Canaan's Q1 2025 Earnings Call: Unpacking Contradictions in Self-Mining Strategy, Pricing, and Tariff Impacts
Earnings DecryptTuesday, May 20, 2025 11:06 am ET

Self-Mining Expansion and Strategy, ASP and Pricing Strategy, Tariff Impact and Business Strategy, Tariff Impact on Global Expansion Strategy, and Expansion Plan for Self-Mining are the key contradictions discussed in Canaan's latest 2025Q1 earnings call.
Revenue Growth and Market Challenges:
- reported total revenues of $82.8 million for Q1 2025, exceeding the previous guidance of $75 million and representing a 136% year-over-year increase.
- Growth was driven by strong execution and resilience across global markets, despite the challenging macroeconomic environment marked by tariffs and falling bitcoin prices.
Product Sales and ASP Increase:
- The company delivered 5.5 exahash per second in total computing power sold during Q1, up 62.6% year-over-year, with an average selling price per terahash rising to $10.5, a 30% sequential growth.
- This increase was attributed to the large-scale delivery of A15 series mining machines and strong customer demand in certain regions, although the US market faced headwinds due to tariffs.
Self-Mining Performance and Revenue:
- Canaan's self-mining business saw a total of 259 bitcoins mined in Q1, up 39% quarter-over-quarter, with mining revenue reaching a record high of over $24 million, marking a 59% sequential increase.
- This was primarily due to the continued growth of energized hash rate and optimal project partnerships, made possible by competitive electricity costs of $4.2 per kilowatt hour.
Tariff Impacts and Global Strategy:
- The US imposed tariffs of up to 20% on goods from China and 10% on imports from all countries, affecting global mining machine demand.
- The company is adopting a more cautious approach to expansion, focusing on global opportunities beyond North America, driven by uncertainties in the US market and increased mining costs due to tariffs.
Revenue Growth and Market Challenges:
- reported total revenues of $82.8 million for Q1 2025, exceeding the previous guidance of $75 million and representing a 136% year-over-year increase.
- Growth was driven by strong execution and resilience across global markets, despite the challenging macroeconomic environment marked by tariffs and falling bitcoin prices.
Product Sales and ASP Increase:
- The company delivered 5.5 exahash per second in total computing power sold during Q1, up 62.6% year-over-year, with an average selling price per terahash rising to $10.5, a 30% sequential growth.
- This increase was attributed to the large-scale delivery of A15 series mining machines and strong customer demand in certain regions, although the US market faced headwinds due to tariffs.
Self-Mining Performance and Revenue:
- Canaan's self-mining business saw a total of 259 bitcoins mined in Q1, up 39% quarter-over-quarter, with mining revenue reaching a record high of over $24 million, marking a 59% sequential increase.
- This was primarily due to the continued growth of energized hash rate and optimal project partnerships, made possible by competitive electricity costs of $4.2 per kilowatt hour.
Tariff Impacts and Global Strategy:
- The US imposed tariffs of up to 20% on goods from China and 10% on imports from all countries, affecting global mining machine demand.
- The company is adopting a more cautious approach to expansion, focusing on global opportunities beyond North America, driven by uncertainties in the US market and increased mining costs due to tariffs.

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