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Total revenues of US$88.8 million exceeds guidance, up 80.9% YoY

Total computing power sold achieves record high of 9.1 million TH/s, up 65.9% YoY

Bitcoin mining revenues reach US$15.3 million, up 312.5% YoY

SINGAPORE
, March 26, 2025 /PRNewswire/ — Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), an innovator in crypto mining, today announced its unaudited financial results for the three months and twelve months ended December 31, 2024.

Fourth Quarter 2024 Operating and Financial Highlights

Total revenues were US$88.8 million, which beat the guidance of US$80 million and increased 80.9% year-over-year.

Total computing power sold was 9.1 million Terahash per second (TH/s), representing a year-over-year increase of 65.9%, setting a new high.

Mining revenue was US$15.3 million and increased 312.5% year-over-year, with 186 Bitcoins mined at an average revenue of US$82,174 per Bitcoin.

Net loss was US$92.9 million, compared to US$139.0 million in the same period of 2023.

Non-GAAP adjusted EBITDA was a gain of US$19.3 million, compared to a loss of US$69.4 million in the fourth quarter of 2023.

Full Year 2024 Operating and Financial Highlights

Total revenues were US$269.3 million, representing a year-over-year increase of 27.4% from US$211.5 million in 2023.

Total computing power sold was 26.0 million TH/s, representing a year-over-year increase of 32.6% from 19.6 million TH/s in 2023.

Mining revenue was US$44.0 million, representing a year-over-year increase of 29.6% from US$34.0 million in 2023.

Net loss was US$249.8 million, narrowing 39.7% year-over-year.

Non-GAAP adjusted EBITDA was a loss of US$71.5 million, narrowing 73.9% year-over-year.

Nangeng Zhang, chairman, and chief executive officer of Canaan, commented, “We closed out 2024 on a strong note, delivering robust results in the fourth quarter that exceeded our guidance, with total revenue reaching US$88.8 million. This outstanding top-line performance was primarily driven by the large-scale delivery of our latest A15 series, which contributed to a record-breaking 9.1 million TH/s in total computing power sold. Simultaneously, our mining operations capitalized on the favorable bitcoin price environment in Q4, achieving a remarkable 186 bitcoins mined and generating US$15.3 million in mining revenue, marking a sequential increase of 70.7%. Recently, we further expanded 4.7EH/s for our mining operations in North America through two new projects in Pennsylvania and Texas.

“Looking back on the past year, we remained steadfast in our commitment to delivering high-quality, customized mining solutions, such as our high-performance A15 series and the dual-function Avalon Home Series, catering to a diverse global customer base. In key markets like North America, we strengthened our local presence and established strategic partnerships with leading publicly listed mining companies, enhancing our brand recognition and market share. Despite navigating complex regulatory landscapes and shifting market conditions, we made significant progress in expanding our mining hash rate toward our goal of 10EH/s in North America and 15EH/s globally by mid-2025. Meanwhile, we continued to advance our global strategy across research and development, supply chains, production, and logistics to adapt to the evolving compliance environment. With unwavering confidence in Bitcoin‘s long-term potential, we remain dedicated to innovation, operational excellence, and cementing our role as a key player in the Bitcoin ecosystem.”

Jin “James” Cheng, chief financial officer of Canaan, stated, “We achieved excellent results in Q4, with total revenue significantly surpassing our guidance. This exceptional performance was driven by the ramp-up in A15 series bulk deliveries, leading to products revenue of US$73.5 million, a 63.6% year-over-year increase. Our mining business, which serves as our second growth engine, generated US$15.3 million in revenue, up 312.5% year-over-year and 70.7% quarter-over-quarter, while maintaining a highly competitive all-in power cost. This enabled us to accelerate our bitcoin accumulation through mining by leveraging bitcoin price tailwinds in the fourth quarter. As a result, our owned cryptocurrency reached 1,292.5 bitcoins by year-end, reinforcing our financial position. Additionally, due to strong top-line growth and cost optimization, we significantly narrowed our gross loss to US$6.4 million. Although certain non-cash items hit our bottom line, our net loss of US$92.9 million narrowed 33.2% year-over-year, and we achieved EBITDA breakeven and a gain of US$19.3 million in adjusted EBITDA for the quarter.

“The large-scale production and delivery of the A15 series contributed to our cash inflows and optimized our inventory structure as the model became our primary inventory component. As bitcoin prices climbed in Q4, generating fair value gains, our balance sheet was further strengthened, underscoring the advantages of our mining business and our HODL strategy. Looking ahead, we remain focused on executing advanced product deliveries, expanding our mining hash rate, and capitalizing on the anticipated market momentum to enhance our market presence.”

Fourth Quarter 2024 Financial Results

Total revenues in the fourth quarter of 2024 were US$88.8 million, as compared to US$73.6 million in the third quarter of 2024 and US$49.1 million in the same period of 2023. Total revenues consisted of US$73.5 million in products revenue, US$15.3 million in mining revenue and US$20 thousand in other revenues.

Products revenue in the fourth quarter of 2024 was US$73.5 million, compared to US$64.6 million in the third quarter of 2024 and US$44.9 million in the same period of 2023. The sequential and year-over-year increase were driven by increased computing power sold, which was 9.1 million TH/s, increasing 24.7% sequentially and 65.9% year-over-year.

Mining revenue in the fourth quarter of 2024 was US$15.3 million, representing an increase of 70.7% from US$9.0 million in the third quarter of 2024 and an increase of 312.5% from US$3.7 million in the same period of 2023. The sequential and year-over-year increases were mainly attributable to an increase in mining computing power energized and an increase in the bitcoin price.

Cost of revenues in the fourth quarter of 2024 was US$95.1 million, compared to US$95.1 million in the third quarter of 2024 and US$103.1 million in the same period of 2023.

Products costs in the fourth quarter of 2024 were US$80.2 million, compared to US$81.6 million in the third quarter of 2024 and US$95.8 million in the same period of 2023. The sequential and year-over-year decreases were mainly attributable to decreased inventory write-down and prepayment write-down. The inventory write-down and prepayment write-down for this quarter were US$13.6 million, compared to US$22.9 million for the third quarter of 2024 and US$55.5 million for the same period of 2023. Products costs consist of direct production costs of mining machines, and indirect costs related to production, as well as inventory write-down and prepayment write-down.

Mining costs in the fourth quarter of 2024 were US$14.9 million, compared to US$13.5 million in the third quarter of 2024 and US$6.0 million in the same period of 2023. Mining costs herein consist of direct production costs of mining operations, including electricity and hosting, as well as depreciation of deployed mining machines. The sequential and year-over-year increases were mainly due to the increase in deployed computing power for the Company’s mining operations.  The depreciation in this quarter for deployed mining machines was US$6.0 million, compared to US$6.5 million in the third quarter of 2024 and US$3.8 million in the same period of 2023.

Gross loss in the fourth quarter of 2024 was US$6.4 million, compared to US$21.5 million in the third quarter of 2024 and US$54.1 million in the same period of 2023.

Total operating expenses in the fourth quarter of 2024 were US$49.3 million, compared to US$35.3 million in the third quarter of 2024 and US$39.2 million in the same period of 2023.

Research and development expenses in the fourth quarter of 2024 were US$16.6 million, compared to US$14.8 million in the third quarter of 2024 and US$10.8 million in the same period of 2023. The sequential increase was mainly due to an increase of US$1.2 million in research and development expenditure and an increase of US$0.8 million in staff cost. The year-over-year increase was mainly due to an increase of US$4.5 million in staff costs and an increase of US$1.3 million in research and development expenditure. Research and development expenses in the fourth quarter of 2024 also included share-based compensation expenses of US$1.8 million.

Sales and marketing expenses in the fourth quarter of 2024 were US$1.3 million, compared to US$1.7 million in the third quarter of 2024 and US$1.8 million in the same period of 2023. The sequential and year-over-year decrease was mainly due to a decrease in staff cost. Sales and marketing expenses in the fourth quarter of 2024 also included share-based compensation expenses of US$45 thousand.

