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Canaan Inc. Provides April 2025 Bitcoin Production and Mining Operation Updates

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SINGAPORE, May 14, 2025 /PRNewswire/ — Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), an innovator in crypto mining, today released its unaudited bitcoin mining update for the month ending April 30, 2025.

Management Commentary

“Our April production metrics demonstrate our ability to maintain a cost-effective mining operation on a global scale, as we expand our footprint and grow our bitcoin holdings,” said Nangeng Zhang, chairman and chief executive officer of Canaan. “Consistent with our policy, we utilized a portion of our mined bitcoins to cover mining-related expenditures, including post-period settlement expenses. While we accumulated slightly fewer bitcoins than in March due to a decline in price, we added 16 bitcoins to our holdings, ending the month with 1,424.

“Our North American mining operations continue to progress, supported by a solid pipeline of expansion opportunities. In April alone, our projects in Pennsylvania and Texas, powered by partnerships with Luna Square and Mawson Hosting, steadily increased both installed and energized hashrate, adding over 1.5 EH/s to our installed computing power.  As a result, our total deployed hashrate reached 8.15 EH/s, with 6.20 EH/s in operation, while maintaining a competitive all-in power cost of US$0.044/kWh. These achievements underscore our strategic focus on geographic expansion and high-quality partnerships that create lasting value for Canaan and our shareholders.

“Our non-North American operations are also proving their strategic worth. In Ethiopia, our joint-mining initiative helps mitigate geographic and political risks, extends miners’ lifespans, and capitalizes on lower power costs and higher efficiency. From January to March, our average uptime in Ethiopia was 98%. Despite minor power disruptions in early April, our local partner responded swiftly, maintaining a 95% uptime for the month—still above market standards. We remain committed to adapting our partnerships and technologies to thrive in the global mining landscape.”

April 2025 Bitcoin Mining Updates (unaudited)

Key Metrics

Results (Rounded Numbers)

Bitcoins Mined During the Month

87 Bitcoins

Month-End Bitcoins Owned by Canaan Inc. on
Balance Sheet1

1,424 Bitcoins

Month-End Deployed Hashrate (EH/s)

8.15 EH/s

Month-End Operating Hashrate (EH/s)

6.20 EH/s

Month-End Average Revenue Split2

62.3 %

Average All-in Power Cost During the Month3

US$0.044/kWh

 

April 2025 Bitcoin Mining Infrastructure Updates (unaudited)

North America

Non-North America

Global

Month-End Average
Miner Efficiency

20.1 J/TH

30.8 J/TH

27.4 J/TH

Month-End Installed
Power Capacity

76.3 MW

163.4 MW

239.7 MW

 

Notes:

1. Defined as the total number of bitcoins owned by the Company on its Balance Sheet including any bitcoins receivable, excluding bitcoins that the Company has received as customer deposits.
2. Defined as the weighted average percentage that Canaan would share from the total revenues generated according to the applicable joint mining arrangements if 100% of the mining machines consisting of Installed Computing Power (as defined below) were energized.
3. Defined as the weighted average cost of power if 100% of the mining machines consisting of Installed Computing Power were energized.

Current Mining Projects (As of April 30, 2025) ：

Regions
in alphabetical order
(A to Z)

Active Mining
Projects
Count

Energized
Computing
Power4

Installed
Computing
Power5

Expected
Computing
Power6

Estimated
Total
Computing
Power7

Global

9

6.20 EH/s

8.15 EH/s

0.59 EH/s

8.74 EH/s

America

4

2.18 EH/s

3.06 EH/s

0.59 EH/s

3.65 EH/s

Canada

1

0.02 EH/s

0.02 EH/s

0 EH/s

0.02 EH/s

Ethiopia

2

3.97 EH/s

4.22 EH/s

0 EH/s

4.22 EH/s

Kazakhstan

1

0 EH/s8

0.81 EH/s

0 EH/s

0.81 EH/s

Middle East

1

0.03 EH/s

0.04 EH/s

0 EH/s

0.04 EH/s

 

Notes:

4. 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. 
5. Defined as the sum of Energized Computing Power and computing power that has been installed but not yet energized, if any.
6. 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. 
7. Defined as the sum of Installed Computing Power and Expected Computing Power.
8. The Company temporarily brought offline approximately 0.6 EH/s of mining computing power in Kazakhstan due to economic considerations amid the severe decrease in the bitcoin price during April 2025.

