Canaan Inc. (CAN) Announces Up to $30M Share Repurchase Program

Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today announced that its board of directors (the "Board") has authorized a share repurchase program under which the Company may repurchase up to US$30 million worth of its outstanding (i) American depositary shares ("ADSs"), each representing 15 Class A ordinary shares, and/or (ii) Class A ordinary shares, over the next six months starting from May 27, 2025.

Nangeng Zhang, chairman and chief executive officer of Canaan, commented, "In light of the recent market conditions, we believe that our shares are trading at levels that materially undervalue the strength of our business model and long-term growth potential. Our decision to initiate this share repurchase program is a proactive step to protect shareholder value while demonstrating our confidence in the Company's strategic direction. Despite the current challenges posed by macro volatility and the newly imposed U.S. tariffs, we remain focused on executing our strategic plan with discipline, driving technological innovation, and preparing for a recovery across the bitcoin mining ecosystem."

Under the share repurchase program, the Company may repurchase the ADSs representing its Class A ordinary shares through open market transactions at prevailing market prices, privately negotiated transactions, block trades or any combination thereof. In addition, Canaan will effect repurchase transactions in compliance with the Securities Exchange Act of 1934, as amended, and its insider trading policy. The number of ADSs repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with Canaan's working capital requirements and general business conditions. The Company's Board and/or its management will review the share repurchase program periodically and may authorize an adjustment of its terms and size as appropriate. The Company plans to fund the repurchases with its existing cash balance.

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