Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Canaan Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
204
68.6
773
652
211
269
530
Cost of revenue
278
62.8
331
421
452
354
489
Gross profit
-74.1
5.79
442
230
-241
-84.3
41.2
Research and development
24.3
21.5
52.2
81.8
64.8
61.3
63.1
Selling and marketing
3.15
3.06
15.6
9.41
8.18
5.71
13.6
General and administrative
49.9
20.2
91.1
88.3
71.2
71.7
68.1
Operating expenses
77.4
44.7
159
187
170
143
153
Operating income
-38.9
283
42.9
-411
-227
-112
Interest expense
2.88
0.55
0.52
1.97
Interest income
0.55
0.48
1.13
2.37
0.96
0.54
0.27
Other non-operating income
3.6
4.75
0.99
3.3
2.24
-5.03
-0.34
Pre-tax income
-149
-33
317
88.3
-465
-172
-207
Income tax
0
7.77
18.5
-51.3
77.5
2.78
Net income
-149
-33
309
69.9
-414
-250
-210
EPS, basic
-6.90
-1.41
12.26
2.73
-16.06
-6.13
-2.99
EPS, diluted
-6.90
-1.41
12.00
2.71
-16.06
-6.13
-2.99
Shares, basic (weighted)
2,153
2,346
2,522
2,560
2,579
4,072
7,043
Shares, diluted (weighted)
2,153
2,346
2,576
2,578
2,579
4,072
7,043
Balance sheet
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
74.2
60
421
102
96.2
96.5
80.8
Short-term investments
1.58
9.56
Receivables
0.41
1.09
0.06
3
1.51
19.3
Inventory
28.2
34.6
127
212
142
94.6
181
Other current assets
29.6
48.5
271
243
122
90.9
99.7
Total current assets
135
154
828
556
364
334
433
Property, plant and equipment
3.25
1.87
29.1
85.4
29.5
40.2
44
Lease right-of-use assets
3.27
2.21
4.85
4.25
1.69
3.5
2.88
Intangible assets
0.9
0.69
Long-term investments
0
3.14
2.9
Other non-current assets
0.75
0.39
0.46
2.5
0.49
0.48
0.49
Total assets
142
159
884
685
493
463
603
Accounts payable
14.2
5.73
22.5
16.7
6.25
14
25.6
Accrued liabilities
20.7
19.6
16.7
23
Deferred revenue
1.19
66
210
0.66
19.6
24.2
9.32
Short-term debt
14.4
5.33
16.7
28.5
Total current liabilities
41
90.8
327
75.3
135
179
131
Long-term debt
7.28
23.7
Lease liabilities
1.93
0.51
2.56
1.44
0.21
1.7
0.95
Other non-current liabilities
1.23
0.91
0.6
9.71
9.06
9.63
Total liabilities
42.9
92.5
341
77.3
145
197
166
Total debt
23.9
52.2
Paid-in capital
234
251
454
492
654
816
1,177
Retained earnings
-141
-183
126
195
-220
-450
-661
Treasury stock
-3.67
-36.3
-57.1
-57.1
-57.1
-37.2
Other comprehensive income
-7.98
-12.2
-16
-36.9
-43.9
-57.5
-56.7
Shareholders' equity
99.5
66.3
542
608
348
266
437
Total equity
99.5
66.3
542
608
348
266
437
Total liabilities and equity
142
159
884
685
493
463
603
Shares outstanding
2,350
2,328
2,577
2,496
3,515
4,614
Cash flow statement
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-149
-33
309
69.9
-414
-250
-210
Stock-based compensation
38.8
0.45
76.5
63
42.1
30.9
22.8
Deferred income tax
-15.3
-7.79
-45.7
66.2
0.07
Change in receivables
2.99
-0.69
1.06
0.06
-3.01
0.1
-17.7
Change in inventory
53
-7.49
-116
-232
-124
-129
-138
Cash from operations
-40.2
6.48
202
-183
-124
-199
-271
Capital expenditures
-1.2
-0.33
-5.65
-17.7
-3.31
-19.3
-24.6
Purchases of investments
-79.7
-204
0
Cash from investing
-2.35
-7.6
0.85
-8.1
39.6
61
56.7
Debt issued
9.94
Debt repaid
-17
Stock issued
96.2
65.4
Share buybacks
-3.67
-16.1
-37.4
-5
Cash from financing
39.9
-17.2
139
-56.2
90
140
198
Net change in cash
-2.65
-18.3
342
-247
6.01
1.46
-16.6
Free cash flow
-41.4
6.15
197
-200
-127
-219
-296
Interest paid
1.66
0.57
0.04
0.37
1.34
Income taxes paid
0.5
0.07
45.4
2.88
0.05
1.44
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $0.38 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
7.8%
Gross profit / revenue.
Operating margin
-21.2%
Operating income / revenue.
Pre-tax margin
-39.2%
Pre-tax income / revenue.
Net margin
-39.7%
Net income / revenue.
FCF margin
-55.8%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-51.2%
Cash from operations / revenue.
Return on equity (ROE)
-59.8%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-39.5%
Net income / average total assets.
Return on invested capital (ROIC)
-29.4%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
11.9%
Research and development expense / revenue.
Stock-based pay / revenue
4.3%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
4.6%
Capital expenditures / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
96.7%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-6.7%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
50.5%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit CAGR, 3y
-43.7%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
48.0%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
64.3%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-10.4%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
45.8%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
30.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-4.2%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
30.6%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
72.9%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
39.8%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
24.6%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
3.31x
Current assets / current liabilities.
Quick ratio
0.76x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.62x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.12x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
8.7%
Total debt / total assets.
Liabilities / assets
27.5%
Total liabilities / total assets.
Net debt
-$28.5M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$2.99
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$2.99
Net income per basic share, as reported (split-adjusted).
Revenue per share
$0.08
Revenue / diluted weighted shares.
FCF per share
-$0.04
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.04
Cash from operations / diluted weighted shares.
Book value per share
$0.06
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
0.55x
Market cap / revenue.
P/B
0.66x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.67x
Market cap / tangible book value, when positive.
EV/Sales
0.49x
Enterprise value / revenue.
FCF yield
-101.9%
Free cash flow / market cap.
Earnings yield
-72.4%
Net income / market cap (the inverse of P/E).
Shareholder yield
1.7%
(Dividends paid + share buybacks) / market cap.
What was Canaan Inc.'s revenue in fiscal 2025?
Canaan Inc. reported revenue of $529.7M for fiscal 2025, 96.7% higher than the year before.
Was Canaan Inc. profitable in fiscal 2025?
No. It reported a net loss of $210.3M.
How much free cash flow did Canaan Inc. generate in fiscal 2025?
Cash from operations of $271.2M minus capital expenditures of $24.6M left free cash flow of -$295.8M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.