Investment Comparison: Canaan vs CleanSpark
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1 hour ago
0mins
Source: Fool
- Canaan Financial Performance: In FY 2025, Canaan reported revenue of nearly $529.7 million, a 96.7% increase year-over-year, despite a net loss of approximately $210.3 million, resulting in a negative net margin of 39.7%, indicating a need for improved profitability in the rapidly growing semiconductor market.
- CleanSpark Profitability: CleanSpark achieved revenue of about $766.3 million in FY 2025, up 102.2% from the previous year, successfully transitioning to profitability with a net income of approximately $364.5 million and a net margin of around 47.6%, showcasing strong performance in the bitcoin mining infrastructure sector.
- Risk Analysis: Canaan faces significant risks from rapid technological changes and the cyclical nature of the mining industry, as revenue could decline sharply if competitors develop more efficient chips or if mining demand falls; meanwhile, CleanSpark's reliance on bitcoin prices poses a risk of unprofitability during market downturns.
- Valuation Comparison: Canaan's price-to-sales ratio stands at 0.4x, significantly lower than CleanSpark's 6.3x, indicating relative undervaluation in the market, while CleanSpark's forward P/E ratio of 40.4x reflects market expectations for its future profitability.
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Analyst Views on CAN
Wall Street analysts forecast CAN stock price to rise
5 Analyst Rating
4 Buy
1 Hold
0 Sell
Strong Buy
Current: 0.394
Low
1.75
Averages
2.85
High
4.00
Current: 0.394
Low
1.75
Averages
2.85
High
4.00
About CAN
Canaan Inc. provides high performance computing solutions through its proprietary application-specific integrated circuits (ASICs). The Company is a fabless IC designer engaged in the front-end and back-end of IC design. The Company primarily offers its technology and expertise in ASIC applications to Bitcoin mining machines and is also a producer of Bitcoin mining machines in the global market. The Company, through its subsidiaries, independently designs and develops its products in-house, including the design of proprietary ASIC chips for its Bitcoin mining machines. It has in-house production capabilities to assemble both Bitcoin mining machines and artificial intelligence (AI) chips. It assembles its Bitcoin mining machines primarily at its assembly plant located in the People’s Republic of China (PRC) by integrating the ICs designed by the Company and related components it procures. It also intends to engage in Bitcoin mining through self-owned facilities.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Investment Comparison: Canaan vs CleanSpark
- Canaan Financial Performance: In FY 2025, Canaan reported revenue of nearly $529.7 million, a 96.7% increase year-over-year, despite a net loss of approximately $210.3 million, resulting in a negative net margin of 39.7%, indicating a need for improved profitability in the rapidly growing semiconductor market.
- CleanSpark Profitability: CleanSpark achieved revenue of about $766.3 million in FY 2025, up 102.2% from the previous year, successfully transitioning to profitability with a net income of approximately $364.5 million and a net margin of around 47.6%, showcasing strong performance in the bitcoin mining infrastructure sector.
- Risk Analysis: Canaan faces significant risks from rapid technological changes and the cyclical nature of the mining industry, as revenue could decline sharply if competitors develop more efficient chips or if mining demand falls; meanwhile, CleanSpark's reliance on bitcoin prices poses a risk of unprofitability during market downturns.
- Valuation Comparison: Canaan's price-to-sales ratio stands at 0.4x, significantly lower than CleanSpark's 6.3x, indicating relative undervaluation in the market, while CleanSpark's forward P/E ratio of 40.4x reflects market expectations for its future profitability.
See More
Investment Comparison Between Canaan and CleanSpark
- Canaan Financial Performance: In FY 2025, Canaan reported nearly $529.7 million in revenue, reflecting a 96.7% year-over-year growth, yet it faced a net loss of approximately $210.3 million, resulting in a negative net margin of 39.7%, indicating a need for improved profitability in the competitive semiconductor market.
- CleanSpark Profitability Shift: CleanSpark generated around $766.3 million in revenue for FY 2025, marking a 102.2% increase from the previous year, and successfully transitioned to profitability with a net income of approximately $364.5 million, achieving a net margin of 47.6%, showcasing its strong performance in the bitcoin mining infrastructure sector.
- Market Risk Analysis: Canaan is exposed to rapid technological changes and cyclical industry risks, where the emergence of more efficient chips or a decline in mining demand could severely impact revenues, while CleanSpark's profitability is closely tied to bitcoin prices, with low market prices posing a risk to its operations.
- Investor Choice Consideration: While Canaan offers innovative potential in hardware design, CleanSpark appears more attractive for future growth due to its data center expansion and profitability, prompting investors to weigh the risks and returns of both companies.
See More
Canaan Inc. Joins Bitcoin Conference Discussion
- Home Mining Resurgence: Canaan Inc. participated in the 2026 Bitcoin Conference to discuss the resurgence of home mining, highlighting how its Avalon Nano series lowers barriers for everyday users to engage with the Bitcoin network, thereby enhancing the company's market position in the cryptocurrency sector.
