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Operating & Financial Results Third Quarter 2025 November 18, 2025 1 Chairman & CEO CFO Nangeng Zhang Jin “James” Cheng
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Safe Harbor Statement This presentation contains certain financial measures that are not recognized under generally accepted accounting principles in the United States (“GAAP”), including adjusted EBITDA (including adjusted EBITDA margin), non-GAAP net income, non-GAAP diluted earnings per share/ADS and cash flow. These non-GAAP measures should be considered in addition to, and not as a substitute for, or in isolation from, GAAP results. You can find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP results in our earnings press release, which is posted on the Company's website. This presentation contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “future,” “aim,” “estimate,” “intend,” “seek,” “plan,” “believe,” “potential,” “continue,” “ongoing,” “target,” “guidance,” “is/are likely to” and comparable terminology. In addition, statements that are not historical facts, including statements about the Company’s strategies and business plans, the Company’s beliefs, expectations and guidance regarding the growth of its business and revenue, financial guidance, as well as the Company’s strategic and operational plans and targets, are or contain forward-looking statements. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which theCompany cannot predict with accuracy and some of which the Company might not even anticipate and involve factors that may cause actual results to differ materially from those projected or suggested. The factors that could cause actual results to differ materially from those contained in any forward-looking statement include but are not limited to the following: the Company’s future business development; the ability of the company to execute against its goals; the expected growth of the bitcoin industry and the price of bitcoin; future demand for and market acceptance of the Company’s products, especially its bitcoin mining machines; the Company’s ability to maintain and strengthen its relationships with production partners and customers; the Company’s investment plans and strategies; fluctuations in the Company’s quarterly operating results; competition in the industry; changing macroeconomic and geopolitical conditions, including evolving international trade policies and the implementation of increased tariffs, import restrictions, and retaliatory trade actions; and relevant government policies and regulations relating to the Company and cryptocurrency. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Risk Factors” in the Company's Annual Reports on Form 20-F, as may be supplemented or amended by the Company’s other public filings. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise. Disclaimer Any financial information relating to the Company’s self-mining is not intended to be and should not be considered as forward-looking statements by the Company. It is impossible to forecast what the price of bitcoin, hash rate, or the difficulty rate will be on any specific date, including when the Company’s mining machines are expected to be installed or deployed. This presentation is for illustrative purposes only to provide the reader with an estimate of the Company's potential operational and financial results which might be attained if all mining machines were deployed as of a specific date and with certain parameters used, as set forth below. Investor Notice An investment in our ADSs involves a high degree of risk. You should carefully consider the risks, uncertainties and forward-looking statements described under "Risk Factors" in Item 3.D of our most recent Annual Report on Form 20-F, as amended, for the fiscal year ended December 31, 2024. If any of these risks were to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline, and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. NASDAQ: CAN NOVEMBER 2025 2
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QUARTERLY UPDATE 3