Termination of Agreement for Additional $100 million Preferred Share Financing:

On March 10, 2025, Canaan announced a Series A-1 Preferred Shares financing of up to US$200 million with an institutional investor to support the Company’s growth initiatives. The first tranche of US$100 million was successfully received at closing. However, due to unforeseen market conditions, the Company and the investor have mutually agreed to terminate the agreement with respect to the second tranche of US$100 million, effective April 30, 2025.

Summary of Recent Operational Updates: Expansion of Self-Mining Operations:

Canaan has strengthened its North American footprint through new hosting agreements expected to significantly boost its self-mining capacity. The Company entered into a three-year master colocation agreement with Mawson Hosting LLC, an affiliate of Mawson Infrastructure Group Inc., for access to its facility in Midland, Pennsylvania. In addition, Canaan signed a 24-month equipment hosting agreement with a separate partner for a facility in Edna, Texas. Once fully energized, these initiatives are expected to contribute approximately 4.7 EH/s to the Company’s North American hashrate.

Advancement in Product Innovation:

Canaan has successfully completed the taped-out process for its next-generation bitcoin mining machine, the Avalon A16 series. In keeping with its commitment to transparency and performance validation, the Company plans to release real-world performance data and distribute sample units to customers upon completion of full system testing.

About Canaan Inc.

Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan’s founding team shipped to its customers the world’s first batch of mining machines incorporating ASIC technology in bitcoin‘s history under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.

Safe Harbor Statement

This press release 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 “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.’s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.’s beliefs and expectations, such as expectations with regard to mining hash rate deployment, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s future business development, the ability of the company to execute against its goals, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company’s expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company’s expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company’s investment plans and strategies, fluctuations in the Company’s quarterly operating results; competition in its 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. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

###

Investor Relations Contact

Canaan Inc.
Xi Zhang
Email: IR@canaan-creative.com

ICR, LLC.
Robin Yang
Tel: +1 (347) 396-3281
Email: canaan.ir@icrinc.com

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SOURCE Canaan Inc.

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Reliance Digital Launches ‘Baaptaa’, a Father’s Day Campaign Celebrating the Many Expressions of Fatherhood

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2 hours ago

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June 20, 2026

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MUMBAI, India, June 20, 2026 /PRNewswire/ — Reliance Digital has launched ‘Baaptaa’, a Father’s Day campaign to celebrate the many expressions of fatherhood. Built around a simple cultural observation, while “Maa ki Mamta” has long been a part of India’s collective vocabulary, there has never been a word that captures the distinct ways fathers express love, the campaign introduces ‘Baaptaa’ as a tribute to the many shades of fatherhood.

Conceptualised as an original music-led campaign, Baaptaa celebrates fathers not as idealised figures, but as they are experienced in everyday life, protective, dependable, emotional, quirky, practical, occasionally embarrassing, and always present. Through a relatable narrative, the campaign acknowledges the countless ways fathers care for their families, often through actions rather than words.

Watch Video: https://youtu.be/9XyUsJB33Ds?si=PM67vhxrzth1JEkz 

At the heart of the campaign is an original music video told from a father’s perspective, capturing the different roles he plays across life’s moments and milestones. The film brings to life the humour, warmth and unspoken affection that characterise father-child relationships, while giving a name to a form of love that many recognise but few have articulated.

The campaign stems from a simple insight: while motherhood has often found expression through familiar phrases and popular references, the unique language of fatherhood has remained largely undefined. Baaptaa seeks to fill that gap by creating a term that reflects the everyday gestures, practical wisdom and quiet sacrifices that fathers make.

Father’s Day communication often leans into familiar emotional territory, but Reliance Digital’s campaign celebrates fathers in a way that feels more culturally authentic and relatable. The idea for ‘Baaptaa’ came from a simple observation — mother’s love has been immortalised in a number of heartfelt, emotional songs, there needed to be an anthem dedicated to dad’s love. And thus was born Baaptaa – a love language that is often awkward, practical, protective, humorous and deeply felt, even if rarely verbalised. It’s a celebration of fatherhood in all its wonderfully imperfect forms immortalized by a song that you won’t be able to stop humming.

Shop for the widest range of electronics at Reliance Digital and thank your father for his Baaptaa.

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REPT BATTERO Deepens Inter Milan Partnership, Brings Latest Innovations to Intersolar Europe 2026

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4 hours ago

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June 20, 2026

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MUNICH, June 20, 2026 /PRNewswire/ — As global audiences follow the world’s biggest football tournament this summer, another international stage is preparing to bring together innovators, businesses and industry leaders from across the energy sector.

From June 23 to 25, REPT BATTERO will participate in Intersolar Europe 2026 in Munich, Germany, showcasing its latest developments in energy storage, sustainability and global business expansion.

