Canaan Inc. completed a direct offering of 63,660,477 American depositary shares at $1.131 each, raising $72 million in new capital. Each ADS represents 15 Class A ordinary shares.
The offering was conducted under a shelf registration statement (Form F‑3, File No. 333‑285125) that became effective on February 21, 2025, and is expected to close on November 6, 2025.
Proceeds will be allocated to acquire and develop data‑center sites and facilities in North America, expand production capacity for its Avalon mining machines, support research and development of next‑generation ASICs, and fund general corporate purposes.
Canaan’s recent financial results show a mixed performance: Q2 2025 revenue rose 40% year‑over‑year to $100.2 million, but the company posted a net loss of $0.03 per share and adjusted EBITDA of $25.3 million. In Q4 2024 revenue increased 81% to $88.8 million, with a net loss of $92.9 million and positive non‑GAAP adjusted EBITDA of $19.3 million. The company has experienced negative free cash flow over the past twelve months, prompting the need for additional liquidity.
Management highlighted that the capital raise will accelerate the deployment of new data‑center sites, particularly in the United States, and support the launch of the Avalon A16 series, which offers higher hash rates and improved energy efficiency. The company also plans to use funds to strengthen its supply‑chain resilience amid ongoing semiconductor shortages.
Segment‑wise, revenue from Avalon Home Miner products grew 35% year‑over‑year, while revenue from mining‑equipment sales increased 28%. The company expects continued demand for high‑efficiency mining hardware as Bitcoin’s network hash rate expands.
Canaan’s CEO, Li Zhi, stated that the company remains focused on delivering cost‑effective mining solutions and expanding its North American footprint to capture growing demand for renewable‑energy‑powered mining operations.
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