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4 Best Quarter in Current Bitcoin Cycle Total Revenue $150.5 Million • Beat guidance of $125M-$145M • +104% Year-over-Year • +50% Quarter-over-Quarter • Highest revenue in past 13 quarters • 10.0 EH/s delivered – an all-time high • ASP $11.8 per TH/s • Gross Profit: $16.6M, +79% Quarter-over-Quarter • Operating Loss: $23.9M, vs. $27.1M in Q2 • Bitcoin Treasury: 1,610 bitcoins as of October 30 Numbers are rounded. Other Highlights BTC Price and Global Network Hashrate in Q3 Global Network Hashrate in EH/s Source: Blockchain.com 7/1/2025 8/1/2025 9/1/2025 850 900 950 1000 1050 1100 106000 111000 116000 121000 Global Network Hashrate BTC PriceBitcoin Price in US$ NASDAQ: CAN NOVEMBER 2025
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• Generated 279 bitcoin* • +90% Year-over-Year • -2.0% Quarter-over-Quarter 5 Increasingly Diversified Revenue Streams • $30.6M in revenue • +241% Year-over-Year • +9% Quarter-over-Quarter • ~34,000 A15 series units delivered Industrial Mining Equipment Home Mining Equipment Self-mining • $105.8M in revenue • +69% Year-over-Year • +61% Quarter-over-Quarter • $12.2M in revenue • +818% Year-over-Year • +115% Quarter-over-Quarter • ~14,000 home mining units delivered • 9.3 EH/s in quarter-end installed computing power • +14% Quarter-over-Quarter Numbers are rounded. 90.9% 66.5% 85.0% 85.3% 81.3% 68.1% 66.0% 70.3% 0.7% 2.0% 1.1% 1.5% 5.6% 8.1%7.6% 29.8% 13.0% 12.2% 17.2% 29.3% 28.0% 20.3% 0% 20% 40% 60% 80% 100% Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Revenue Mix Industrial Mining Equipment Home Mining Equipment Self-mining $105.8 $12.2 $30.6 Q3 2025 Revenue Split $ in millions Industrial Mining Equipment Home Mining Equipment Self-mining NASDAQ: CAN NOVEMBER 2025 *Including BTC obtained from hashrate leasing
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5.5 3.4 6.2 7.3 9.1 5.5 6.4 10.0 $8.2 $6.9 $9.1 $8.8 $8.1 $10.5 $11.1 $11.8 0 2 4 6 8 10 12 0 5 10 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Computing Power Sold and ASP Computing Power Sold ASP 6 Revenues & Other Key Trends $ in millions Computing Power Sold in millions Terahash/s, or Exahash/s ASP in $ per T/s Source: Company data $ 49.1 $ 35.1 $ 71.9 $ 73.6 $ 88.8 $ 82.8 $ 100.2 $ 150.5 0 20 40 60 80 100 120 140 160 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Revenues Numbers are rounded NASDAQ: CAN NOVEMBER 2025
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7 Unveiled Next-Gen Avalon A16 Series Avalon A16 & A16XP Air-Cooled Powerful Hashrate Performance - Delivers up to 300 TH/s of computing power for high-efficiency mining Industry-leading Energy Efficiency - Achieves industry-leading 12.8 J/TH efficiency and power saving Compact and Reliable Design - Operates smoothly from –5°C to 35°C with durable construction NASDAQ: CAN NOVEMBER 2025
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8 Avalon Family – Industrial Mining Solutions Avalon ASIC Miners Avalon Box A15Pro A15HS A1566I Air-Cooled Hydro-Cooled Immersion-Cooled - Proprietary dual-fan design - Best-in-class durability - Extreme weather adaptability A15HU Air-Cooled (20&40ft) Immersion-Cooled (20&40ft) Hydro-Cooled (20&40ft) - Direct-to-Chip cooling - Fits most server racks - Superior heat dissipation - Excellent online time - Wide tank & liquid compatibility NASDAQ: CAN NOVEMBER 2025
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9 Avalon Family – Home Mining Solutions Portable Heater Miner Baseboard Heater Miner Professional Home Miner Avalon Nano 3S Avalon Mini 3 Avalon Q - Heater & Miner - Moderate power use - Home-friendly design - High performance - Adjustable power consumption - Extremely quiet - Compact & Ultra quiet - Portable & Efficient - Beginner friendly NASDAQ: CAN NOVEMBER 2025
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Mining Revenue & Adjusted Mining Gross Margin Q3 Self-Mining Overview $ 3.7 $ 10.5 $ 9.3 $ 9.0 $ 15.3 $ 24.3 $ 28.1 $ 30.6 40.7% 33.6% 33.3% 22.1% 41.9% 31.1% 23.3% 26.3% -80% -60% -40% -20% 0% 20% 40% $0 $5 $10 $15 $20 $25 $30 $35 $40 $45 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Mining Revenue Gross Margin Q3 Updates Bitcoins Owned as of Sep. 30, with a market value of ~$179M 1,582 Mining Revenue during Q3 2025, up 8.8% QoQ $30.6 M Installed Computing Power globally as of Sep. 30, 2025 9.3 EH/s $ in millions Source: Company data Adjusted Mining Gross Margin during Q3 2025 26.3% Above: Canaan’s hosted miners in Midland, PA Operated by Mawson Infrastructure Group Above: Canaan’s hosted miners in Pecos, TX Operated by Luna Square Bitcoins Mined* in Q3 2025, down 2.0% QoQ 279 The 4th Halving event Adjusted Mining Gross Margin is defined as the percentage ratio of mining revenue after the costs for energy and hosting are deducted, but without consideration of depreciation for the deployed machines. Numbers are rounded. NASDAQ: CAN NOVEMBER 2025 10 *Including BTC obtained from hashrate leasing
