Canaan Q2 GAAP EPS -$0.03, Revenue $100.2M, Bitcoin Mining Revenue Hits All-Time High of $28.1M

Canaan has reported Q2 GAAP EPADS of -$0.03 and revenue of $100.2M, up 21% YoY. Bitcoin mining revenues reached an all-time high of $28.1M, up 201.6% YoY, and the company's Bitcoin treasury climbed to 1,511 as of July-end 2025.

Canadian Natural Resources (NYSE: CNQ) has reported robust financial performance for the second quarter of 2025. The company posted adjusted net earnings of $1.5 billion ($0.71 per share) and adjusted funds flow of $3.3 billion ($1.56 per share), demonstrating significant growth despite a planned turnaround at their Athabasca Oil Sands Project (AOSP). The quarterly production reached 1,420,358 BOE/d, a 10% increase from the same period in 2024.

Key operational highlights include the successful completion of the AOSP turnaround ahead of schedule, with July 2025 Oil Sands production averaging 602,000 bbl/d. Additionally, the company closed two strategic acquisitions: the Palliser Block in southern Alberta and liquids-rich Montney assets for $750 million. These acquisitions are expected to enhance future production potential.

Canadian Natural Resources returned $1.6 billion to shareholders in Q2, including $1.2 billion in dividends and $0.4 billion in share repurchases. The company maintains strong liquidity of $4.8 billion and aims to reduce year-end 2025 net debt by approximately $2 billion from 2024 levels. The company's operational efficiency continues to improve, particularly in the Duvernay assets where Q2 operating costs decreased to $8.43 /BOE, an 11% reduction from Q1 levels.

The company's multilateral drilling program is also exceeding expectations, now targeting 182 net primary heavy crude oil wells in 2025, 50% more than 2024 levels. Shareholder returns remained robust with $1.6 billion returned in Q2 through $1.2 billion in dividends and $0.4 billion in share repurchases.

The company's Chief Financial Officer, Victor Darel, commented, "In Q2/25, we generated adjusted net earnings of $1.5 billion or $0.71 per share, and adjusted funds flow of $3.3 billion or $1.56 per share. We returned approximately $1.6 billion to our shareholders in the quarter, including $1.2 billion in dividends and $0.4 billion in share repurchases. Our business model is robust and sustainable, resulting in a top tier WTI breakeven in the low to mid-US $40 per barrel range at which prices we generate the adjusted funds flow required to cover both maintenance capital levels and dividends. Our balance sheet remains strong with liquidity of approximately $4.8 billion as at June 30, 2025, providing significant flexibility. Our leading financial results combined with our safe, reliable, effective and efficient operations provide us with unique competitive advantages, all of which drive material free cash flow generation and strong returns on capital, maximizing value for our shareholders."

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[1] https://www.stocktitan.net/news/CNQ/canadian-natural-resources-limited-announces-2025-second-quarter-1cgxm8tjy9hi.html