Adding to the excitement, an Inter Milan legend will make a special appearance at the REPT BATTERO booth, meeting customers, partners and visitors from around the world. The appearance follows the company’s recent partnership with Inter Milan, which named REPT BATTERO as the club’s Global Official Battery and Energy Storage Partner.

But beyond products, exhibitions and football, the story REPT BATTERO hopes to tell is about something larger: how a young Chinese battery company is evolving into a global energy brand.

Growth Comes First

For any company looking to expand globally, one question comes before all others: is the business ready?

For REPT BATTERO, the answer is increasingly being reflected in its performance.

According to its 2025 annual results, the company reported revenue of approximately €3.1 billion, up 36.7% year on year, while net profit reached approximately €87 million, marking the company’s first full year of profitability. Annual battery shipments totaled 82.7GWh, representing year-on-year growth of 89.2%.

Energy storage continued to be a key growth driver, generating approximately €1.7 billion in revenue in 2025, an increase of 86.8% compared with the previous year.

The momentum has continued into 2026. In the first quarter, REPT BATTERO ranked No.1 globally in both residential energy storage cell shipments and commercial & industrial energy storage cell shipments, while ranking among the world’s top five in energy storage cell shipments overall. The company has also maintained BloombergNEF Tier 1 Energy Storage Supplier status for eleven consecutive quarters.

These achievements are not simply the result of rapid growth. They reflect years of investment in product development, manufacturing capability, customer relationships and operational excellence.

For REPT BATTERO, globalization is not a sudden ambition. It is the natural next stage of a business that has steadily built the foundations required to compete internationally.

Globalization Beyond Exporting Products

For many companies, globalization begins with exports.

But long-term success requires much more than shipping products overseas.

Customers increasingly evaluate suppliers not only on technology and price, but also on local service capabilities, supply chain resilience, regulatory readiness and long-term reliability. This is particularly true in Europe, where the energy transition continues to drive demand for trusted and sustainable partners.

Over the past several years, REPT BATTERO has been steadily strengthening its international footprint.

The company established its European subsidiary in Munich in 2023 and has since expanded its overseas presence across Germany, the United States, Indonesia, Australia and Japan. Today, REPT BATTERO’s business network spans six continents, supporting customers across a wide range of energy storage and mobility applications.

At the same time, the company is advancing construction of its first overseas manufacturing base in Indonesia, a major milestone in its global manufacturing strategy.

Europe remains one of REPT BATTERO’s most important markets. Earlier this year, during KEY – The Energy Transition Expo in Italy, the company signed energy storage supply agreements totaling 8.3GWh with seven European partners. REPT BATTERO has successfully delivered and deployed energy storage projects in Germany, Belgium, Slovakia, Romania, Bulgaria, Greece, Ukraine, Poland, Moldova and Latvia, further strengthening its presence in Europe.

Taken together, these developments demonstrate that REPT BATTERO’s global strategy extends far beyond exports. The company is building local presence, local partnerships and long-term capabilities designed to support customers worldwide.

Building a Global Brand

As technology, products and services enter global markets, another challenge emerges: building recognition and trust.

This is one of the reasons behind REPT BATTERO’s partnership with Inter Milan.

Announced in May 2026, the collaboration goes beyond traditional sponsorship. It includes brand campaigns, fan engagement initiatives, customer experiences and future activations across international markets.

For REPT BATTERO, the partnership represents a new approach to global brand building.

Historically, battery companies have communicated primarily through technical specifications, product performance and manufacturing capabilities. While these remain essential, global audiences increasingly connect with brands through stories, experiences and shared values.

Football provides a unique platform for that connection.

With one of the largest fan bases in world football, Inter Milan offers a global stage that transcends language, geography and culture. Through the partnership, REPT BATTERO aims to engage customers and communities in a more accessible, international and human-centered way.

The goal is not simply to increase visibility. It is to help a broader audience understand the innovation, ambition and long-term vision behind the company.

Youth Is About Agility, Not Image

Founded in 2017 and entering production just one year later, REPT BATTERO remains a relatively young company by industry standards.

Yet its development has been remarkably rapid.

The company became one of the fastest battery manufacturers in the industry to surpass RMB 10 billion in annual revenue. Since then, it has continued evolving—from rapid expansion to profitability, from domestic growth to international development, and from product exports to global brand building.

At REPT BATTERO, being young is not about image. It is about agility.

It means responding quickly to changing market conditions, adapting to customer needs and continuously improving across products, operations and organization.