- Product Innovation and Utility: Canaan's home mining devices not only offer high performance but also serve as indoor heating solutions, showcasing the company's innovative capabilities in home hardware and meeting user demand for multifunctional devices, which boosts product competitiveness.
- Retail Channel Expansion: Following positive market validation in early 2025, Canaan systematically optimizes its retail channels to provide reliable and user-friendly computing products to a broader audience, promoting a decentralized global user network and increasing market penetration.
- Industry Leadership: As the first company to launch ASIC mining machines in 2013, Canaan's deep expertise and ongoing innovation in cryptocurrency mining technology allow it to maintain a leading position in a competitive market, further solidifying its industry influence.
See More
Canaan Inc. Discusses Home Mining at Bitcoin Conference
- Home Mining Comeback: At the Bitcoin 2026 conference in Las Vegas, Canaan Inc. participated in a roundtable discussing the resurgence of home mining, highlighting the synergy between decentralized computing power and home energy solutions, showcasing the company's leadership in the home mining sector.
- Product Innovation and Market Demand: Canaan's Avalon Nano series lowers the entry barriers for everyday users to participate in the Bitcoin network through its compact and portable design, driving the adoption of home mining equipment and meeting the growing market demand.
- Expert Insights: Dr. Aviral Shukla, founder of Altair Technology, noted during the discussion that Canaan's efficient home miners not only serve mining purposes but also function as excellent heating devices, encouraging users to transition to more efficient mining solutions, thereby enhancing product competitiveness in the market.
- Retail Channel Expansion: Following positive market validation in early 2025, Canaan continues to optimize its retail distribution infrastructure, aiming to promote reliable and user-friendly home mining products to a broader range of retailers, thereby strengthening the resilience and decentralization of the global home miner network.
See More
Canaan Inc. Joins Bitcoin 2026 Roundtable on Home Mining Revival
- Home Mining Revival: Canaan Inc. participated in a roundtable at Bitcoin 2026 discussing the revival of home mining, exploring the intersection of decentralized computing power and home energy synergy, indicating the company's strategic intent to promote a return to home mining.
- Product Innovation: The Avalon Nano series by Canaan, designed for compact portability, has facilitated ordinary users' participation in the Bitcoin network, marking the company's pioneering contributions in the home mining sector and further solidifying its market position.
- Industry Outlook: During the roundtable, Dr. Aviral Shukla, founder of Altair Technology, highlighted that Canaan's efficient home miners not only serve mining purposes but also function as excellent heaters, emphasizing the multifunctionality of its products and market demand.
- Channel Expansion: Following successful market validation in early 2025, Canaan continues to strategically expand its Avalon Home series, optimizing distribution infrastructure to meet the needs of a broader retail market, aiming to establish a more resilient global network of home miners.
See More
Canaan Inc Completes North American Order Delivery
- Order Fulfillment Achieved: Canaan Inc successfully completed the production, delivery, and revenue recognition for a large North American order while maintaining a relatively light inventory position, demonstrating resilience in a challenging market environment marked by declining Bitcoin prices and still generating positive cash flow.
- Strategic Investment Expansion: The company acquired a 49% equity interest in three low-cost power mining sites in West Texas, enhancing its strategic position in North American energy and infrastructure, which is expected to support future developments in mining and computing infrastructure.
- R&D Advancements: Canaan has made progress in the R&D of the A16 series and next-generation products, preparing for the upcoming mining equipment update cycle, and despite market uncertainties, the company remains committed to technological innovation to maintain its competitive edge.
- Cautious Market Outlook: Due to Bitcoin price fluctuations and uncertainties in energy prices, the company anticipates a revenue outlook for Q2 2026 between $35 million and $45 million, reflecting cautious investment behavior in the market and conservative expectations for the future.
See More
Investment Comparison: Canaan vs CleanSpark
- Canaan Financial Performance: In FY 2025, Canaan reported revenue of nearly $529.7 million, a 96.7% increase year-over-year, despite a net loss of approximately $210.3 million, resulting in a negative net margin of 39.7%, indicating a need for improved profitability in the rapidly growing semiconductor market.
- CleanSpark Profitability: CleanSpark achieved revenue of about $766.3 million in FY 2025, up 102.2% from the previous year, successfully transitioning to profitability with a net income of approximately $364.5 million and a net margin of around 47.6%, showcasing strong performance in the bitcoin mining infrastructure sector.
- Risk Analysis: Canaan faces significant risks from rapid technological changes and the cyclical nature of the mining industry, as revenue could decline sharply if competitors develop more efficient chips or if mining demand falls; meanwhile, CleanSpark's reliance on bitcoin prices poses a risk of unprofitability during market downturns.
- Valuation Comparison: Canaan's price-to-sales ratio stands at 0.4x, significantly lower than CleanSpark's 6.3x, indicating relative undervaluation in the market, while CleanSpark's forward P/E ratio of 40.4x reflects market expectations for its future profitability.
See More
Investment Comparison Between Canaan and CleanSpark
- Canaan Financial Performance: In FY 2025, Canaan reported nearly $529.7 million in revenue, reflecting a 96.7% year-over-year growth, yet it faced a net loss of approximately $210.3 million, resulting in a negative net margin of 39.7%, indicating a need for improved profitability in the competitive semiconductor market.
