Canaan Inc. (CAN)

Nasdaq: CAN · Finance Services · Singapore, SG · filing with the SEC since 2019

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Grade5.9

◀ Past 6.5● Present 5.3▶ Future 5.6

2 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of Canaan Inc.

Nine metrics read from its own filings, by tense

Headline grade

5.9/10

◀ Past6.540% of the headline

● Present5.335% of the headline

▶ Future5.625% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

6.5/1040% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

8.4/10

Has it survived what it has been through?

No warning events in its filings since 2019.

weight 45% of this tense · 84th percentile among 130 sector filers · read for itself

From the record

Canaan Inc.'s filings since 2019 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

4.1/10

What has it actually done, year after year?

+17.2% a year over 7 filed years; profitable in 2 of 7.

weight 22% of this tense · 41st percentile among 104 sector filers · read for its customers

From the record

Canaan Inc.'s 7 filed years say what it did: revenue went from $204 million in fiscal 2019 to $530 million in fiscal 2025, up 17.2% a year; it rose in 3 of 6 years; the deepest fall was 73% from fiscal 2021 to fiscal 2023; net income was positive in 2 of 7 of those years (its annual reports).

What it rests on

revenue growth over the filed span17.2%bottom 47% of its family
the share of years revenue rosebottom 36% of its family
the share of filed years with a profittop 50% of its family
the deepest fall from a revenue peak72.6%bottom 29% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

5.5/10

How has it treated the people who own it?

SI estimate 5.5/10, confidence 20 of 100 (family median).

weight 33% of this tense · 50th percentile among 82 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income, so the desk assumes the typical reading of its industry family, the median of 82 members with one.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: family median, 82 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Canaan Inc.'s shareholder treatment is put at 5.5 of 10 with a confidence of 20 of 100, because fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income, so the desk assumes the typical reading of its industry family, the median of 82 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

● Present

What are they doing right now?

5.3/1035% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

5.2/10

Is it financially healthy right now?

ROE -48%: lost 48¢ per shareholder dollar. Leverage 27%: owes 27¢ per asset dollar.

weight 45% of this tense · 52nd percentile among 117 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Canaan Inc. lost about 48 cents for every dollar of shareholders' money, and gross profitability: its products earned about 7 cents per dollar of everything the company owns. Leverage: it owed about 27 cents per dollar of assets (the filed statements).

What it rests on

what it owes per dollar of assetstop 30% of its family
return on equitybottom 30% of its family
gross profit against assetstop 43% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

5.4/10

How strong is its position in its industry?

top 46% of 114 in its family; net margin -39.7%.

weight 33% of this tense · 54th percentile among 114 sector filers · read for its customers

From the record

Canaan Inc.'s standing among 114 graded names in its industry family: revenue of $530 million in fiscal 2025 ranks in the top 23% by size; a net margin of -39.7% ranks in the top 46%; revenue growth of -6.7% a year over the last 3 filed years ranks in the bottom 30% (its annual reports).

What it rests on

revenue against the family$530Mtop 23% of its family
net margin-39.7%top 46% of its family
three-year revenue growth-6.7%bottom 30% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

5.5/10

What are the people in charge doing?

SI estimate 5.5/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 74 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 74 members with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned: family median, 74 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Canaan Inc.'s leadership is put at 5.5 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-18 (a listing, a merger or a first filing under the rules) and its chief executive and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 74 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

5.6/1025% of the headline grade · 3 of 3 filed

Room to expand

as filed

4.6/10

How much room does it have to grow?

bottom 46% of 108 in its family for room to expand.

weight 33% of this tense · 46th percentile among 108 sector filers · read for itself

From the record

Canaan Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $81 million against debt of $24 million leaves 9.5% of its assets as net cash, top 40% of its family; cash from operations less capital spending is -55.8% of revenue (bottom 46%); a gross margin of 7.8% (bottom 25%); research spending of 11.9% of revenue (top 48%) (its annual report).

What it rests on

cash less debt against assets9.5%top 40% of its family
cash from operations less capital spending against revenue-55.8%bottom 46% of its family
gross margin7.8%bottom 25% of its family
research spending against revenue11.9%top 48% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

5.0/10

What could actually drive growth from here?

top 50% of 100 in its family for growth drivers.

weight 33% of this tense · 50th percentile among 100 sector filers · read for its customers

From the record

Canaan Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew -6.7% a year over the last three filed years against 17.2% over all 7, slowing (bottom 21% of its family); the newest year grew 96.8% (top 15%); research spending grew -8.2% a year (bottom 42%); capital spending grew 11.5% a year (top 48%) (its annual reports). Canaan Inc. reported 2 product lines in fiscal 2025: Product at $414 million (79%), Mining at $113 million (22%); 2 of 2 grew against the year before (its annual report).

What it rests on

three-year growth against the whole span-23.9 points a yearbottom 21% of its family
the newest year's revenue growth96.8%top 15% of its family
three-year growth of research spending-8.2%bottom 42% of its family
three-year growth of capital spending11.5%top 48% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

7.2/10

Did its newest year beat what its own record pointed to?

top 28% of 78 in its family for expectations against reality.

weight 33% of this tense · 72nd percentile among 78 sector filers · read for its shareholders

From the record

Canaan Inc.'s newest year against its own record: revenue of $530 million in fiscal 2025 came in 205.8% above the $173 million its prior three years' pace pointed to (top 12% of its family); net income of $210 million against a prior three-year average of $198 million (top 49%); a net margin of -39.7% against -92.6% before (top 22%) (its annual reports).

What it rests on

revenue against the prior three years' pace205.8%top 12% of its family
net income against the prior three years' average-6%top 49% of its family
net margin against its prior average+52.9 pointstop 22% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton CAN · research, not advice