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Operating & Financial Results Forth Quarter 2025 & FY2025 February 10, 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 February 2026 2
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QUARTERLY UPDATE 3
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4 Solid Q4 Performance Through Bitcoin Cycle Total Revenue $196.3 Million • In line with guidance of $175M-$205M • +121% Year-over-Year • +30% Quarter-over-Quarter • Highest revenue in past 14 quarters • 14.6 EH/s delivered – a quarterly record, 60.9% growth YoY • ASP $11.3 per TH/s • Gross Profit: $14.6M • Operating Loss: $23.6M, vs. $23.9M in Q3 vs. $55.6M in Q4 2024 • Bitcoin Treasury: 1,750 bitcoin as of December 31, 2025 Numbers are rounded. Other Highlights BTC Price and Global Network Hashrate in Q4 Global Network Hashrate in EH/s Source: Blockchain.com 10/1/2025 11/1/2025 12/1/2025 Bitcoin Price in US$ NASDAQ: CAN February 2026 800 890 980 1070 1160 1250 83000 91000 99000 107000 115000 123000 Global Network Hashrate BTC Price
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• Generated 300 bitcoin* • +61% Year-over-Year • +12% Quarter-over-Quarter 5 Increasingly Diversified Revenue Streams • $30.4M in revenue • +98% Year-over-Year • -1% Quarter-over-Quarter • ~59,000 A15 series units delivered Industrial Mining Equipment Home Mining Equipment Self-mining • $158.1M in revenue • +119% Year-over-Year • +49% Quarter-over-Quarter • $6.3M in revenue • +566% Year-over-Year • -48% Quarter-over-Quarter • ~11,000 home mining units delivered • 9.9 EH/s in quarter-end installed computing power • +7% Quarter-over-Quarter Numbers are rounded. 66.5% 85.0% 85.3% 81.3% 68.1% 66.0% 70.3% 81.2% 0.7% 2.0% 1.1% 1.5% 5.6% 8.1% 3.2% 29.8% 13.0% 12.2% 17.2% 29.3% 28.0% 20.3% 15.6% 0% 20% 40% 60% 80% 100% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Revenue Mix Industrial Mining Equipment Home Mining Equipment Self-mining $158.1 $6.3 $30.4 Q4 2025 Revenue Split $ in millions Industrial Mining Equipment Home Mining Equipment Self-mining NASDAQ: CAN February 2026 *Including BTC obtained from hashrate leasing
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3.4 6.2 7.3 9.1 5.5 6.4 10.0 14.6 $6.9 $9.1 $8.8 $8.1 $10.5 $11.1 $11.8 $11.3 0 2 4 6 8 10 12 14 16 0 5 10 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 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 $ 35.1 $ 71.9 $ 73.6 $ 88.8 $ 82.8 $ 100.2 $ 150.5 $ 196.3 0 20 40 60 80 100 120 140 160 180 200 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Revenues Numbers are rounded NASDAQ: CAN February 2026
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FY2025 UPDATE 7
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8 Full Year Results Highlights NASDAQ: CAN February 2026 Industrial Mining Product revenue 212.2 386.7 82.2% Home Mining Product revenue 2.6 24.6 850.0% Mining revenue 44.0 113.2 98.5% Total revenues 269.3 529.7 121.1% 73.7% 4.7% 21.6% FY2025 Revenue Split Industrial Mining Equipment Home Mining Equipment Self-mining Revenue ($ in millions) FY2024 FY2025 YoY -84.2 41.2 -90 -60 -30 0 30 FY2024 FY2025 Gross Profit -227.1 -112.2 -240 -160 -80 0 FY2024 FY2025 Loss from operation -71.5 -50.5 -80 -60 -40 -20 0 FY2024 FY2025 Adj. EBITDA +149% YoY +50% YoY +30% YoY $ in millions $ in millions $ in millions Numbers are rounded
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Product Lineup 9
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10 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 February 2026
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11 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 February 2026
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12 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 February 2026
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Self-Mining 13
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Mining Revenue & Adjusted Mining Gross Margin Q4 Self-Mining Overview $ 10.5 $ 9.3 $ 9.0 $ 15.3 $ 24.3 $ 28.1 $ 30.6 $ 30.4 33.6% 33.3% 22.1% 41.9% 31.1% 23.3% 26.3% 17.8% -90% -70% -50% -30% -10% 10% 30% $0 $5 $10 $15 $20 $25 $30 $35 $40 $45 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Mining Revenue Gross Margin Q4 Updates Bitcoins Owned as of December 31, with a market value of ~$153.7M 1,750 Mining Revenue during Q4 2025, down 0.6% QoQ $30.4 M Installed Computing Power globally as of December 31, 2025 9.91 EH/s $ in millions Source: Company data Adjusted Mining Gross Margin during Q4 2025 17.8% 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 Q4 2025, up 12.3% QoQ 300 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 February 2026 14 *Including BTC obtained from hashrate leasing
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Self-mining Progress in January 2026 Hash Rate in EH/S Source: Company data Self-Mining Progress • 83 bitcoins mined in January 2026, despite macroeconomic headwinds and record winter storms across North America • Month-end bitcoins owned: 1,778 BTC • Launched a 3 MW heat-recovery proof-of-concept in Manitoba, Canada, demonstrating approximately 90% thermal capture at 95% uptime by repurposing waste heat from Avalon computing systems for greenhouse heating, highlighting its leadership in monetizing compute-generated thermal energy. 0.76 1.52 3.67 4.61 4.79 5.44 6.60 8.15 9.30 9.91 1 6 4Q24A 1Q25A 2Q25A 3Q25A 4Q25A Quarterly Installed Computing Power (North American vs Global) 260 284 279 300 240 280 320 1Q25A 2Q25A 3Q25A 4Q25A Quarterly BTC Production - Globally NASDAQ: CAN February 2026 15 *Including BTC obtained from hashrate leasing
