Canaan (ADR)
Designs and produces Avalon mining machines and computing equipment.
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Profile
Designs high-performance ASIC chips and produces Avalon Bitcoin-mining machines, parts, accessories, and software services. The Nasdaq-listed ADS issuer sells internationally after historically China-centered mining-machine sales.
Avalon-branded Bitcoin-mining machines sit at the center of a business spanning high-performance ASIC-chip design and R&D, computing-equipment production, related parts and accessories, and software services. The research-and-development team built one of the first cryptocurrency mining machines incorporating ASIC technology, and the brand traces to a 2013 first shipment of ASIC-based Bitcoin-mining machines.
Sales of mining machines and related parts historically leaned toward China. Following adverse PRC regulatory changes, the sales footprint expanded to customers in North America, Africa, Southeast Asia, and Europe.
The Nasdaq-listed security is an ADS issued by a Cayman holding-company structure, while the company maintains a Singapore executive office and operates through international subsidiaries.
Company facts
Categories
Key statistics
Year to date −50.0% · Average volume (30d) 18.7M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Target |
|---|---|---|---|
| May 20, 2026 | Rosenblatt Securities | Target | $1.30 |
| Feb 11, 2026 | H.C. Wainwright | Target | $1.50 |
| Dec 8, 2025 | BTIG | Target | $3 |
| Oct 23, 2025 | Coker Palmer | Target | $4 |
| Oct 3, 2025 | Northland Securities | Target | $1.75 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| May 19, 2026Q1 FY26 | −$0.07 | −$0.13 | −85.7% | $9.5M | $9.2M | −3.1% | +4.56% |
| Feb 10, 2026Q4 FY25 | −$0.06 | −$0.13 | −116.7% | $25.4M | $28.4M | +11.8% | −0.88% |
| Nov 18, 2025Q3 FY25 | −$0.06 | −$0.05 | +16.7% | $24.7M | $150.7M | +509.6% | −6.54% |
| Aug 14, 2025Q2 FY25 | −$0.13 | −$0.03 | +76.9% | $18.3M | $14.0M | −23.5% | −0.73% |
Financial highlights
| 12 quarters | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $88.8M | $82.8M | $100.2M | $150.7M | $196.3M | $62.7M | |
| Gross profit | −$6.4M | $646.0K | $9.3M | $16.6M | $14.6M | −$22.9M | |
| Operating income | −$55.6M | −$37.6M | −$27.1M | −$22.7M | −$14.8M | −$54.5M | |
| Net income | −$92.9M | −$86.4M | −$11.1M | −$27.8M | −$85.0M | −$88.7M | |
| Diluted EPS | −$0.32 | −$0.27 | −$0.03 | −$0.05 | −$0.13 | −$0.13 | |
| Gross margin | -7.2% | 0.8% | 9.3% | 11.0% | 7.4% | -36.5% | |
| Operating margin | -62.7% | -45.5% | -27.0% | -15.1% | -7.6% | -86.9% |
Fiscal years (4-quarter sums)FY21 $775.8M · FY22 $658.9M · FY23 $156.2M · FY24 $269.3M · FY25 $529.9M
Revenue by product · FY25
Revenue by geography · FY25
Balance sheet, Mar 31, 2026Cash & short-term investments $43.5M · Total debt $56.6M · Total assets $532.1M · Shareholders' equity $381.9M
Dividends
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Nov 15, 2021 | Dec 2 | Dec 2 | $0.38 | special dividend |
Ownership
Shares outstanding 469.62M · Float —
Insiders — filings are in the shares behind the receipt.
This listing is a depositary receipt and the Form 4 positions here are filed in the shares behind it, a different unit from the share count and in a ratio the filings never state, so no insider percentage is shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Invesco Ltd. | 632.66M | 15.00% | 13G | Jun 5, 2026 |
| Weiss Asset Management LP | 39.87M | 8.49% | 13F | May 15, 2026 |
| Galaxy Digital Inc. | 14.50M | 3.09% | 13F | May 14, 2026 |
| Charles Schwab Investment Management Inc | 11.75M | 2.50% | 13F | May 15, 2026 |
| State Street Corp | 8.64M | 1.84% | 13F | May 15, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 17, 2026 | Nangeng Zhang | director, officer: Chief Executive Officer | +250,000 | |
| Jun 18, 2026 | Nangeng Zhang | director, officer: Chief Executive Officer | +250,000 | |
| Jun 15, 2026 | Jin Cheng | officer: Chief Financial Officer | +65,000 | |
| Jun 15, 2026 | Nangeng Zhang | director, officer: Chief Executive Officer | +250,000 | |
| Jun 16, 2026 | Nangeng Zhang | director, officer: Chief Executive Officer | +250,000 |
Peers
- Bitdeer
Bitcoin ASIC rigs and large self-mining fleets overlap
- Ebang International
Ebit machines overlap in Bitcoin ASIC-hardware sales
- MARA
Large-scale mining fleets contend for Bitcoin block rewards
- Riot Platforms
Vertically integrated mining fleets contend for Bitcoin rewards
- CleanSpark
High-hashrate mining fleets contend for Bitcoin block rewards
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Canaan (ADR) | $0.3877 | +0.73% | $178.5M | — | — | 0.4 | +11,243,048.8% |
| Bitdeer | $10.32 | +0.10% | $2.41B | — | — | 3.0 | +47.1% |
| Ebang International | $2.25 | +0.45% | $15.1M | — | — | 2.2 | −21.3% |
| MARA | $10.68 | +0.19% | $4.07B | — | — | 5.1 | −26.7% |
| Riot Platforms | $18.96 | −0.16% | $7.18B | — | — | 10.6 | +13.9% |
| CleanSpark | $11.65 | −0.08% | $2.99B | — | — | 4.4 | −30.5% |
| Median | — | — | 4.4 | −21.3% |