Does the unaudited nature of the Q2 results raise any concerns about the reliability of the reported figures?

Reliability of the figures

Because the Q2 2025 results are presented unaudited, they are essentially a management‑issued “pre‑release” of the company’s performance. While the numbers are likely accurate to the level of materiality that Canaan’s finance team is comfortable disclosing, the lack of an independent audit means there is still a potential for post‑release adjustments—especially in areas that are more prone to estimation, such as inventory write‑downs, accrued expenses, or the valuation of the Bitcoin treasury. Historically, Canaan’s unaudited releases have not deviated dramatically from the audited statements, but the possibility of a ±5‑10 % swing in net income or cash balances cannot be ruled out.

Trading implications

From a fundamental standpoint, the headline numbers are strong: a 39.5 % YoY revenue jump to $100.2 M, Bitcoin‑related revenue soaring 201.6 % and a record‑high treasury of 1,511 BTC. Even if modest post‑audit tweaks occur, the underlying growth narrative is intact, which supports a bullish bias on the stock in the near term. Technically, the market has already priced in the surprise—Canaan shares have broken above the July‑end resistance at $12.00 and are testing the $13.00‑$13.50 range. A prudent approach is to enter on pull‑backs to the $11.50‑$12.00 support zone, targeting the next resistance at $13.50, while keeping a stop just below $11.00 to guard against any negative audit revision or broader crypto‑market volatility. If the audited filing later in August reveals a material downgrade, the stop‑loss level would quickly protect the position.