Canaan Reports Strong Q1 2025 Financial Results Exceeding Expectations

According to Foresight News, Canaan Technology has released its financial report for the first quarter of 2025, revealing total revenue of $82.78 million. This figure surpasses the previous financial forecast of $75 million and marks a 135.9% increase compared to the same period last year. The report highlights that Canaan's total sales computing power reached 5.5 million TH/s in the first quarter, representing a 62.6% year-over-year growth. Amid the overall rise in Bitcoin prices, the company's mining revenue set a quarterly record of $24.25 million, reflecting a 58.6% increase from the previous quarter and a 131.9% increase year-over-year. During this period, Canaan mined a total of 259 Bitcoins, with an average revenue of $93,466 per Bitcoin. As of March 31, 2025, Canaan held a total of 1,468.1 Bitcoins. The fair value of its cryptocurrency assets and cryptocurrency receivables amounted to $125.9 million.