General and administrative expenses in the fourth quarter of 2024 were US$27.8 million, compared to US$13.2 million in the third quarter of 2024 and US$22.2 million in the same period of 2023. The sequential increase was mainly due to an increase of US$4.8 million in professional service fees, an increase of US$3.1 million in staff cost, an increase of US$3.1 million in share-based compensation expenses and an increase of US$3.0 million in allowance of doubtful receivables. The year-over-year increase was mainly due to an increase of US$4.0 million in professional service fees, an increase of US$3.0 million in allowance of doubtful receivables, and an increase of US$1.1 million in share-based compensation expenses, partially offset by a decrease of US$2.8 million in staff cost. General and administrative expenses in the fourth quarter of 2024 also included share-based compensation expenses of US$7.8 million, including US$4.0 million for one-off accelerated compensation due to the canceled share-based awards.

Impairment on property and equipment in the fourth quarter of 2024 was US$4.0 million, compared to US$6.5 million in the third quarter of 2024 and US$6.3 million in the same period of 2023.

Loss from operations in the fourth quarter of 2024 was US$55.6 million, compared to US$56.8 million in the third quarter of 2024 and US$93.3 million in the same period of 2023.

Change in fair value of cryptocurrency and Change in fair value of financial derivative in the fourth quarter of 2024 were a gain of US$15.6 million and a gain of US$23.4 million, respectively, compared to a loss of US$1.7 million and a gain of US$4.2 million in the third quarter of 2024, respectively. The increases were mainly due to the increased bitcoin price.

Change in fair value of financial instruments in the fourth quarter of 2024 was a gain of US$17.2 million, compared to a gain of US$1.2 million in the third quarter of 2024 and a loss of US$10.9 million in the same period of 2023, which was mainly due to the changes in fair value of Series A and Series A-1 convertible preferred shares.

Excess of fair value of Convertible Preferred Shares in the fourth quarter of 2024 was US$22.1 million, compared to US$28.3 million in the third quarter of 2024 and US$59.2 million in the same period of 2023.

Foreign exchange gains, net in the fourth quarter of 2024 were US$5.7 million, compared with a loss of US$1.0 million in the third quarter of 2024 and a gain of US$1.4 million in the same period of 2023, respectively. The foreign exchange gains were due to the U.S. dollar appreciation against the Renminbi during the fourth quarter of 2024.

Other income, net in the fourth quarter of 2024 was US$8.3 million, compared to an income of US$0.2 million in the third quarter of 2024 and an expense of US$0.4 million in the same period of 2023, mainly due to a release of payment obligation.

Loss before income tax expense in the fourth quarter of 2024 was US$7.6 million, compared to US$82.3 million in the third quarter of 2024 and US$162.1 million in the same period of 2023.

Income tax expense in the fourth quarter of 2024 was US$85.3 million, compared to an income tax benefit of US$6.7 million in the third quarter of 2024 and an income tax benefit of US$23.1 million in the same period of 2023. The income tax expense was mainly due to the valuation allowance recorded to deduce the carrying value of deferred tax assets for certain tax loss carry-forwards, as well as unrecognized tax benefit related to the potential uncertainty in previous years’ intra-entity transactions.

Net loss in the fourth quarter of 2024 was US$92.9 million, compared to US$75.6 million in the third quarter of 2024 and US$139.0 million in the same period of 2023.

Non-GAAP adjusted EBITDA in the fourth quarter of 2024 was a gain of US$19.3 million, as compared to a loss of US$34.1 million in the third quarter of 2024 and a loss of US$69.4 million in the same period of 2023. For further information, please refer to “Use of Non-GAAP Financial Measures” in this press release.

Foreign currency translation adjustment, net of nil tax, in the fourth quarter of 2024 was a loss of US$9.7 million, compared with a gain of US$5.1 million in the third quarter of 2024 and a loss of US$0.3 million in the same period of 2023, respectively.

Basic and diluted net loss per American depositary share (“ADS”) in the fourth quarter of 2024 were US$0.33. In comparison, basic and diluted net loss per ADS in the third quarter of 2024 were US$0.27, while basic and diluted net loss per ADS in the same period of 2023 were US$0.77. Each ADS represents 15 of the Company’s Class A ordinary shares.

Full Year 2024 Financial Results

Total revenues in the full year of 2024 increased to US$269.3 million from US$211.5 million in 2023.

Products revenue in the full year of 2024 increased to US$223.2 million from US$176.9 million in 2023. The increase was mainly driven by the increased computing power sold, which was 26.0 million TH/s and increased 32.6% year-over-year.

Mining revenue in the full year of 2024 increased to US$44.0 million from US$34.0 million in 2023. The increase was mainly due to the increased computing power energized for mining and an increase in the price of bitcoin.

Cost of revenues in the full year of 2024 decreased to US$353.6 million from US$452.3 million in the full year of 2023.

Products costs in the full year of 2024 were US$301.3 million, compared to US$368.1 million in the full year of 2023. The decrease was mainly due to a decline in inventory write-down and prepayment write-down.

Mining costs in the full year of 2024 were US$51.6 million, compared to US$81.8 million in the full year of 2023. Mining costs consist of direct production costs of mining operations, including electricity and hosting, as well as depreciation. The depreciation in the full year of 2024 for deployed mining machines was US$22.5 million, compared to US$53.2 million in the full year of 2023.

Gross Loss in the full year of 2024 was US$84.3 million, compared to US$240.8 million in the full year of 2023.

Total operating expenses in the full year of 2024 decreased to US$142.8 million from US$170.1 million in the full year of 2023.

Research and development expenses in the full year of 2024 decreased to US$61.3 million from US$64.8 million in the full year of 2023, primarily due to a decrease in staff costs.

Sales and marketing expenses in the full year of 2024 decreased to US$5.7 million from US$8.2 million in the full year of 2023. The decrease was mainly attributable to a decrease in staff costs.

General and administrative expenses in the full year of 2024 decreased to US$71.7 million from US$73.3 million in the full year of 2023.

Gain on disposal of property, equipment and software in the full year of 2024 increased to US$7.2 million from US$2.1 million in the full year of 2023. The increase was mainly due to the disposal of self-used mining machines.

Impairment on property and equipment in the full year of 2024 was US$11.3 million, compared to US$21.1 million in the full year of 2023.

Loss from operations in the full year of 2024 was US$227.1 million, compared to US$410.9 million in the full year of 2023.

Change in fair value of cryptocurrency and Change in fair value of financial derivative in the full year of 2024 were a gain of US$42.4 million and a gain of US$17.6 million, respectively.

Change in fair value of financial instruments in the full year of 2024 was a gain of US$20.6 million, compared to a loss of US$10.9 million in the full year of 2023.

Excess of fair value of Convertible Preferred Shares in the full year of 2024 was US$50.7 million, compared to US$59.2 million in the full year of 2023.

Foreign exchange gains, net, in the full year of 2024 were US$14.1 million, compared with a gain of US$12.3 million in the full year of 2023.

Net loss in the full year of 2024 was US$249.8 million, compared to US$414.2 million in the full year of 2023.

Non-GAAP adjusted EBITDA in the full year of 2024 was a loss of US$71.5 million, compared to a loss of US$273.7 million in the full year of 2023.

Foreign currency translation adjustment, net of nil tax, in the full year 2024 was a loss of US$13.6 million, compared to a loss of US$7.0 million in the full year of 2023.

Basic and diluted net loss per American depositary share (“ADS”) in the full year of 2024 was US$0.92, compared to basic and diluted net loss per ADS of US$2.41 in the full year of 2023.

As of December 31, 2024, the Company held Cryptocurrency assets with a fair value of US$61.8 million and Cryptocurrency receivable with an aggregate fair value of US$69.6 million. Cryptocurrency assets primarily consist of 562.3 bitcoins owned by the Company and 79.3 bitcoins received as customer deposits. Cryptocurrency receivable consists of 600 bitcoins pledged for secured term loans, 100.3 bitcoins transferred to a fixed term product, and 30 bitcoins prepaid for professional services. The classification of cryptocurrency receivable between current and non-current assets is consistent with the corresponding secured term loans. As of December 31, 2024, the Company held a total of 1,371.9 bitcoins.

As of December 31, 2024, the Company had cash of US$96.5 million, compared to US$96.2 million as of December 31, 2023.

