | 42.83% | 91.56% | 136.27% | 81.22% | 53.8% |
| Gross Profit | -21.06M | 41.16M | -84.32M | -240.78M | 1.58B | 2.81B | 37.75M | -516M | 508.12M | 604.38M |
| Gross Margin % | -4.77% | 7.77% | -31.31% | -113.86% | 35.35% | 57.17% | 8.44% | -36.27% | 18.78% | 46.2% |
| Gross Profit Growth % | - | 148.81% | 64.98% | -115.26% | -43.77% | 7333.76% | 107.32% | -201.55% | -15.93% | - |
| Operating Expenses | 132.33M | 153.39M | 142.81M | 170.1M | 1.28B | 1.01B | 291.29M | 538.53M | 375.1M | 245.76M |
| OpEx % of Revenue | - | 28.96% | 53.03% | 80.43% | 28.76% | 20.59% | 65.09% | 37.85% | 13.87% | 18.79% |
| Selling, General & Admin | 74.24M | 81.65M | 77.4M | 79.42M | 669.54M | 677.25M | 151.55M | 369.55M | 185.41M | 145.99M |
| SG&A % of Revenue | - | 15.41% | 28.74% | 37.56% | 15% | 13.8% | 33.86% | 25.98% | 6.85% | 11.16% |
| Research & Development | 58.09M | 63.15M | 61.32M | 64.84M | 564.3M | 331.42M | 139.99M | 168.98M | 180.57M | 101.02M |
| R&D % of Revenue | - | 11.92% | 22.77% | 30.66% | 12.64% | 6.75% | 31.28% | 11.88% | 6.67% | 7.72% |
| Other Operating Expenses | 0 | 8.59M | 4.09M | 25.83M | 49.87M | 2.12M | -243.58K | 0 | 9.11M | -1.25M |
| Operating Income | -153.39M | -112.23M | -227.13M | -410.88M | 348.2M | 1.8B | -240.02M | -1.05B | 133.02M | 358.63M |
| Operating Margin % | -34.74% | -21.19% | -84.33% | -194.29% | 7.8% | 36.62% | -53.63% | -74.04% | 4.92% | 27.42% |
| Operating Income Growth % | - | 50.59% | 44.72% | -218% | -80.63% | 848.93% | 77.21% | -891.8% | -62.91% | - |
| EBITDA | -151.05M | -64.88M | -198.71M | -351.24M | 568.16M | 1.81B | -235.24M | -1.05B | 146.17M | 367.76M |
| EBITDA Margin % | -34.21% | -12.25% | -73.78% | -166.09% | 12.73% | 36.91% | -52.56% | -73.69% | 5.4% | 28.11% |
| EBITDA Growth % | -5.97% | 67.35% | 43.43% | -161.82% | -68.64% | 870.17% | 77.56% | -817.23% | -60.25% | - |
| D&A (Non-Cash Add-back) | 35.68M | 47.35M | 28.42M | 59.64M | 219.96M | 14.15M | 4.78M | 4.88M | 13.15M | 9.13M |
| EBIT | -190.93M | -103.64M | -171.75M | -389.75M | 381.99M | 1.8B | -240.02M | -144.99M | 252.74M | 402.42M |
| Net Interest Income | -2.37M | -1.7M | 15K | 956K | 16.25M | 7.21M | 5.11M | -2.31M | -7.1M | 5.69M |
| Interest Income | 283.12K | 266.7K | 536K | 956K | 16.25M | 7.21M | 8.51M | 550.68K | 615.5K | 5.69M |
| Interest Expense | 2.65M | 1.97M | 521K | 0 | 0 | 0 | 3.39M | 2.86M | 7.71M | 0 |
| Other Income/Expense | -143.19M | -95.26M | 54.86M | -54.61M | 257.07M | 219.33M | 36.67M | 20.02M | 67.22M | 42.34M |
| Pretax Income | -296.58M | -207.49M | -172.27M | -465.49M | 605.26M | 2.02B | -203.35M | -1.03B | 200.24M | 400.97M |
| Pretax Margin % | -67.17% | -39.17% | -63.96% | -220.12% | 13.56% | 41.09% | -45.44% | -72.72% | 7.4% | 30.65% |
| Income Tax | 2.76M | 2.78M | 77.48M | -51.34M | 126.42M | 49.33M | 0 | 0 | 80.85M | 24.52M |
| Effective Tax Rate % | -0.93% | -1.34% | -44.98% | 11.03% | 20.89% | 2.45% | 0% | 0% | 40.37% | 6.12% |
| Net Income | -299.33M | -210.27M | -249.75M | -414.15M | 478.84M | 1.96B | -203.35M | -1.03B | 122.43M | 375.82M |
| Net Margin % | -67.79% | -39.69% | -92.73% | -195.84% | 10.73% | 40% | -45.44% | -72.72% | 4.53% | 28.73% |
| Net Income Growth % | -12.54% | 15.81% | 39.7% | -186.49% | -75.61% | 1065.55% | 80.34% | -944.97% | -67.42% | - |
| Net Income (Continuing) | -299.33M | -210.27M | -249.75M | -414.15M | 478.84M | 1.97B | -203.35M | -1.03B | 127.21M | 375.82M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.41 | -0.45 | -0.92 | -2.40 | 2.85 | 11.40 | -1.30 | -7.20 | 0.93 | 2.85 |
| EPS Growth % | 48.82% | 51.09% | 61.67% | -184.21% | -75% | 976.92% | 81.94% | -874.19% | -67.37% | - |
| EPS (Basic) | - | -0.45 | -0.92 | -2.40 | 2.85 | 11.40 | -1.30 | -7.20 | 0.93 | 2.85 |
| Diluted Shares Outstanding | 723.15M | 468.85M | 271.49M | 171.95M | 171.86M | 171.74M | 156.38M | 143.54M | 131.88M | 131.44M |
| Basic Shares Outstanding | 723.15M | 468.82M | 271.49M | 171.92M | 171.86M | 171.71M | 156.38M | 143.53M | 131.86M | 131.44M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | 565.25% | - |
Quick answers to the most common questions about buying CAN stock.
