Canaan Inc. (NASDAQ: CAN) has approved a new share repurchase program authorizing up to $30 million in buybacks over the next 12 months, beginning December 12, 2025. The program follows the expiration of a prior $30 million program that ran from May 27, 2025 to November 27, 2025, during which the company repurchased 6.6 million ADSs for roughly $4.9 million.
The new program will allow the company to repurchase American Depositary Shares representing Class A ordinary shares through open‑market transactions, block trades, or private negotiations. All buybacks will be funded from Canaan’s cash balance, which stood at $119 million at the end of Q3 2025, an 80.9 % sequential increase from the prior quarter.
The announcement comes after Canaan reported Q3 2025 results that included a revenue beat of 15.8 % to $150.48 million, driven by a 241 % year‑over‑year jump in mining revenue to $30.6 million and a 104 % rise in total revenue. Gross profit improved to $16.6 million, a turnaround from a $21.5 million loss in Q3 2024, reflecting stronger product mix and cost discipline.
CEO Nangeng Zhang said the company believes its current market valuation does not reflect the progress it has made, and that the buyback program signals confidence in long‑term value and a disciplined approach to capital allocation. The program is intended to return capital to shareholders while preserving flexibility for future growth initiatives.
The share repurchase program is a material capital allocation decision that may influence long‑term investors’ models, as it demonstrates management’s willingness to invest in shareholder value and signals confidence in the company’s cash generation capability amid a volatile market environment.
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