Accounts receivable, net as of December 31, 2024 was US$1.5 million, compared to US$3.0 million as of December 31, 2023. Accounts receivable was mainly due to an installment policy implemented for some major customers who meet certain conditions.

Contract liabilities as of December 31, 2024, were US$24.2 million, compared to US$19.6 million as of December 31, 2023.

Shares Outstanding

As of December 31, 2024, the Company had a total of 344,283,329 ADSs outstanding, each representing 15 of the Company’s Class A ordinary shares.

Recent Developments

Expanded Mining Footprint in North America

On March 26, 2025, the Company announced that its wholly-owned subsidiaries have signed agreements with two new partners for mining operations at the partners’ facilities in Pennsylvania and Texas.

The Company entered into a three-year master colocation agreement with Mawson Hosting LLC, an affiliate of Mawson Infrastructure Group Inc. (NASDAQ: MIGI), for joint mining operations at its facility in Midland, Pennsylvania. This expansion in Pennsylvania, together with another recently executed 24-month equipment hosting agreement for bitcoin mining at a facility in Edna, Texas, is expected to add around 4.7 EH/s of computing power to the Company’s mining operations in North America. The majority of the projects’ hashrate is expected to be gradually installed by the second quarter of 2025.

New Series A-1 Preferred Shares Financing

On March 6, 2025, the Company entered into a Securities Purchase Agreement with an institutional investor (the “Buyer”), pursuant to which the Company agreed to issue and sell to the Buyer up to 200,000 Series A-1 Convertible Preferred Shares (the “Series A-1 Preferred Shares”) at the price of US$1,000.00 for each Series A-1 Preferred Share.

On March 10, 2025, the Company closed the first tranche of the Series A-1 Preferred Shares financing (the “First Tranche Preferred Shares Closing”), raising total net proceeds of US$99.7 million. Pursuant to the First Tranche Preferred Shares Closing, the Company issued 100,000 Series A-1 Preferred Shares in total at the price of US$1,000.00 per Series A-1 Preferred Share and caused The Bank of New York Mellon to deliver 7,000,000 ADSs as pre-delivery shares (the “Pre-delivery Shares”), each representing fifteen Class A ordinary shares of the Company, at the price of US$0.00000075 for each ADS.

The net proceeds from the financing will be used to fund activities necessary to support the Company’s growth, including research and development, expansion of production scale, manufacturing or investing in digital mining sites and equipment for deployment in North America and sales globally, including any acquisition or disposition of assets from or between the Company’s subsidiaries, and other general corporate purposes.

As of the date of the Company’s earnings release for the fourth quarter of 2024, the Company has 5,526,522,198 Class A ordinary shares, 314,624,444 Class B ordinary shares, 50,000 Series A Preferred Shares and 92,250 Series A-1 Preferred Shares issued and outstanding. The increase in the outstanding Class A ordinary shares compared to the end of 2024 was due to the conversion from part of convertible preferred shares to Class A ordinary shares by the Buyer and the issuance of the Pre-delivery Shares.

Secured A15XP Order from New United States Customer

On January 6, 2025, the Company entered into a purchase agreement with a new, strategic United States customer for its Avalon A15XP miners.

According to the purchase agreement, Canaan U.S. Inc. will provide the customer with 2,800 air-cooled Avalon A15XP miners that will be added to its large mining fleet.  The miners, with a benchmark Hash performance of 207 TH/s, are scheduled to be delivered in the first quarter of 2025.

The At-the-Market (“ATM”) Offering

On December 23, 2024, the Company entered into a sales agreement (the “ATM Agreement”) with Macquarie Capital Limited (“Macquarie Capital”), Keefe, Bruyette & Woods, Inc. (“KBW”), China Renaissance Securities (Hong Kong) Limited, Compass Point Research & Trading, LLC, Craig-Hallum Capital Group LLC, Northland Securities, Inc., Rosenblatt Securities Inc., The Benchmark Company, LLC, and B. Riley Securities Inc. (“B. Riley”) as sales agents (the “sales agents”).

From December 23, 2024, to March 26, 2025, the date of the Company’s earnings release for the fourth quarter of 2024, the Company utilized the ATM for fundraising and sold 21,088,579 ADSs with net proceeds of approximately US$42.5 million at an average price of US$2.08 per ADS. With the successful settlement of the First Tranche Preferred Shares Closing, the Company did not utilize the ATM after February 19, 2025.

The Company expects the ATM program to be a flexible mechanism for the Company to access public capital markets. The timing and extent of the use of the ATM program will be at the discretion of the Company, provided that the Company has satisfied certain obligations set forth in the ATM agreements and the ATM facility is duly established.

Secured Term Loans

In January 2025, the Company pledged 300 Bitcoins for secured term loans with an aggregate carrying value of US$20.7 million for 18 months. The secured term loans enable additional liquidity for the production expansion and operations of the Company.

Business Outlook

For fiscal year 2025, the Company maintains its guidance, expecting total revenues to be in the range of US$900 million to US$1.1 billion. For the first quarter of 2025, the Company expects total revenues to be approximately US$75 million. For the second quarter of 2025, the Company expects total revenues to be in the range of US$120 million and US$150 million. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

Conference Call Information

The Company’s management team will hold a conference call at 8:00 A.M. U.S. Eastern Time on March 26, 2025 (or 8:00 P.M. Singapore Time on the same day) to discuss the financial results. Details for the conference call are as follows:

Event Title: Canaan Inc. Fourth Quarter and Full Year 2024 Earnings Conference Call
Registration Link: https://register-conf.media-server.com/register/BI839fbea95f8f4e68ab774d74fbb1e449

All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers and a unique access PIN, which can be used to join the conference call.

A live and archived webcast of the conference call will be available at the Company’s investor relations website at investor.canaan-creative.com.

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 announcement 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, 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, 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; 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.

Use of Non-GAAP Financial Measures

In evaluating Canaan’s business, the Company uses non-GAAP measures, such as adjusted EBITDA, as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as net loss excluding income tax expenses (benefit), interest income, depreciation and amortization expenses, share-based compensation expenses, impairment on property, equipment and software, change in fair value of financial instruments and excess of fair value of Convertible Preferred Shares. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools and investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. One of the key limitations of using adjusted EBITDA is that it does not reflect all of the items of income and expense that affect the Company’s operations. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

Investor Relations Contact

Canaan Inc.
Xi Zhang
Email: [email protected] 

ICR, LLC.
Robin Yang
Tel: +1 (347) 396-3281
Email: [email protected] 

 

 

 

 

 

 

 

The table below sets forth a reconciliation of net loss to non-GAAP adjusted EBITDA for the period indicated:

 

 

 

 

The table below sets forth a reconciliation of net income to non-GAAP adjusted net income for the years indicated:

 

 

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SOURCE Canaan Inc.

New mining partnerships to add ~4.7 EH/s

M


ining machines to be


hosted at facilities in Pennsylvania and Texas

Self-mining energization expected in coming months

SINGAPORE
, March 26, 2025 /PRNewswire/ — Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), an innovator in crypto mining, today announced thatwholly owned subsidiaries of Canaan have signed agreements that expand the Company’s self-mining capabilities at two new partners’ mining facilities in Pennsylvania and Texas.

A three-year master colocation agreement has been entered into with Mawson Hosting LLC, an affiliate of Mawson Infrastructure Group Inc. (NASDAQ: MIGI), for its facility in Midland, Pennsylvania. This expansion in Pennsylvania, together with another recently executed 24-month equipment hosting agreement for a facility in Edna, Texas, is expected to add around 4.7EH/s of North American hashrate to Canaan’s self-mining computing power. The majority of this hashrate is expected to be installed by the second quarter of 2025.

“Our team has been evaluating mining sites across North America for several months, patiently looking for self-mining and partnership opportunities that made sense for our business.  We believe that these two new partners have goals that align with Canaan’s and that we can build long-term relationships with them,” said Nangeng Zhang, chairman and chief executive officer of Canaan.  “The U.S. has regulatory policies that support our Company’s ambitions, and we believe that we will be able to find additional partnerships and sites that will help us to increase our presence in the U.S. through self-mining activities and provide us with additional opportunities for mining machine sales.”