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Self-mining Progress in October 2025 Hash Rate in EH/S Source: Company data Self-Mining Progress • 92 bitcoins mined in October 2025 • Month-end bitcoins owned: 1,610 • Advanced our renewable-powered mining strategy through a new 20 MW partnership with Soluna Holdings in Texas • Launched a gas-to-computing pilot in Alberta, Canada, converting stranded natural gas into clean, low-cost energy for bitcoin mining and furthering our sustainable infrastructure initiatives 0.76 1.52 3.67 4.61 4.62 5.44 6.60 8.15 9.30 9.31 1 6 4Q24A 1Q25A 2Q25A 3Q25A Oct 25A Quarterly Installed Computing Power (North American vs Global) 260 284 279 92 0 40 80 120 160 200 240 280 320 1Q25A 2Q25A 3Q25A Oct 25A Quarterly BTC Production - Globally NASDAQ: CAN NOVEMBER 2025 11 *Including BTC obtained from hashrate leasing
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Energized Computing Power Hits Record High (As of Nov. 7, 2025) Installed Estimated Weighted Average Cost of Power5 Regions in alphabetical order (A to Z) Active Mining Projects Count Energized Computing Power1 Installed Computing Power2 Expected Computing Power (Onshore)3 Estimated Total Computing Power4 Global 8 8.25 EH/s 9.31 EH/s 1.00 EH/s 10.31 EH/s America 3 4.00 EH/s 4.61 EH/s 0.28 EH/s 4.89 EH/s Canada 1 0.02 EH/s 0.02 EH/s 0.00 EH/s 0.02 EH/s Ethiopia 2 4.11 EH/s 4.56 EH/s 0.72 EH/s 5.28 EH/s Middle East 1 0.04 EH/s 0.04 EH/s 0.00 EH/s 0.04 EH/s Malaysia 1 0.08 EH/s 0.08 EH/s 0.00 EH/s 0.08 EH/s 1. Defined as the amount of computing power that could theoretically be generated if all mining machines that have been energized are currently in operation including mining machines that may be temporarily offline. 2. Defined as the sum of Energized Computing Power and computing power that has been installed but not yet energized, if any. 3. Defined as the amount of computing power that has been delivered to the country where each mining project is located in but not yet installed. 4. Defined as the sum of Installed Computing Power and Expected Computing Power. 5. Defined as the weighted average cost of power if 100% of the mining machines consisting of Installed Computing Power were energized. 6. Defined as the weighted average percentage that Canaan would share from the total revenues generated according to the applica ble joint mining arrangements if 100% of the mining machines consisting of Installed Computing Power were energized. Computing power and power consumption figures are estimates based on the manufacturer’s specifications; all figures are rounded. $0.042/Kwh Numbers are rounded. Installed Estimated Weighted Average Revenue Split6 ~57.7% NASDAQ: CAN NOVEMBER 2025 12
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STRATEGY 13
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Canaan Strategic Flywheel • Generate revenue from sale of mining machines • Accept payment in fiat currency and cryptocurrency • Generate BTC from joint mining ventures • Use BTC to fund self-mining activities • HODL remaining BTC • Use BTC as collateral to fund R&D and manufacturing • BTC appreciation higher than interest expense Compounding value throughout the full BTC cycle by utilizing three complementary strategies Hardware Self-Mining Treasury 14NASDAQ: CAN NOVEMBER 2025
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Components of Vertical Integration • Hardware Design & Manufacturing • Design and produce proprietary ASIC mining machines • Self-mining • Operate mining fleets through joint-venture partnerships and HODL BTC mined • Utilize Canaan mining rigs to significantly reduce mining expense • Sell portion of mined BTC, making self-mining profitable and sustainable • Treasury • HODL BTC mined as part of the company’s corporate treasury • Maximize treasury by using BTC as collateral 15NASDAQ: CAN NOVEMBER 2025
