Why did CAN's Q2 earnings exceed forecasts significantly?

Canaan Inc. (CAN) experienced a significant increase in its Q2 earnings, which can be attributed to several key factors:

1. Robust Sales of A14 Products: The company's sales of A14 products were a significant contributor to the revenue growth. This product series was launched and delivered on a large scale, which helped in achieving the strong revenue figures.
2. Expanded Market Presence: Canaan's expansion into new markets, particularly in North America and the Middle East, led to increased sales and revenue. The company secured large orders in these regions, which boosted its global sales network and market presence.
3. Efficient Expense Control: Canaan implemented efficient expense control measures, which helped in narrowing the operating loss significantly. This focus on cost management contributed to the improved profitability margins.
4. Bitcoin Production Increase: In March 2025, Canaan reported an increase in Bitcoin production, mining 90 bitcoins, a 9.8% increase from February. This increase in Bitcoin production could have led to higher revenue from mining activities.

Overall, Canaan's Q2 earnings exceeded forecasts due to a combination of robust product sales, market expansion, cost control, and an increase in Bitcoin production. These factors collectively contributed to the company's strong financial performance.