“We are delighted to announce the partnership between Canaan and Mawson. This agreement aligns with our strategy of optimizing digital infrastructure and compute management capabilities with the latest-generation machines. By combining Canaan’s cutting-edge hardware and Mawson’s digital infrastructure innovation, we expect to create long-term value that will benefit both companies as well as the overall ecosystem,” said Rahul Mewawalla, chief executive officer and president of Mawson Infrastructure Group Inc.

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, Canaan Inc.’s anticipated financing plans and its intended use of proceeds 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, 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, 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; 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: [email protected] 

ICR, LLC.
Robin Yang
Tel: +1 (347) 396-3281
Email: [email protected] 

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SOURCE Canaan Inc.

Spot Debuts Alongside Latest Culinary Innovation with Signature Pizza Hut Flavors Designed to Dip and Dunk Just in Time for March Madness®

PLANO, Texas
, March 26, 2025 /PRNewswire/ — Some people bring the party. Others bring the pizza. Peter Zahut does both. Set to launch nationwide on March 26 and with a grand debut during the NCAA Sweet 16® on March 27, Peter Zahut kicks off Pizza Hut’s latest brand campaign, embodying the energy and excitement that comes with every Pizza Hut order. Peter Zahut is the ultimate delivery legend who never shows up empty-handed. Whether he’s dropping off a hot pizza or setting up the perfect alley-oop, Peter has a knack for making every moment bigger, better, and a lot more fun. He’s not just delivering pizza—he’s delivering the kind of good times that Pizza Hut is all about.

“This campaign is about more than just shining a spotlight on our great pizza; it’s about spotlighting the good times and big and small moments of joy that come with adding pizza to any occasion,” said Melissa Friebe, Chief Marketing Officer at Pizza Hut. “Just like our campaign, our latest culinary innovations are equally as fun. As we launch Cheesy Bites Pizza and the Ranch Lover’s Flight, it’s more than great pizza and dip. It’s about letting basketball and pizza fans dip, dunk and have fun with our iconic Original Stuffed Crust® and bold flavors.”

BIG FLAVORS TO MATCH THE BIG MOMENT
In addition to the new campaign, Pizza Hut is bringing back a fan-favorite menu item: Cheesy Bites Pizza. This pizza features 28 pull-apart, cheese-filled bites in place of a traditional crust—perfect for dipping, dunking, and sharing.

And for the first time ever, Pizza Hut is introducing The Ranch Lover’s Flight*, a trio of bold, exclusive dipping sauces that take the dipping experience to the next level:

• Chipotle Ranch – Smoky and spicy with a bold kick
• Ultimate Ranch – Creamy and rich, the MVP of the bunch
• Pepperoni Ranch – A perfect blend of pepperoni flavors and ranch
• Pepperoni Ranch is flavored with signature pepperoni spices, flavors, and herbs (does not contain pepperoni).

“As we bring back Cheesy Bites Pizza, we wanted to take the dipping experience even further,” said Rachel Antalek, Head of Food Innovation at Pizza Hut. “The Ranch Lover’s Flight gives customers three unique ways to enjoy their pizza, making this the ultimate dip-and-dunk experience just in time for March Madness.”

Starting today, customers can order a large one-topping Cheesy Bites Pizza and Ranch Lover’s Flight for a limited time, available for delivery, carryout, or dine-in at participating Pizza Hut locations nationwide**.

Catch Peter Zahut’s debut during the NCAA Sweet 16 and visit www.pizzahut.com to find your nearest location.

*Limited time only. Includes Ultimate Ranch, Chipotle Ranch & Pepperoni Ranch. Pepperoni Ranch is flavored with signature pepperoni spices, flavors, and herbs (does not contain pepperoni). No substitutions. Product availability, prices, & participation vary.

** Limited time only. Includes large 1 topping pizza & three ranch dips: Ultimate Ranch, Chipotle Ranch & Pepperoni Ranch. No substitutions. Additional charge for extra toppings & cheese. Pepperoni Ranch is flavored with signature pepperoni spices, flavors, and herbs (does not contain pepperoni). Product availability, prices & participation vary.

ABOUT PIZZA HUT®
Pizza Hut, a subsidiary of Yum! Brands, Inc. (NYSE: YUM), was founded in 1958 in Wichita, Kansas, and has been a trailblazer in innovation with the creation of icons like Original Pan® and Original Stuffed Crust® pizzas. In 1994, Pizza Hut made history with the first online food order. Today, Pizza Hut continues to lead in digital innovation, with over half of transactions worldwide coming from digital orders. The brand operates more than 19,500 restaurants in over 100 countries.

For more information, visit www.pizzahut.com, and stay updated by following Pizza Hut on Facebook, Twitter, Instagram, TikTok, and YouTube.

PRESS CONTACT
ALISON BROD MARKETING + COMMUNICATIONS
[email protected]

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SOURCE Pizza Hut

• 4 IDEAYA/GSK presentations of IDE275 (GSK959) and 4 additional presentations across IDE397/MAT2A, IDE161/PARG, PRMT5, and KAT6/7 programs at AACR 2025
• IDE275 (GSK959) has demonstrated a potential best-in-class preclinical profile in the MSI-H setting, with a unique binding mode from previously reported WRN inhibitors
• Phase 1 dose escalation trial ongoing in MSI-H solid tumors with GSK
• MSI-H prevalence has been reported at approximately 31%, 20%, and 19% in endometrial, colorectal, and gastric cancers, respectively

SOUTH SAN FRANCISCO, Calif.
, March 26, 2025 /PRNewswire/ — IDEAYA Biosciences, Inc. (Nasdaq: IDYA), a leading precision medicine oncology company, today announced the publication of abstracts for an oral presentation in the New Drugs on the Horizon series, and three poster presentations on IDE275 (GSK959) at the American Association for Cancer Research (AACR) Annual Meeting, taking place April 25-30, 2025, in Chicago, Illinois. IDE275 (GSK959), a potential best-in-class Werner Helicase (WRN) inhibitor, has demonstrated selective preclinical efficacy in the high microsatellite instability (MSI-H) solid tumor setting, and is advancing in a Phase 1 dose escalation trial in partnership with GSK.

“IDE275 (GSK959) has a potential best-in-class profile and the preclinical data to be presented at AACR 2025 with GSK highlights the molecule’s selectivity to treat MSI-H solid tumors and potential to be developed clinically as both a monotherapy agent and in combination with PD1,” said Yujiro S. Hata, President and Chief Executive Officer, IDEAYA Biosciences. “MSI-H represents a meaningful biomarker-defined population with double-digit percent prevalence observed in multiple solid tumor types, including endometrial, colorectal, and gastric cancers. By binding uniquely to the helicase domain of WRN, IDE275 (GSK959) delivers potent and selective inhibition across MSI-H models,” said Michael White, Ph.D., Chief Scientific Officer, IDEAYA Biosciences.

IDE275 (GSK959) was discovered through a collaboration between IDEAYA and GSK. Preclinical studies have demonstrated IDE275’s (GSK959) potential as a best-in-class WRN inhibitor, inducing single-agent tumor regressions in MSI-H patient-derived xenograft (PDX) and cell line-derived xenograft (CDX) models for endometrial, colorectal, and gastric cancers. Notably, MSI-H prevalence in these cancers has been reported at approximately 31%, 20%, and 19%, respectively, underscoring the significant patient population that could benefit from this therapeutic approach.

As part of the collaboration, GSK is responsible for 80% of global research and development costs for IDE275 (GSK959), and IDEAYA is responsible for 20% of such costs. GSK holds a global, exclusive license to develop and commercialize IDE275 (GSK959).  IDEAYA has the potential to earn a $10.0 million milestone payment upon initiation of Phase 1 clinical dose expansion. Additionally, IDEAYA is eligible to receive up to $465 million in future late-stage development and regulatory milestone payments. Upon commercialization, IDEAYA will be eligible to receive up to $475.0 million of commercial milestones, 50% of U.S. net profits and tiered royalties on global non-U.S. net sales of the IDE275 (GSK959) – ranging from high single-digit to sub-teen double-digit percentages, subject to certain customary reductions.

