Canaan Inc. · Finance Services

CAN

Elevated riskNext report: Not enough history

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The short version

A company still losing money with growing sales, with high risk.

Going well

Sales up 97% last year
Little debt

Watch out for

About 4 months of cash left at its current burn
Share count growing 39.8% a year (dilution)
Losing money, losses are large next to sales

Money moves

No insider buying or selling in the last 30 days
Institutions cut 3.1% from their holdings in the quarter ending June 2026 (38 bought, 36 sold)

Facts from SEC filings, not a recommendation.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

1/6Weak

MissReturn on equity 15%+Earns a lot on the money owners have in the business.-59.8%
PassDebt under half of equityNot relying on borrowed money.0.12x equity
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-39.7%
MissProfitable every yearSteady profits, not one good year.2 of 7 years
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$295.8M
MissShare count not growingNot diluting owners. Falling means buybacks.+173.2% in 3 years

Revenue: $529.7M; +96.7% vs prior year
5-year growth: +50.5%/yr; revenue, per year
Total debt: $52.2M; 0.12x equity
Free cash flow: -$295.8M; -55.8% of revenue

From annual reports filed with the SEC. Gross margin doesn't apply to banks and insurers, so it isn't scored. A checklist is a starting point for research, not a verdict.

Insider rating

Last 90 days

No open-market insider buys or sells in the last 90 days.

Weekly insider trend

No trades to chart yet.

Filing buzz

Last 7 days vs normal

0/ 100

This week: 0
Normal week: 0.7
vs normal: 0.0x

SEC filings of any kind. 50 means a normal week.

Institutional ownership

Steady-3.1%

Institutions cut 3.1% from their holdings. 38 bought, 36 sold. 2 quarters of net selling in a row.

Shares held by institutions141.5M

Sep '24Jun '26

Safety check

From SEC filings

Share count growthYearly rate, last 3 years

-2.0%

Cash runwayAt last year's cash burn

4 months

Debt to equityLatest balance sheet: debt compared with what owners have

0.1x · $52.2M debt

Shares outstandingLatest reported

7.0B

Why elevated risk

Losing money, losses are large next to sales
About 4 months of cash left at its current burn

Earnings reports

Last 0

Next reportNot enough history

Flags and big holders

Offerings 6 months, flags 12 months, holders 90 days

5%+ holder update (passive)Aug 13 · View filing ↗Big holder 5%+ holder update (passive)Aug 11 · View filing ↗Big holder

Insider trades

Open-market buys and sells, last 90 days

No open-market buys or sells in 90 days. Grants and option exercises are left out.

"Owns after" is the insider's holding right after the trade. Pre-planned (10b5-1) sales are set up months ahead, a weaker signal.

Latest filings

Straight from SEC EDGAR

6-KOct 19 · Form 6-K ↗6-KOct 15 · Form 6-K ↗6-KSep 14 · Form 6-K ↗6-KSep 11 · Form 6-K ↗6-KSep 8 · Form 6-K ↗6-KAug 17 · Form 6-K ↗5%+ holder update (passive)Aug 13 · Form SCHEDULE 13G/A ↗5%+ holder update (passive)Aug 11 · Form SCHEDULE 13G/A ↗6-KAug 4 · Form 6-K ↗6-KJul 15 · Form 6-K ↗6-KJul 14 · Form 6-K ↗6-KJul 6 · Form 6-K ↗6-KJun 24 · Form 6-K ↗

BoughtNangeng ZhangChief Executive Officer, Director

500,000 shares at $0.34 avg ($0.33 to $0.34) · $168K

+18% of holdings
Now owns 3,301,635 shares
American Depositary Shares
2 transactions
Filed 4 days after trade

Jun 18Form 4 ↗

BoughtJin ChengChief Financial Officer

65,000 shares at $0.35 · $23K

+6% of holdings
Now owns 1,080,008 shares
American Depositary Shares
Filed 2 days after trade

Jun 15Form 4 ↗

Source: SEC EDGAR filings. For informational purposes. Not investment advice.

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