- CleanSpark Profitability Shift: CleanSpark generated around $766.3 million in revenue for FY 2025, marking a 102.2% increase from the previous year, and successfully transitioned to profitability with a net income of approximately $364.5 million, achieving a net margin of 47.6%, showcasing its strong performance in the bitcoin mining infrastructure sector.
- Market Risk Analysis: Canaan is exposed to rapid technological changes and cyclical industry risks, where the emergence of more efficient chips or a decline in mining demand could severely impact revenues, while CleanSpark's profitability is closely tied to bitcoin prices, with low market prices posing a risk to its operations.
- Investor Choice Consideration: While Canaan offers innovative potential in hardware design, CleanSpark appears more attractive for future growth due to its data center expansion and profitability, prompting investors to weigh the risks and returns of both companies.
See More
Canaan Inc. Joins Bitcoin Conference Discussion
- Home Mining Resurgence: Canaan Inc. participated in the 2026 Bitcoin Conference to discuss the resurgence of home mining, highlighting how its Avalon Nano series lowers barriers for everyday users to engage with the Bitcoin network, thereby enhancing the company's market position in the cryptocurrency sector.
- Product Innovation and Utility: Canaan's home mining devices not only offer high performance but also serve as indoor heating solutions, showcasing the company's innovative capabilities in home hardware and meeting user demand for multifunctional devices, which boosts product competitiveness.
- Retail Channel Expansion: Following positive market validation in early 2025, Canaan systematically optimizes its retail channels to provide reliable and user-friendly computing products to a broader audience, promoting a decentralized global user network and increasing market penetration.
- Industry Leadership: As the first company to launch ASIC mining machines in 2013, Canaan's deep expertise and ongoing innovation in cryptocurrency mining technology allow it to maintain a leading position in a competitive market, further solidifying its industry influence.
See More
Canaan Inc. Discusses Home Mining at Bitcoin Conference
- Home Mining Comeback: At the Bitcoin 2026 conference in Las Vegas, Canaan Inc. participated in a roundtable discussing the resurgence of home mining, highlighting the synergy between decentralized computing power and home energy solutions, showcasing the company's leadership in the home mining sector.
- Product Innovation and Market Demand: Canaan's Avalon Nano series lowers the entry barriers for everyday users to participate in the Bitcoin network through its compact and portable design, driving the adoption of home mining equipment and meeting the growing market demand.
- Expert Insights: Dr. Aviral Shukla, founder of Altair Technology, noted during the discussion that Canaan's efficient home miners not only serve mining purposes but also function as excellent heating devices, encouraging users to transition to more efficient mining solutions, thereby enhancing product competitiveness in the market.
- Retail Channel Expansion: Following positive market validation in early 2025, Canaan continues to optimize its retail distribution infrastructure, aiming to promote reliable and user-friendly home mining products to a broader range of retailers, thereby strengthening the resilience and decentralization of the global home miner network.
See More
Canaan Inc. Joins Bitcoin 2026 Roundtable on Home Mining Revival
- Home Mining Revival: Canaan Inc. participated in a roundtable at Bitcoin 2026 discussing the revival of home mining, exploring the intersection of decentralized computing power and home energy synergy, indicating the company's strategic intent to promote a return to home mining.
- Product Innovation: The Avalon Nano series by Canaan, designed for compact portability, has facilitated ordinary users' participation in the Bitcoin network, marking the company's pioneering contributions in the home mining sector and further solidifying its market position.
- Industry Outlook: During the roundtable, Dr. Aviral Shukla, founder of Altair Technology, highlighted that Canaan's efficient home miners not only serve mining purposes but also function as excellent heaters, emphasizing the multifunctionality of its products and market demand.
- Channel Expansion: Following successful market validation in early 2025, Canaan continues to strategically expand its Avalon Home series, optimizing distribution infrastructure to meet the needs of a broader retail market, aiming to establish a more resilient global network of home miners.
See More
Canaan Inc Completes North American Order Delivery
- Order Fulfillment Achieved: Canaan Inc successfully completed the production, delivery, and revenue recognition for a large North American order while maintaining a relatively light inventory position, demonstrating resilience in a challenging market environment marked by declining Bitcoin prices and still generating positive cash flow.
- Strategic Investment Expansion: The company acquired a 49% equity interest in three low-cost power mining sites in West Texas, enhancing its strategic position in North American energy and infrastructure, which is expected to support future developments in mining and computing infrastructure.
- R&D Advancements: Canaan has made progress in the R&D of the A16 series and next-generation products, preparing for the upcoming mining equipment update cycle, and despite market uncertainties, the company remains committed to technological innovation to maintain its competitive edge.
- Cautious Market Outlook: Due to Bitcoin price fluctuations and uncertainties in energy prices, the company anticipates a revenue outlook for Q2 2026 between $35 million and $45 million, reflecting cautious investment behavior in the market and conservative expectations for the future.
See More