At AACR 2025, IDEAYA will have 8 total presentations across 3 clinical and 2 pre-clinical programs.  There will be 4 IDEAYA/GSK presentations of IDE275 (GSK959) and 4 additional presentations across the IDE397/MAT2A, IDE161/PARG, PRMT5, and KAT6/7 programs.

Details for the oral presentation are as follows:
Presenter: Dr. Yanhua Rao, GSK
Title: An innovative and reversible WRN helicase inhibitor, GSK4418959 (IDE275), emerges as a promising clinical candidate for MSI-H cancers
Session: New Drugs on the Horizon Session, Part 3 (DDT003) 
Date and Time:Monday, April 28, 2025 at 10:40am CDT
Location: Room S406 (Vista Ballroom) – McCormick Place South (Level 4)

Poster presentation details are below:
Author: Rao, Y. et al.
Title: Patient selection, target engagement and pharmacodynamic markers of WRN inhibitor GSK4418959 (IDE275)
Poster Number: 6393/30
Session Title: Pharmacokinetics and Pharmacodynamics of Cancer Therapeutics
Date and Time: Tuesday, April 29, 2025 at 9:00am – 12:00pm CDT

Author: Lee, Y. et al.
Title: Preclinical Characterization of GSK4418959 (IDE275): A Potent, Selective, and Highly Efficacious WRN Inhibitor for MSI-H Tumors Across Multiple Cancer Types
Poster Number: 2913/20
Session Title: DNA Damage Response and Modulation of DNA Repair 1
Date and Time: Monday, April 28, 2025 at 2:00pm – 5:00pm CDT

Author: Taygerly, P. et al.
Title: Discovery of GSK4418959 (IDE275): A novel, non-covalent, reversible Werner Helicase inhibitor and a new potential therapeutic for the treatment of MSI-H cancers
Poster Number: 5750/50
Session Title: Drug Design, Synthesis, & Disposition 
Date and Time: Tuesday, April 29, 2025 at 2:00pm CDT 

Author: Gupta, M. et al.
Title: Dual KAT6/7 inhibition disrupts epigenetic programs that promote tumor evolution and adaptive drug resistance
Poster Number: 442/3
Session Title: Epigenetic Targets
Date and Time: Sunday, April 27, 2025 at 2:00pm – 5:00pm CDT

Author: Maskey, R. et al.
Title: PARG inhibition provokes a DNA damage-dependent innate immune reaction that enhances ICI-driven anti-tumor immunity
Poster Number: 2899/6
Session Title: DNA Damage Response and Modulation of DNA Repair 1
Date and Time: Monday, April 28, 2025 at 2:00pm – 5:00pm CDT

Author: Garbett, D. et al.
Title: The allosteric MAT2A inhibitor IDE397 uniquely exploits metabolic liabilities associated with MTAP deletion to perturb DNA replication and repair
Poster Number: 4268/25
Session Title: New and Emerging Cancer Drug Targets
Date and Time: Tuesday, April 29, 2025 at 9:00am – 12:00pm CDT

Author: Aubi, O. et al.
Title: The impact of metabolite kinetics on dysregulation of essential enzymes in cancers with MTAP deficiencies
Poster Number: 4504/15
Session Title: Proteomic Biomarkers and Therapeutics
Date and Time: Tuesday, April 29, 2025 at 9:00am – 12:00pm CDT

The oral presentation and posters will be available online at https://ir.ideayabio.com/events following the presentations.

About IDEAYA Biosciences
IDEAYA is a precision medicine oncology company committed to the discovery and development of targeted therapeutics for patient populations selected using molecular diagnostics. IDEAYA’s approach integrates capabilities in identifying and validating translational biomarkers with drug discovery to select patient populations most likely to benefit from its targeted therapies. IDEAYA is applying its research and drug discovery capabilities to synthetic lethality – which represents an emerging class of precision medicine targets. 

Forward-Looking Statements
This press release contains forward-looking statements, including, but not limited to, statements related to i) the publication of abstracts and oral and poster presentations on various drug programs; ii) the potential therapeutic benefit of IDE275; iii) the potential patient population that could benefit from IDE275; and iv) the potential for Ideaya to receive development and commercialization milestone payments and subsequent profits and royalties on net sales of IDE275. Such forward-looking statements involve substantial risks and uncertainties that could cause IDEAYA’s preclinical and clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the drug development process, including IDEAYA’s programs’ early stage of development, the process of designing and conducting preclinical and clinical trials, the regulatory approval processes, the timing of regulatory filings, the challenges associated with manufacturing drug products, IDEAYA’s ability to successfully establish, protect and defend its intellectual property, and other matters that could affect the sufficiency of existing cash to fund operations. IDEAYA undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of IDEAYA in general, see IDEAYA’s Annual Report on Form 10-K dated February 18, 2025 and any current and periodic reports filed with the U.S. Securities and Exchange Commission.

Investor and Media Contact
IDEAYA Biosciences
Andres Ruiz Briseno
Chief Accounting Officer 
[email protected]

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SOURCE IDEAYA Biosciences, Inc.

TORONTO
, March 26, 2025 /CNW/ – Today, CIBC launched its first annual CIBC Ambitions Index, an in-depth report exploring Canadians’ current goals and ambitions – big or small – across all areas of life.

“At CIBC, we believe that understanding the ambitions of Canadians is essential to fulfilling our purpose of helping make ambitions real,” said Stephen Forbes, Executive Vice-President, Purpose, Brand and Corporate Affairs, CIBC. “The CIBC Ambitions Index not only sheds light on the goals that matter most to Canadians across ages and geographies, but also reinforces our commitment to supporting them on their journeys towards achieving those ambitions.”

Annually, the CIBC Ambitions Index will track the goals and ambitions of Canadians, the progress they’ve made, and what’s holding them back. The index builds a clear view of what matters most to Canadians and where their efforts are focused at different stages in life. While money and finances play a role in achieving ambition, this report explores all aspects of Canadians’ ambitions, including health and wellness, personal relationships, travel and leisure, pursuing a passion, education and learning, career development, social impact and environmental sustainability.

In recent years, Canadians have been navigating through ongoing economic and geopolitical instability. Despite continued uncertainty, however, as we arrive at the quarter century Canadians have some positive reflections on their ambitions and their efforts to achieve them. In fact, 78% of Canadians say their ambitions have gained importance in light of current economic challenges.

Key takeaways from the inaugural report include:

• 
  Common ground
  
  : From coast to coast and across generations, Canadians have many common ambitions – with goals in the areas of health and wellness (57%), financial stability and growth (54%), and personal relationships with family and friends (49%) topping the list nationally. This demonstrates a balanced approach of blending practical ambitions with those more personal and meaningful.
• 
  Progress with purpose
  
  : Despite uncertainties, Canadians are making headway. 68% made progress towards their ambition in the last year and three in four Canadians are happy with the progress they’ve made. But the quest for quicker results is palpable as 58% are only somewhat satisfied with the progress they’ve made. 61% are optimistic about unlocking more achievements next year.
• 
  Canadians’ view of wellness is evolving:
  Canadians are prioritizing their personal well-being and work-life balance over a commitment to career advancement. 91% of Canadians state that a balanced work-life lifestyle is essential to happiness, while fewer than half (49%) express a commitment to career advancement. 91% also say maintaining a healthy lifestyle is crucial to their overall wellbeing, and 85% prioritize their physical health and regularly engage in fitness activities.
• 
  Celebrate your success
  
  : Those who plan, review and celebrate their journey are more likely to advance their ambitions, yet many aren’t doing this. At least quarterly, only 35% of Canadians set goals, 40% review their progress, and only 29% celebrate their milestones.

The inaugural CIBC Ambitions Index serves as a vital resource for understanding Canadian ambitions. This report not only highlights the common threads that unite us but also illustrates the unique differences. In future years, it will help reveal the evolving landscape and key trends that define our ambitions. As CIBC continues to support Canadians in their pursuit of their goals, we remain committed to providing the tools, resources, and guidance necessary to help individuals navigate their journeys.