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Energized Computing Power Hits Record High (As of Feb. 10, 2025) Installed Estimated Weighted Average Cost of Power5 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. 7. Equipment is in transit to the gas-to-computing pilot project site in Canada. Computing power and power consumption figures are estimates based on the manufacturer’s specifications; all figures are rounded. $0.043/Kwh Numbers are rounded. Installed Estimated Weighted Average Revenue Split6 ~58.2% NASDAQ: CAN February 2026 16 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 9 6.63 EH/s 10.07 EH/s 0.59 EH/s 10.66 EH/s America 3 3.45 EH/s 4.95 EH/s 0.27 EH/s 5.22 EH/s Canada 1 0.00 EH/s 0.00 EH/s 0.16 EH/s7 0.16 EH/s Ethiopia 2 3.06 EH/s 4.99 EH/s 0.16 EH/s 5.15 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
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PIVOT TO ENERGY FIELD 17
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Power × Compute Infrastructure 18NASDAQ: CAN February 2026 Building a More Proactive, Controllable, and Scalable Energy Foundation Strategy Shift Transitioning from an opportunistic, asset-light power strategy to a systematic upstream development model, prioritizing direct U.S. power applications and building a pipeline capable of securing substantial load by the end of 2026, potentially at gigawatt scale Bitcoin Mining + AI/HPC Colocation Integrating bitcoin mining with AI/HPC colocation to improve return on capital, provide dynamic grid load flexibility, and strengthen relationships with power partners. 2026 Priority: Executable Project Pipeline Focusing 2026 on disciplined execution by developing a pipeline of high-quality, financeable infrastructure projects and expanding through partnerships and project-level financing rather than large one-off capital commitments
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Consumer Products, Scalable Channel Build-Out 19NASDAQ: CAN February 2026 Systematic Consumer / Small-to-medium-sized Business (SMB) Strategy Adopt a more systematic and disciplined approach to growing the consumer and SMB segment in 2026 Product Excellence as the Foundation Prioritizing product stability, ease of use, noise control, and overall user experience Long-Term Product Reputation First Expanding and refining the product line while protecting long-term brand reputation Systematic Channel Investments Investing heavily in distribution channels and service infrastructure
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Turning Flaring Into Power: Gas-to-Computing Pilot 20 • 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 February 2026
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Heating Greenhouse: Heat Recovery Proof-of-Concept 21 • 3 MW greenhouse pilot in Manitoba using liquid-cooled Avalon® computing system deployed to recover and reuse heat for agricultural operations. • High-efficiency energy reuse with an estimated ~90% heat recovery, delivering >75°C hot water to supplement electric boiler heating. • Attractive economics with ~US$0.035/kWh all-in power cost, improved capital efficiency, and potential upside from grid programs. • Scalable sustainability model with a data-driven proof-of-concept designed to validate and scale compute heat reuse across cold- climate and industrial applications. NASDAQ: CAN February 2026
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FINANCIALS 22
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Revenue & Bitcoin Trends • Q4 total revenues of $196.3M • Q1 guidance of $60~70M • 1,610 bitcoin held as of Oct. 31, 2025 • 1,730 bitcoin held as of Nov. 30, 2025 • 1,750 bitcoin held as of Dec. 31, 2025 $ in millions Source: Company data Numbers are rounded. $75 $100 $130 $175.0 $60-$70 $82.8 $100.2 $150.5 $196.3 0 20 40 60 80 100 120 140 160 180 200 2025Q1 2025Q2 2025Q3 2025Q4 2026Q1 Revenue Guidance Actual $ in millions Source: Company data 530 730 730 1,030 1,001 1,001 1,001 1,057 1,114 1,212 1,293 1,408 1,484 1,582 1,750 $74.5 $68.0 $77.0 $123.2 $117.5 $160.0 $179.0 $153.7 $0.0 $50.0 $100.0 $150.0 $200.0 0 300 600 900 1,200 1,500 1,800 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 #BTC Held and Market Value Number of self-owned Bitcoins Number of Bitcoins recorded as receivable Number of Bitcoins Owned Market Value NASDAQ: CAN February 2026 23
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99.2 131.3 87.8 94.6 113.9 108.0 201.7 180.8 0 50 100 150 200 250 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2‘25 Q3'25 Q4'25 Inventory Balance Sheet $ in millions Source: Company data $ in millions Source: Company data Numbers are rounded. 54.7 66.8 71.8 96.5 96.8 65.9 119.2 80.8 0 20 40 60 80 100 120 140 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Cash NASDAQ: CAN February 2026 24
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Source: Company data 53,765 65,992 61,034 82,174 93,466 98,870 114,485 101,304 Q1’24 Q2’24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 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) (23.6) Loss from Operations More Financial Data (54.1) (37.3) (19.1) (21.5) (6.4) 0.6 9.3 16.6 14.6 Gross Profit $ in millions Source: Company data • Narrowed gross profit in Q3, due to declined ASP • Operating loss narrowed sequentially Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 NASDAQ: CAN February 2026 25 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25
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Renewed Shares Repurchase Program On Dec 12, 2025, the Company announced a share repurchase program of up to US$30 million of its ADSs over a six-month period over the next 12 months. Repurchases may conducted by open-market transactions, private negotiations, or block trades, funded by existing cash, with timing and volume subject to market conditions, capital needs, and regulatory compliance. As of February 10, 2026, the Company had purchased 2.8 million ADSs for a total of US$2 million under the program, reflecting management's confidence in the Company’s financial position and long-term growth relative to market pricing. 26NASDAQ: CAN February 2026
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Q&A 27