Whether addressing growing demand for residential energy storage in Europe, preparing for emerging battery passport requirements, or navigating an industry increasingly focused on profitability and sustainable growth, REPT BATTERO has consistently demonstrated its ability to adapt and execute.

This combination of innovation, responsiveness and global ambition continues to shape the company’s identity as it enters its next stage of development.

See You in Munich

From SNEC in Shanghai to Intersolar Europe in Munich, the interaction between REPT BATTERO and INTER MILAN continues.

Yet the company’s story is about more than exhibitions or celebrity appearances. It is about the evolution of a young energy company building the capabilities, partnerships and brand needed to compete on a global stage.

This June, as the FIFA World Cup captures the attention of football fans around the world, REPT BATTERO will welcome an Inter Milan legend to its booth at Intersolar Europe in Munich.

When a player who once stood at the pinnacle of world football walks into the booth of a young Chinese energy company and exchanges handshakes and conversations with customers and partners from across the globe, the moment represents something larger than a partnership.

It reflects how far REPT BATTERO has come—and where it is heading next.

From a fast-growing battery manufacturer to an increasingly global energy brand, REPT BATTERO’s journey is still being written. And perhaps, that scene in Munich will be one of its most meaningful chapters yet.

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Felicitysolar Strengthens Brand Presence at SNEC 2026

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6 hours ago

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June 20, 2026

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GUANGZHOU, China, June 20 2026 /PRNewswire/ — Felicitysolar presented its energy storage product portfolio, technical progress, third-party recognition, and global cooperation achievements at SNEC 2026, held in Shanghai from June 3 to June 5.

During the exhibition, Felicitysolar showcased solutions for residential, commercial, and industrial energy applications, including the 50kW C&I ESS, 125kW/257kWh system, 125kW/261kWh liquid-cooled all-in-one system, and FLB Series low-voltage residential battery pack. These products reflected the company’s continued focus on system reliability, flexible deployment, and practical energy storage needs across different scenarios.

Felicitysolar also held Chinese and English product presentations on June 3 and June 4, covering commercial and industrial energy storage systems, low-voltage residential battery packs, intelligent management platforms, and the company’s newly developed AI management platform. Through application-oriented explanations, the presentations helped customers better understand the role of Felicitysolar’s products in residential, commercial, and industrial energy management.

Third-party activities during the exhibition added further depth to Felicitysolar’s brand presentation. Intertek issued ETL certificates for Felicitysolar’s energy storage system and photovoltaic inverter products and granted the company Intertek “Satellite Program” laboratory qualification, supporting product access to the North American market and recognizing Felicitysolar’s in-house testing capability. DEKRA presented certificates related to Felicitysolar’s hybrid inverter and energy storage battery system products for European and international standards. SGS granted an Australian grid-connection certificate for Felicitysolar’s IVGM25KHP3G3 Series high-voltage hybrid inverter. EUPD Research recognition was also presented during the exhibition.

In addition, Felicitysolar received three Global Smart Energy Award honors: ENTERPRISE OF THE YEAR, FRONTIER TECHNOLOGY, and INNOVATIVE SOLUTION. These awards recognized Felicitysolar’s overall development, the FLB Series low-voltage LiFePO4 battery pack, and the 50kW high-voltage hybrid energy storage system, respectively. Together with the third-party activities, the awards highlighted Felicitysolar’s continued progress in product development, quality systems, market readiness, and solution capabilities.

The company also held partner signing ceremonies for Argentina and Chile, strengthening communication and cooperation with partners in Latin America. As energy storage demand grows across regional markets, localized cooperation remains an important part of Felicitysolar’s global development.

To extend the exhibition experience beyond the venue, Felicitysolar launched an online VR booth tour, allowing customers to explore the booth layout, featured products, and related materials after the event:
https://www.felicitysolar.com/snec-pv-power-expo-shanghai-vr-tour/

Through product showcases, technical presentations, third-party activities, award recognition, localized partnerships, and digital exhibition tools, Felicitysolar used SNEC 2026 to present its brand capabilities in solar energy storage. The company will continue to focus on practical energy needs across residential, commercial, and industrial applications while strengthening its products, services, and global cooperation capabilities.

About Felicitysolar

Founded in 2007 and headquartered in Guangzhou, China, Felicitysolar provides solar energy storage solutions for residential, commercial, and industrial applications. Its product portfolio covers solar inverters, lithium battery packs, integrated solar street lights, commercial and industrial energy storage systems, and related smart energy solutions.

CONTACT:
Felicitysolar Marketing Department
pr@felicitysolar.com
+86-18620102298

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