The full CIBC Ambitions Index can be found at thoughtleadership.cibc.com/ambitionsindex

Disclaimer

The findings are from an Ipsos poll conducted between October 10 and 17, 2024, on behalf of CIBC. For this survey, a sample of 2,500 Canadians aged 18+ were interviewed. Sample was sourced from the Ipsos panel. Weighting was employed to balance demographics to ensure that the sample’s composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos polls is measured using a credibility interval. In this case, the poll is accurate to within ±2.4 percentage points, 19 times out of 20, had all Canadians been polled. The credibility interval will be wider among subsets of the population.

Note: Ipsos conducted a validation poll in February 2025 for CIBC to verify the original study’s findings amid recent economic and geopolitical shifts. The survey interviewed 1,000 Canadian adults (18+) between February 13-18, 2025, using a sample from the Ipsos panel. Demographic weighting was applied to ensure the sample accurately represents the adult population as per Census data.

About CIBC

CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre

SOURCE CIBC

Highlights
 for FY25 Q4

• As expected, revenues of $2,097.6 million, a decrease of 19.7% compared to last year, resulting from continued softer demand and the Company’s objective to reduce network inventory;
• Net loss of $44.5 million, a decrease of 114.7% compared to last year;
• Normalized EBITDA ^[1] of $239.8 million, a decrease of 44.6% compared to last year;
• Normalized diluted earnings per share ^{[1] [2]} of $0.98 in line with expectations, a decrease of $1.80 per share, and diluted earnings per share of $(0.60), a decrease of $4.55 per share, compared to last year;
• North American retail sales decreased by 21% compared to last year, resulting from lower industry volumes in Snowmobile and market share loss in Off-Road Vehicles due to high non-current inventory from other OEMs;
• The Company increased its quarterly dividend to $0.215 per share.

Highlights for FY25

• Revenues of $7,829.7 million, a decrease of 21.4% compared to last year;
• Achieved revised FY25 guidance adjusted for Marine businesses discontinued operations with Normalized diluted earnings per share ^{[1] [2]} of $4.68;
• Provided shareholder returns through $277.0 million deployed in share repurchases and dividend payments;
• North American network inventory decreased by 13% compared to last year, or 18% when excluding snowmobiles for which network inventory increased due to lower industry retail caused by late snowfall.

Fiscal 2026 full-year guidance

• Given the ongoing global tariff disputes and the uncertainty surrounding any potential changes to trade regulations, the Company has decided to defer providing financial guidance for FY26. This uncertainty has also had a negative impact on consumer demand, making it difficult to offer reliable projections at this time.

VALCOURT, QC
, March 26, 2025 /PRNewswire/ – BRP Inc. (TSX: DOO) (NASDAQ: DOOO) today reported its financial results for the three- and twelve-month periods ended January 31, 2025. All financial information is in Canadian dollars unless otherwise noted. The complete financial results are available on SEDAR+ and EDGAR as well as in the section Quarterly Reports of BRP’s website.

“BRP demonstrated its agility throughout fiscal 2025 by rapidly adapting to softer market conditions. We were the first OEM to proactively adjust shipments to reduce network inventory and we have achieved our objective. As anticipated, our leaner inventory position compared to competitors resulted in short-term market share loss but protected our dealer network and the value of our brands. In this volatile context, we have outpaced the off-road industry with our current models, which speaks highly about the attractiveness of our lineups,” said José Boisjoli, President and CEO of BRP.

“Looking ahead to fiscal 2026, the ongoing global tariff disputes have created economic uncertainty, making financial projections more challenging at this time. Over the longer term, our strategic decision to double down on Powersports should allow us to solidify our industry leadership by pushing innovation further and capitalizing on growth opportunities. With a product portfolio that is second-to-none, a strong dealer network and a healthy balance sheet, we are well positioned to sustain profitable growth,” concluded Mr. Boisjoli.

 

FOURTH QUARTER
RESULTS

In the context of continued softer demand and the Company’s objective to reduce network inventory, its three-month period ended January 31, 2025 was marked by a decrease in the volume of shipments and revenues compared to the same period last year. The decrease in the volume of shipments, the higher sales programs due to increased promotional intensity and the decreased leverage of fixed costs as a result of reduced production have led to a decrease in the gross profit and gross profit margin compared to the same period last year. This decrease was partially offset by favourable pricing and production efficiencies.

The Company’s North American retail sales were down 21% for the three-month period ended January 31, 2025. The decrease is mainly explained by lower industry volumes in Snowmobile and market share loss in Off-Road Vehicles due to high non-current inventory from other OEMs.

Revenues
Revenues decreased by $513.9 million, or 19.7%, to $2,097.6 million for the three-month period ended January 31, 2025, compared to $2,611.5 million for the corresponding period ended January 31, 2024. The decrease in revenues was primarily due to a lower volume sold across all product lines, as a result of softer demand, as well as higher sales programs. The decrease was partially offset by favourable pricing across most product lines. The decrease includes a favourable foreign exchange rate variation of $33 million.

• Year-Round Products (54% of Q4-FY25 revenues): Revenues from Year-Round Products decreased by $236.8 million, or 17.4%, to $1,127.1 million for the three-month period ended January 31, 2025, compared to $1,363.9 million for the corresponding period ended January 31, 2024. The decrease in revenues from Year-Round Products was primarily attributable to a lower volume of units sold across all product lines as a result of softer demand, unfavourable product mix in SSV and higher sales programs. The decrease was partially offset by favourable pricing across all product lines. The decrease includes a favourable foreign exchange rate variation of $26 million.
• Seasonal Products (32% of Q4-FY25 revenues): Revenues from Seasonal Products decreased by $275.0 million, or 28.9%, to $677.6 million for the three-month period ended January 31, 2025, compared to $952.6 million for the corresponding period ended January 31, 2024. The decrease in revenues from Seasonal Products was primarily attributable to a lower volume of units sold across all product lines as a result of softer demand, unfavourable product mix in Snowmobile and higher sales programs. The decrease was partially offset by favourable product mix on PWC and Sea-Doo pontoon, as well as favourable pricing across all product lines. The decrease includes a favourable foreign exchange rate variation of $2 million.
• PA&A and OEM Engines (14% of Q4-FY25 revenues): Revenues from PA&A and OEM Engines decreased by $2.1 million, or 0.7%, to $292.9 million for the three-month period ended January 31, 2025, compared to $295.0 million for the corresponding period ended January 31, 2024. The decrease in revenues from PA&A and OEM engines was primarily attributable to softer demand in PA&A. The decrease was partially offset by favourable product mix on OEM engines and favourable pricing on most product lines. The decrease also includes a favourable foreign exchange rate variation of $5 million.

North American Retail Sales

The Company’s North American retail sales decreased by 21% for the three-month period ended January 31, 2025 compared to the same period last year. The decrease is mainly explained by lower industry volumes in Snowmobile and market share loss in Off-Road Vehicles due to high non-current inventory from other OEMs.

• North American Year-Round Products retail sales decreased on a percentage basis in the low-teens range compared to the three-month period ended January 31, 2024. The North American Year-Round Products industry sales decreased on a percentage basis in the low-single digits over the same period.
• North American Seasonal Products retail sales decreased on a percentage basis in the low-thirties range compared to the three-month period ended January 31, 2024. The North American Seasonal Products industry sales decreased on a percentage basis in the mid-twenties range over the same period.

Gross profit
Gross profit decreased by $231.1 million, or 35.0%, to $429.4 million for the three-month period ended January 31, 2025, compared to $660.5 million for the three-month period ended January 31, 2024. Gross profit margin percentage decreased by 480 basis points to 20.5% for the three-month period ended January 31, 2025, compared to 25.3% for the three-month period ended January 31, 2024. The decreases in gross profit and gross profit margin percentage were the result of a lower volume of units sold, higher sales programs, decreased leverage of fixed costs as a result of reduced production, and higher warranty costs. The decreases were partially offset by favourable pricing across most product lines and production efficiencies. The decrease in gross profit includes a favourable foreign exchange rate variation of $2 million.

Operating
Expenses
Operating expenses decreased by $12.8 million, or 3.9%, to $317.4 million for the three-month period ended January 31, 2025, compared to $330.2 million for the three-month period ended January 31, 2024. The decrease in operating expenses was mainly attributable to lower G&A expenses due to cost optimization and lower R&D expenses. The decrease was partially offset by higher restructuring and reorganization costs. The decrease in operating expenses includes an unfavourable foreign exchange rate variation of $9 million.

