strong buy

Canaan Q2: Record Mining Revenue and Growing BTC Hoard — Strong Buy

I view Canaan's Q2 as a clear operational inflection: total revenue reached $100.2M (+39.5% y/y) and mining revenue hit a record $28.1M (+201.6%), with 284 BTC mined and average realized revenue of $98,866 per BTC.

Gross profit turned positive at $9.3M versus a year-ago loss, and the bitcoin reserve rose to 1,483.5 BTC (projected 1,511 BTC by end-July), showing disciplined accumulation and improving unit economics.

I remain constructive but cautious — the upside depends on sustained hashprice and BTC price, while mining hardware cycles and regulatory or macro volatility are key risks.

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Analysis

I see stronger top-line growth and a profitable margin swing driven by record mining output and higher realized BTC revenue; the expanding bitcoin balance demonstrates strategic accumulation, but expo...

Recommendation

I recommend a strong-buy stance on CAN based on improving profitability and BTC accumulation, while I would scale in size and monitor BTC price, hashprice trends and hardware sales for signs to trim o...

Disclaimer

The Analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.

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