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Canaan To Discontinue Non-Core AI Semiconductor Business To Sharpen Focus On Crypto-Related Businesses

Benzinga·06/23/2025 10:32:26
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Canaan Inc. (NASDAQ:CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today announced that it has commenced a strategic realignment aimed at sharpening its focus on its core businesses of bitcoin mining machine sales, self-mining operations, and consumer mining products. As part of this initiative, the Company will discontinue its non-core AI semiconductor business unit, described in the annual report for the year ended December 31, 2024 as "ASICs for edge computing applications", with the process expected to conclude in the coming months.

In fiscal year 2024, the Company's revenue from the sale of edge computing products was approximately US$0.9 million. Unaudited operating expenses related to this business accounted for around 15% of the Company's total operating expenses for fiscal year 2024.

The Company remains committed to delivering cutting-edge ASIC solutions for crypto infrastructure, expanding its mining footprint, and strengthening its position in the global cryptocurrency infrastructure market.