What happened with CAN today?
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Canaan supplies miners with AvalonMiner machines that perform the computing work needed to mine Bitcoin. Machine sales provide most of its revenue, with related parts and accessories adding a smaller contribution. Customers usually buy through individual orders rather than long-term agreements, mainly directly from Canaan but also through distributors. Its Avalon Home line serves individual users mining at home.
Canaan designs the specialized chips inside its machines, outsources chip fabrication, testing and packaging, and assembles machines itself and through partners. Production depends heavily on a few chip foundries and other manufacturing partners. A small group of large customers also supplies a substantial share of revenue.
Canaan also earns Bitcoin from its own mining business through collaborations with mining farms and energy providers. This is a smaller business alongside machine sales; mining through self-owned facilities is a stated plan.
Both businesses depend on mining returns. Bitcoin prices, electricity costs, competition for mining rewards and machine efficiency influence what miners can earn—and therefore whether they buy equipment and what they will pay. Canaan sells globally, with most machine-related revenue coming from customers outside China. Chinese rules prohibit new domestic mining projects, require existing projects to close and prohibit manufacturers from selling miners within China.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Canaan’s results hinge on Bitcoin mining profitability and machine efficiency, making Bitmain and MicroBT important equipment rivals to watch even though neither appears in this list.
Bitdeer competes for miners’ equipment spending with its SEALMINER machines against Canaan’s AvalonMiner, and both also mine Bitcoin for themselves. Watch SEALMINER’s power efficiency: it sets a competing benchmark for the machines Canaan sells.
MARA Holdings earns Bitcoin and transaction fees by running mining machines, exposing it to the same mining economics that drive Canaan’s machine sales and own mining revenue. Watch MARA’s mining output and power costs for a read on the returns that shape miners’ willingness to buy equipment.
CleanSpark’s Bitcoin mining returns and fleet expansion reflect the conditions behind Canaan’s own mining income and sales to miners. Watch its fleet efficiency and use of mined Bitcoin to fund equipment and operations for clues to miners’ ability to keep investing.
Riot Platforms mines Bitcoin through the same profitability and equipment-investment cycle that drives Canaan’s mining business and machine sales. Watch Riot’s deployed computing power and low-cost power resources for signs of the conditions supporting miners’ fleet investment.
BTC Digital Ltd. resells machines to miners who could instead buy new equipment from Canaan, while both companies also earn Bitcoin mining revenue. Resale supplied 72.5% of BTC Digital’s revenue in the fiscal year ended December 31, 2025, making that revenue line the clearest one to watch for competing equipment demand.
American Bitcoin’s mining returns and equipment purchases reveal the conditions facing Canaan’s mining business and machine buyers; it contributes computing power to mining pools in exchange for a share of Bitcoin rewards. Its purchase of approximately 11,000 miners in Q1 2026 is a concrete signal of investment in more efficient fleets.
HIVE Digital Technologies Ltd. runs Bitcoin mining equipment whose profitability reflects the same forces behind Canaan’s machine demand and mining returns. Watch revenue from selling computing power to mining pools, rather than its separate AI customer business, for the closer connection to Canaan.
BitFuFu sells institutions and individuals access to mining rewards without buying machines themselves—cloud mining—so demand rests on the expected returns that also drive Canaan’s machine sales and own mining. Watch demand from its major cloud-mining customers: its three largest customers supplied 60% of total revenue in 2025.
Core Scientific mines digital assets mainly for itself, sharing the mining economics behind Canaan’s own mining and sales to miners despite its growing AI focus. Watch how it repurposes mining facilities to house customers’ AI computing equipment, which distinguishes its capacity investment from a pure mining expansion.
Cipher Digital’s operating Bitcoin mine shares Canaan’s exposure to mining profitability: it supplies computing power to mining pools for a share of Bitcoin rewards and transaction fees. Watch its cost to produce Bitcoin against Bitcoin’s market price, while keeping its growing development of facilities for high-performance computing tenants separate.
Strategy’s Bitcoin holdings expose it to the price that also drives Canaan’s machine prices, miners’ demand and mining revenue, rather than to mining operations. Its enterprise customers pay for analytics software, but Bitcoin-related gains and losses—not software subscriptions—are the closer signal for Canaan.
Twenty One Capital, Inc.’s initial treasury of approximately 43,500 Bitcoin shares the price driver behind Canaan’s mining returns and equipment demand, but not its mining operating costs. It accumulates and manages Bitcoin; planned education subscriptions, enterprise licensing and sponsorships are not reported revenue results.
Strategy Inc earningsMSTR
Strategy’s report will show whether its Bitcoin holdings gained or lost value, offering a price signal for the machine pricing, miner demand and mining revenue tied to Canaan.
Read gains or losses on Strategy’s Bitcoin holdings, not its software business: they reflect price exposure, not mining output or costs. Gains would be consistent with a more supportive Bitcoin-price environment for miners’ return expectations, machine prices and equipment demand; losses would point to price pressure in the other direction. Neither outcome alone proves that miners are profitable or that Canaan’s sales have changed.
Riot Platforms, Inc. earningsRIOT
Riot Platforms’ report will show whether deployed mining power and electricity conditions support miners’ fleet investment, which connects to Canaan’s machine demand and mining returns.
Read Riot’s deployed computing power alongside its power costs. More deployed power while costs remain low would suggest miners can expand under favorable operating conditions, a supportive backdrop for Canaan’s equipment buyers and its own mines; stalled deployment or higher power costs would suggest pressure on both fleet investment and mining returns.
Bitdeer Technologies Group earningsBTDR
Bitdeer’s report will show whether SEALMINER efficiency gives miners a stronger reason to choose its machines over Canaan’s AvalonMiner.
Look at how much computing power SEALMINER delivers for the electricity it uses, as a measure of its competition with AvalonMiner for miners’ orders. Better efficiency means miners get more computing power from the same electricity, strengthening Bitdeer’s machines and raising the bar for Canaan; little improvement would mean less added competitive pressure from Bitdeer.
Canaan Inc. earningsThis company
Canaan’s report will show whether miners’ purchases and the prices they pay support machine revenue and gross profit, and whether Canaan’s own mining adds revenue.
Read machine-product revenue alongside computing power sold and average selling price, then compare mining revenue and energized mining power with overall gross profit. Stronger sales or prices, together with higher mining revenue and improving gross profit, would show both engines turning demand into earnings; weaker product revenue, no growth in mining revenue, or costs still weighing on gross profit would show that demand or operating returns are not yet supporting both businesses.