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Tap Renewable Power to Drive Sustainable Mining Expansion 16 • Partnered with Soluna Holdings (Nasdaq: SLNH), announced a 20 MW hosting agreement to deploy Avalon® A15 XP Bitcoin miners at Soluna’s wind-powered Project Dorothy in Briscoe County, Texas. • The partnership strengthens Canaan’s North American mining footprint and access to reliable, low-cost, and sustainable energy • Approximately 1 EH/s of computing power is part of a broader roadmap for Canaan, we aim to expand our North American presence amid growing global demand for secure and efficient blockchain infrastructure. NASDAQ: CAN NOVEMBER 2025
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Turning Flaring Into Power: Gas-to-Computing Pilot 17 • Partnered with Aurora AZ Energy Ltd to launch a 2.5 MW gas-to-computing pilot in Alberta, Canada, converting stranded or flared gas into reliable, low-cost power using 700 Avalon® A15 Pro miners installed directly at the wellhead. • Strengthened Canaan’s North American mining footprint and expands access to off-grid, sustainable energy through localized wellhead power generation. • The pilot is expected to eliminate an estimated 12,000–14,000 metric tons of CO₂- equivalent emissions annually and serve as a scalable model to support growing demand for efficient high-density computing infrastructure. NASDAQ: CAN NOVEMBER 2025
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FINANCIALS 18
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Revenue & Bitcoin Trends • Q3 total revenues of $150.5M • Q4 guidance of $175M-$205M • 1,582 bitcoin held as of Sep. 30, 2025 • 1,610 bitcoin held as of Oct. 31, 2025 $ in millions Source: Company data Numbers are rounded. $33 $70 $73 $80 $75 $100 $125-$145 $175-$205 $35.1 $71.9 $73.6 $88.8 $82.8 $100.2 $150.5 0 20 40 60 80 100 120 140 160 180 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 Revenue Guidance Actual $ in millions Source: Company data 530 730 730 1030 1001 1,001 909 1057 1114 1212 1293 1408 1484 1,582 $38.6 $74.5 $68.0 $77.0 $123.2 $117.5 $160.0 $179.0 $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 $160.0 $180.0 $200.0 0 300 600 900 1,200 1,500 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 #BTC Held and Market Value Number of self-owned Bitcoins Number of Bitcoins recorded as receivable Number of Bitcoins Owned Market Value NASDAQ: CAN NOVEMBER 2025 19
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142.3 99.2 131.3 87.8 94.6 113.9 108.0 201.7 0 50 100 150 200 250 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2‘25 Q3'25 Inventory Balance Sheet $ in millions Source: Company data $ in millions Source: Company data Numbers are rounded. 96.2 54.7 66.8 71.8 96.5 96.8 65.9 119.2 0 20 40 60 80 100 120 140 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Cash NASDAQ: CAN NOVEMBER 2025 20
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Source: Company data 36,627 53,765 65,992 61,034 82,174 93,466 98,870 114,485 Q4‘23 Q1’24 Q2’24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Avg Revenue per BTC for Self-Mining $ in millions Source: Company data (93.3) (68.0) (46.6) (56.8) (55.6) (37.6) (27.1) (23.9) Loss from Operations More Financial Data (54.1) (37.3) (19.1) (21.5) (6.4) 0.6 9.3 16.6 Gross Profit $ in millions Source: Company data • Higher gross profit in Q3, driven by increased ASP • Operating loss narrowed sequentially Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 NASDAQ: CAN NOVEMBER 2025 21
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Shares Repurchase Program On May 27, 2025, the Company announced a share repurchase program of up to US$30 million of its ADSs and/or Class A ordinary shares over a six-month period. Repurchases may be conducted through open-market or privately negotiated transactions, subject to market conditions and regulatory requirements. As of November 18, 2025, the Company had repurchased approximately 5.08 million ADSs for a total of about US$3.4 million under the program. 22NASDAQ: CAN NOVEMBER 2025
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Q&A 23