For fiscal year 2025, Canaan Inc. (CAN) reported total revenue of $529.7M. This represents a 59.5% decline compared to $1.31B in 2017.
Canaan Inc. (CAN) reported a net loss of $210.3M for the fiscal year ending 2025.
Canaan Inc. (CAN) reported an operating income of $-112.2M, resulting in an operating profit margin of -21.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Canaan Inc. (CAN) generated $41.2M in gross profit for the year, representing a gross profit margin of 7.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent negative gross margins
Revenue Rebounds Fail to Sustain Momentum
According to the reported quarterly income statements, Canaan's revenue swung from $35.0M in 2024Q1 to a peak of $196.3M in 2025Q4 before collapsing to $31.9M in 2026Q2, a decline of 68.2% year over year.
The 2025 revenue spike appears driven by lumpy mining hardware deliveries rather than a durable recurring base, which suggests demand is tied to episodic equipment sales. The sharp reversal in 2026 indicates that the prior quarter's strength may not have been repeatable, and investors should monitor whether order backlog supports any recovery. Growth visibility therefore looks weak on the reported figures.
Gross Margins Structurally Underwater
Based on the reported figures, Canaan's gross margin ranged from -106.4% in 2024Q1 to a best-case 11.0% in 2025Q3, with 2026Q2 printing -92.1%, showing no consistent pricing power against peers like CLSK at 41.6%.
Negative gross margins across most of the ten-quarter window suggest the cost of producing mining machines has frequently exceeded the selling price, a pattern that points to weak pricing power and possibly inventory or warranty pressure. Even the positive quarters remained far below CLSK's reported 41.6% gross margin. Margin cyclicality tied to bitcoin hash-price conditions may explain part of this, though the reported data alone cannot confirm the cause.
Operating Losses Widen Despite Revenue Swings
As reported in the income statements, operating income remained negative in every quarter, reaching -$61.3M in 2026Q2, while SG&A and R&D together consumed roughly $31.9M that quarter against only $31.9M of revenue.
Fixed-cost overhead of roughly $15M in R&D and $15M to $29M in SG&A each quarter means operating deleverage is severe when revenue falls, as seen in 2026Q2. The operating margin deteriorated to -192.0% even as absolute overhead stayed relatively flat, which suggests the cost base is not scaling down with volumes. This pattern warrants further scrutiny of the fixed-cost structure.
Net Losses Overwhelm Operating Results
Based on the reported figures, net income in 2026Q2 was -$97.8M against an operating loss of -$61.3M, a gap of roughly $36.5M that is not explained by the supplied operating line items.
The gap between operating and net results appears to reflect non-operating charges, financing costs, or other items not broken out in the supplied data, and these cannot be characterized further from the figures provided. Stock-based compensation of $4.6M in 2026Q1 is modest relative to the losses and does not appear to drive the net result. Investors should monitor the reconciliation between operating and net losses.
Persistent Losses Challenge the Growth Thesis
Based on reported figures, Canaan posted net losses in every one of the ten quarters shown, with cumulative net losses exceeding $650M, while peers such as CLSK reported positive net margins of 47.6%.
The bear case centers on the absence of any sustained profitability across the full period, with negative gross margins indicating the core hardware business may not yet cover its direct production costs. Revenue spikes followed by sharp declines suggest the business lacks recurring demand. Unless gross margins turn durably positive, the reported data do not support a profitability inflection thesis.