Normalized EBITDA
^[1]

Normalized EBITDA ^[1] decreased by $192.8 million, or 44.6%, to $239.8 million for the three-month period ended January 31, 2025, compared to $432.6 million for the three-month period ended January 31, 2024. The decrease in normalized EBITDA ^[1] was primarily due to lower gross profit.

Net Income (Loss)
Net income (loss) decreased by $347.3 million, or 114.7%, to $(44.5) million for the three-month period ended January 31, 2025, compared to $302.8 million for the three-month period ended January 31, 2024. The decrease in net income was primarily due to a lower operating income, resulting from a lower gross profit and an unfavourable foreign exchange rate variation on the U.S. denominated long-term debt. The decrease was partially offset by a lower income tax expense.

Net Loss from Discontinued Operations
Net loss increased by $60.2 million, or 52.4%, to $(175.1) million for the three-month period ended January 31, 2025, compared to $(114.9) million for the three-month period ended January 31, 2024. The increase in net loss was primarily due to an impairment charge taken on the Marine businesses assets held for sale during the three-month period ended January 31, 2025.

TWELVE-MONTH PERIOD ENDED JANUARY 31, 2025

Revenues
Revenues decreased by $2,133.3 million, or 21.4%, to $7,829.7 million for the twelve-month period ended January 31, 2025, compared to $9,963.0 million for the corresponding period ended January 31, 2024. The decrease in revenues was primarily due to a lower volume sold across all product lines, as a result of softer demand, the Company’s focus on reducing network inventory levels, as well as higher sales programs. The decrease was partially offset by favourable product mix across most product lines and favourable pricing across all product lines. The decrease includes a favourable foreign exchange rate variation of $94 million.

Normalized EBITDA
^[1]

Normalized EBITDA ^[1] decreased by $753.2 million, or 42.0%, to $1,040.0 million for the twelve-month period ended January 31, 2025, compared to $1,793.2 million for the twelve-month period ended January 31, 2024. The decrease in Normalized EBITDA ^[1] was primarily due to a lower gross profit.

Net Income
Net income decreased by $869.0 million, or 93.3%, to $62.7 million for the twelve-month period ended January 31, 2025, compared to $931.7 million for the twelve-month period ended January 31, 2024. The decrease in net income was primarily due to lower operating income, resulting from a lower gross profit and an unfavourable foreign exchange rate variation on the U.S. denominated long-term debt. The decrease was partially offset by a lower income tax expense.

Net Loss from Discontinued Operations
Net loss increased by $88.5 million, or 47.3%, to $(275.7) million for the twelve-month period ended January 31, 2025, compared to $(187.2) million for the twelve-month period ended January 31, 2024. The increase in net loss was primarily due to higher operating loss resulting from a lower volume of units sold due to high network inventory and softer consumer demand in the industry. Higher sales programs, production inefficiencies and an impairment charge on the Marine businesses assets held for sale also contributed to the increase in net loss.

LIQUIDITY AND CAPITAL RESOURCES

Consolidated net cash flows generated from operating activities totaled $740.1 million for the twelve-month period ended January 31, 2025 compared to $1,658.1 million generated for the twelve-month period ended January 31, 2024. The decrease was mainly due to lower profitability and unfavourable changes in working capital, partially offset by lower income taxes paid. Changes in working capital were the result of maintaining higher provisions, compared to last year where more provisions were created due to a slowdown in demand and a sustained promotional intensity in the industry. The unfavourable changes in working capital were also the result of a reduction in trade payables and accruals, which reflected reduced production. The unfavourable changes in working capital were partially offset by a reduction in inventory levels.

The Company invested $425.5 million of its liquidity in capital expenditures for the introduction of new products and modernization of the Company’s software infrastructure to support future growth.

During the twelve-month period ended January 31, 2025, the Company also returned $277.0 million to its shareholders through quarterly dividend payouts and its share repurchase programs.

Dividend
On March 25, 2025, the Company’s Board of Directors declared a quarterly dividend of $0.215 per share for holders of its multiple voting shares and subordinate voting shares. The dividend will be paid on April 18, 2025 to shareholders of record at the close of business on April 4, 2025.

CONFERENCE CALL AND WEBCAST PRESENTATION

Today at 9 a.m. ET, BRP Inc. will host a conference call and webcast to discuss its FY25 fourth quarter results. The call will be hosted by José Boisjoli, President and CEO, and Sébastien Martel, CFO. To listen to the conference call by phone (event number 55768), please dial 1 800 717-1738 (toll-free in North America). Click here for International numbers.

The Company’s fourth quarter FY25 webcast presentation is posted in the Quarterly Reports section of BRP’s website.

About BRP
BRP Inc. is a global leader in the world of powersports products, propulsion systems and boats built on over 80 years of ingenuity and intensive consumer focus. Through its portfolio of industry-leading and distinctive brands featuring Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft and pontoons, Can-Am on and off-road vehicles, Alumacraft and Quintrex boats, Manitou pontoons and Rotax marine propulsion systems as well as Rotax engines for karts and recreational aircraft, BRP unlocks exhilarating adventures and provides access to experiences across different playgrounds. The Company completes its lines of products with a dedicated parts, accessories and apparel portfolio to fully optimize the riding experience. Committed to growing responsibly, BRP is developing electric models for its existing product lines. Headquartered in Quebec, Canada, BRP had annual sales of CA$7.8 billion from over 130 countries and employed approximately 16,500 driven, resourceful people as of January 31, 2025.

www.brp.com

@BRPNews

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements in this press release, including, but not limited to, statements relating to the Company’s decision to defer providing guidance for Fiscal 2026 until the situation around potential tariffs and changes to trade regulations further develops, statements relating to the declaration and payment of dividends, statements about the Company’s current and future plans, prospects, expectations, including of sustained profitable growth, anticipations, estimates and intentions, results, levels of activity, performance, objectives, targets, goals or achievements, priorities and strategies, including its continued focus on reducing network inventory levels, sustained promotional intensity and proactively managing production to maintain dealer value proposition, financial position, market position, including expected market share volatility notably in light of high non-current inventory from other OEMs but expected market share gains with respect to recently introduced models, capabilities, competitive strengths, beliefs, the prospects and trends of the industries in which the Company operates, including softer industry demand trends and sustained promotional intensity and pricing actions, the ongoing commitment to invest in research and product development activities and push the boundaries of innovation, including the expectation of regular flow of new product introductions and development of market-shaping products, the projected design, characteristics, capacity or performance of future products and their expected scheduled entry to market, expected financial requirements and the availability of capital resources and liquidity, the Company’s ability to complete its process for the sale of its Marine businesses as expected and to manage and mitigate the risks associated therewith, including the ability to separate the Marine businesses within the anticipated time periods, at expected cost levels and expected proceeds, and the expected impact of the sale of the Marine businesses on the Company’s ability to double down on Powersports through innovation and growth opportunities, and any other future events or developments and other statements that are not historical facts constitute forward-looking statements within the meaning of applicable securities laws. The words “may”, “will”, “would”, “should”, “could”, “expects”, “forecasts”, “plans”, “intends”, “trends”, “indications”, “anticipates”, “believes”, “estimates”, “outlook”, “predicts”, “projects”, “likely” or “potential” or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements. 

Forward-looking statements are presented for the purpose of assisting readers in understanding certain key elements of the Company’s current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of the Company’s business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes; readers should not place undue reliance on forward-looking statements contained herein. Forward-looking statements, by their very nature, involve inherent risks and uncertainties and are based on a number of assumptions, both general and specific, as further described below. 

