Canaan (CAN) financial statements
Canaan reported revenue of $530M in fiscal 2025, up 17.2% a year over 6 years.
Net income was -$210M.
Free cash flow was -$296M, and the company returned $5M in net buybacks.
The diluted share count rose 227% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Canaan's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $204M | $69M | $773M | $652M | $211M | $269M | $530M |
| Cost of revenue | $278M | $63M | $331M | $421M | $452M | $354M | $489M |
| Gross profit | -$74M | $6M | $442M | $230M | -$241M | -$84M | $41M |
| Research and development | $24M | $21M | $52M | $82M | $65M | $61M | $63M |
| Selling, general and admin | $53M | $23M | $107M | $98M | $79M | $77M | $82M |
| Operating income | — | -$39M | $283M | $43M | -$411M | -$227M | -$112M |
| Interest expense | $3M | $550,000 | — | — | — | $521,000 | $2M |
| Pre-tax income | -$149M | -$33M | $317M | $88M | -$465M | -$172M | -$207M |
| Income tax | — | $0 | $8M | $18M | -$51M | $77M | $3M |
| Net income | -$149M | -$33M | $309M | $70M | -$414M | -$250M | -$210M |
| EPS (diluted) | -$6.90 | -$1.41 | $12.00 | $2.71 | -$16.06 | -$6.13 | -$2.99 |
| Diluted shares | 2.15B | 2.35B | 2.58B | 2.58B | 2.58B | 4.07B | 7.04B |
| Gross margin | -36.3% | 8.4% | 57.2% | 35.3% | -113.9% | -31.3% | 7.8% |
| Operating margin | — | -56.7% | 36.6% | 6.6% | -194.3% | -84.3% | -21.2% |
| Net margin | -72.7% | -48.0% | 40.0% | 10.7% | -195.8% | -92.7% | -39.7% |
Balance sheet
Fiscal years, from Canaan's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $76M | $70M | $421M | $102M | $96M | $96M | $81M |
| Receivables | $413,000 | $1M | $58,000 | — | $3M | $2M | $19M |
| Inventory | $28M | $35M | $127M | $212M | $142M | $95M | $181M |
| Total current assets | $135M | $154M | $828M | $556M | $364M | $334M | $433M |
| Property, plant and equipment | $3M | $2M | $29M | $85M | $29M | $40M | $44M |
| Total assets | $142M | $159M | $884M | $685M | $493M | $463M | $603M |
| Total current liabilities | $41M | $91M | $327M | $75M | $135M | $179M | $131M |
| Long-term debt | — | — | — | — | — | $7M | $24M |
| Total liabilities | $43M | $93M | $341M | $77M | $145M | $197M | $166M |
| Shareholders' equity | $100M | $66M | $542M | $608M | $348M | $266M | $437M |
| Net debt | -$74M | -$60M | -$421M | -$102M | -$96M | -$73M | -$29M |
Cash flow
Fiscal years, from Canaan's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$40M | $6M | $202M | -$183M | -$124M | -$199M | -$271M |
| Capital spending | $1M | $333,000 | $6M | $18M | $3M | $19M | $25M |
| Free cash flow | -$41M | $6M | $197M | -$200M | -$127M | -$219M | -$296M |
| Stock-based compensation | $39M | $452,000 | $76M | $63M | $42M | $31M | $23M |
| Share buybacks (net) | — | -$4M | -$16M | -$37M | — | — | -$5M |
| Net borrowing | — | — | — | — | — | $10M | -$17M |
| Free cash flow margin | -20.3% | 9.0% | 25.4% | -30.8% | -60.0% | -81.2% | -55.8% |
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Open CAN in InvestinglyQuestions
What was Canaan's revenue in 2025?
$530M in fiscal 2025, from its 10-K filing.
How much free cash flow does Canaan generate?
-$296M in fiscal 2025 (operating cash flow minus capital spending).
From Canaan's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.