BEIJING (dpa-AFX) - Canaan Inc. (CAN) reported that its net loss for the first quarter of 2025 widened to US$86.43 million, from US$39.39 million in the same quarter last year. Loss per American depositary share for the first quarter of 2025 were US$0.27 compared to a loss of US$0.16 last year.
Total revenues in the first quarter of 2025 were US$82.8 million, compared to US$35.1 million in the same period of 2024. Total revenues consisted of US$58.3 million in products revenue, US$24.3 million in mining revenue and US$200 thousand in other revenues.
For the second quarter of 2025, the Company currently expects total revenues to be about US$100 million, reflecting the near-term market conditions and evolving customer dynamics, which are subject to change.
In light of the recent developments surrounding the U.S. government's newly imposed tariff measures, which have introduced substantial uncertainty into the bitcoin mining industry and impacted the operational plans of mining players in the region, the company has decided to withdraw its previously issued full-year 2025 revenue guidance.
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