Many  factors could cause the Corporation’s actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the following factors, which are discussed in greater detail under the heading “Risk Factors” of the Corporation’s management’s discussion and analysis for Fiscal 2025 (“the 2025 MD&A”) for the fiscal year ended on January 31, 2025 and in other continuous disclosure materials filed from time to time with Canadian securities regulatory authorities and the Securities and Exchange Commission: the impact of adverse economic conditions including in the context of easing but still elevated interest and inflation rates; any decline in social acceptability of the Corporation and its products, including in connection with the broader adoption of electrical or low-emission products; high levels of indebtedness; any unavailability of additional capital; any supply problems, termination or interruption of supply arrangements or increases in the cost of materials; the inability to attract, hire and retain key employees, including members of the Corporation’s management team or employees who possess specialized market knowledge and technical skills; any failure of information technology systems, security breach or cyber-attack, or difficulties with the implementation of new systems, including the difficulties in the continued implementation of its ERP system; the Corporation’s reliance on international sales and operations including heightened concerns for global trade tensions with escalation in tariffs and other retaliatory measures; the Corporation’s inability to successfully execute its growth strategy; fluctuations in foreign currency exchange rates; unfavourable weather conditions and climate change more generally; the  seasonal nature of the Corporation’s business and some of its products; the Corporation’s reliance on a network of independent dealers and distributors; any inability of dealers and distributors to secure adequate access to capital; any inability to comply with product safety, health, environmental, privacy matters and noise pollution laws; the Corporation’s large fixed cost base; any failure to compete effectively against competitors or any failure to meet consumers’ evolving expectations; any failure to maintain an effective system of internal control over financial reporting and to produce accurate and timely financial statements; any inability to maintain and enhance the Corporation’s reputation and brands; any significant product liability claim; any significant product repair and/or replacement due to product warranty claims or product recalls; any failure to carry proper insurance coverage; the Corporation’s inability to successfully manage inventory levels; any intellectual property infringement and litigation; the Corporation’s inability to successfully execute its manufacturing strategy or to adjust to fluctuating customer demand as a result of manufacturing capacity constraints; increased freight and shipping costs or disruptions in transportation and shipping infrastructure; any failure to comply with covenants in financing and other material agreements; any changes in tax laws and unanticipated tax liabilities; any impairment in the carrying value of goodwill and intangibles with indefinite useful life and trademarks; any deterioration in relationships with employees; pension plan liabilities; natural disasters; volatility in the market price for the Subordinate Voting Shares; the Corporation’s conduct of business through subsidiaries; the significant influence of Beaudier Group and Bain Capital; and future sales of Subordinate Voting Shares by Beaudier Group, Bain Capital, directors, officers or senior management of the Corporation. These factors are not intended to represent a complete list of the factors that could affect the Corporation; however, these factors should be considered carefully. Unless otherwise stated, the forward-looking statements contained in this press release are made as of the date of this press release and the Company has no intention and undertakes no obligation to update or revise any forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities regulations. In the event that the Company does update any forward-looking statements contained in this press release, no inference should be made that the Company will make additional updates with respect to that statement, related matters or any other forward-looking statement. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

KEY ASSUMPTIONS

The Company made a number of economic, market and operational assumptions in preparing and making certain forward-looking statements contained in this Press Release, including without limitation the following assumptions: softer industries in both Seasonal and Year-Round Products and a continuously challenging macroeconomic environment; expected market share volatility; main currencies in which the Company operates will remain at near current levels; levels of inflation, which are expected to continue to ease; there will be no significant changes in tax laws or treaties applicable to the Company; the Company’s margins are expected to continue to be pressured by lower volumes; the supply base will remain able to support product development and planned production rates on commercially acceptable terms in a timely manner; the absence of unusually adverse weather conditions, especially in peak seasons. BRP cautions that its assumptions may not materialize, and that the currently challenging macroeconomic and geopolitical environment in which it evolves may render such assumptions, although believed reasonable at the time they were made, subject to greater uncertainty. Specifically, these assumptions do not incorporate the imposition of wide-ranging U.S. tariffs on all imports from Canada and Mexico and potential retaliatory tariffs. Given the fast-evolving situation and the high degree of uncertainty around the duration of a potential trade war, it is difficult to predict how the effects would flow through the economy. New tariffs could significantly affect the outlooks for economic growth
, consumer spending, inflation and the Canadian dollar.

NON-IFRS MEASURES

This press release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. The Company uses non-IFRS measures including the following:

The Company believes non-IFRS measures are important supplemental measures of financial performance because they eliminate items that have less bearing on the Company’s financial performance and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS measures. The Company also believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of companies, many of which present similar metrics when reporting their results. Management also uses non-IFRS measures in order to facilitate financial performance comparisons from period to period, prepare annual operating budgets, assess the Company’s ability to meet its future debt service, capital expenditure and working capital requirements and also as a component in the determination of the short-term incentive compensation for the Company’s employees. Because other companies may calculate these non-IFRS measures differently than the Company does, these metrics are not comparable to similarly titled measures reported by other companies. 

The Company refers the reader to the tables below for the reconciliations of the non-IFRS measures presented by the Company to the most directly comparable IFRS measure.

Reconciliation Tables



^[2]

The following tables present the reconciliation of non-IFRS measures compared to their respective IFRS measures:

The following table ^[2] presents the reconciliation of items as included in the Normalized net income ^[1] and Normalized EBITDA ^[1] compared to respective IFRS measures as well as the Normalized EPS – basic and diluted ^[1] calculation.

The following table presents the reconciliation of consolidated net cash flows generated from operating activities to free cash flow ^[1].

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SOURCE BRP Inc.

SHANGHAI
, March 26, 2025 /PRNewswire/ — Cango Inc. (NYSE: CANG) (“Cango” or the “Company”) today announced an extension of the deadline to close its proposed acquisitions of on-rack crypto mining machines with an aggregate hashrate of 18 Exahash per second (“EH”) through issuance of Class A ordinary shares of the Company to the sellers (the “Share-Settled Transactions”). The Company announced signing of the On-Rack Sales and Purchase Agreement (the “Purchase Agreement”) for the Share-Settled Transactions on November 6, 2024, which contemplated closing of the Share-Settled Transactions by March 31, 2025 (the “Long Stop Date”). The Company announced on March 14, 2025 that it received a preliminary non-binding letter of intent (the “Letter of Intent”) from Enduring Wealth Capital Limited (“EWCL”), which proposed acquisition of control of the Company by EWCL and disposal of the Company’s existing business in the PRC to a buyer introduced by EWCL. As the transactions proposed in the Letter of Intent may affect certain provisions in the Purchase Agreement, the Company reached an amendment agreement with the sellers for the Share-Settled Transactions on March 25, 2025 for the sole purpose of extending the Long Stop Date to July 31, 2025 so that the Company and the sellers have sufficient time to assess the necessity of any further revisions to the Purchase Agreement if the Company decides to pursue any of the transactions proposed in the Letter of Intent.

As previously announced by the Company, the Company completed the acquisition of on-rack crypto mining machines with an aggregate hashrate of 32EH for a total purchase price of US$256 million in cash, or the Cash-Settled Transaction, on November 15, 2024. The closing of the Share-Settled Transactions is subject to certain closing conditions that are yet to be satisfied or waived and the Company is working with the relevant parties towards the closing of the Share-Settled Transactions. There can be no assurance that the closing conditions will be satisfied nor that the Share-Settled Transactions will be completed before the extended Long Stop Date or at all.

About Cango Inc.

Cango Inc. (NYSE: CANG) primarily operates a leading Bitcoin mining business. Headquartered in Shanghai, China, Cango has deployed its mining operation across strategic locations including North America, Middle East, South America, and East Africa. Cango expanded into the crypto assets market in November 2024, driven by the development in blockchain technology, increasing prevalence of crypto assets and its endeavor to diversify its business. Meanwhile, Cango has continued to operate the automotive transaction service in China since 2010, aiming to make car purchases simple and enjoyable. For more information, please visit: www.cangoonline.com. 

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States 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. Cango may also make written or oral forward-looking statements in its periodic reports to the SEC, 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 Cango’s beliefs and expectations, 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: Cango’s goal and strategies; Cango’s expansion plans; Cango’s future business development, financial condition and results of operations; Cango’s expectations regarding demand for, and market acceptance of, its solutions and services; Cango’s expectations regarding keeping and strengthening its relationships with dealers, financial institutions, car buyers and other platform participants; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango’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 Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

Yihe Liu

Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: [email protected] 

Helen Wu

Piacente Financial Communications
Tel: +86 10 6508 0677
Email: [email protected]

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SOURCE Cango Inc.