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Side-by-side financial comparison of Canaan Inc. (CAN) and FENNEC PHARMACEUTICALS INC. (FENC). Click either name above to swap in a different company.
Canaan Inc. is the larger business by last-quarter revenue ($20.8M vs $13.8M, roughly 1.5× FENNEC PHARMACEUTICALS INC.). Canaan Inc. runs the higher net margin — -18.4% vs -34.7%, a 16.3% gap on every dollar of revenue.
Canaan Inc., doing business as Canaan Creative and known simply as Canaan, is a Singapore-based computer hardware manufacturer. Established in 2013 by N.G. Zhang, Canaan specializes in Blockchain servers and ASIC microprocessors for use in bitcoin mining.
Fennec Pharmaceuticals Inc. is a biopharmaceutical firm focused on developing and commercializing therapies to reduce treatment-related side effects in pediatric cancer patients. Its lead product targets chemotherapy-induced ototoxicity, with core North American markets serving oncology providers and vulnerable pediatric patient groups.
CAN vs FENC — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $20.8M | $13.8M |
| Net Profit | $-3.8M | $-4.8M |
| Gross Margin | 99.9% | — |
| Operating Margin | -15.9% | -18.5% |
| Net Margin | -18.4% | -34.7% |
| Revenue YoY | — | 73.8% |
| Net Profit YoY | — | -141.1% |
| EPS (diluted) | $-0.05 | $-0.17 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $20.8M | $13.8M | ||
| Q3 25 | $13.8M | $12.5M | ||
| Q2 25 | $11.4M | $9.7M | ||
| Q1 25 | — | $8.8M | ||
| Q4 24 | — | $7.9M | ||
| Q3 24 | $10.2M | $7.0M | ||
| Q2 24 | $4.8M | $7.3M | ||
| Q1 24 | — | $25.4M |
| Q4 25 | $-3.8M | $-4.8M | ||
| Q3 25 | $-1.5M | $-638.0K | ||
| Q2 25 | $-11.9M | $-3.2M | ||
| Q1 25 | — | $-1.2M | ||
| Q4 24 | — | $-2.0M | ||
| Q3 24 | $-10.4M | $-5.7M | ||
| Q2 24 | $-5.4M | $-5.6M | ||
| Q1 24 | — | $12.8M |
| Q4 25 | 99.9% | — | ||
| Q3 25 | 99.9% | — | ||
| Q2 25 | 99.9% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 99.9% | — | ||
| Q2 24 | 99.8% | — | ||
| Q1 24 | — | — |
| Q4 25 | -15.9% | -18.5% | ||
| Q3 25 | -27.0% | -1.5% | ||
| Q2 25 | -45.5% | -28.3% | ||
| Q1 25 | — | -9.2% | ||
| Q4 24 | — | -11.8% | ||
| Q3 24 | -77.2% | -74.6% | ||
| Q2 24 | -193.9% | -69.4% | ||
| Q1 24 | — | 54.2% |
| Q4 25 | -18.4% | -34.7% | ||
| Q3 25 | -11.0% | -5.1% | ||
| Q2 25 | -104.4% | -32.7% | ||
| Q1 25 | — | -13.3% | ||
| Q4 24 | — | -25.0% | ||
| Q3 24 | -102.7% | -82.2% | ||
| Q2 24 | -112.3% | -76.5% | ||
| Q1 24 | — | 50.6% |
| Q4 25 | $-0.05 | $-0.17 | ||
| Q3 25 | $-0.02 | $-0.02 | ||
| Q2 25 | $-0.25 | $-0.11 | ||
| Q1 25 | — | $-0.04 | ||
| Q4 24 | — | $-0.02 | ||
| Q3 24 | — | $-0.21 | ||
| Q2 24 | — | $-0.20 | ||
| Q1 24 | — | $0.41 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $36.8M |
| Total DebtLower is stronger | $6.2M | — |
| Stockholders' EquityBook value | $52.4M | $35.5M |
| Total Assets | $92.5M | $70.6M |
| Debt / EquityLower = less leverage | 0.12× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $36.8M | ||
| Q3 25 | — | $21.9M | ||
| Q2 25 | — | $18.7M | ||
| Q1 25 | — | $22.7M | ||
| Q4 24 | — | $26.6M | ||
| Q3 24 | — | $40.3M | ||
| Q2 24 | — | $43.1M | ||
| Q1 24 | — | $51.2M |
| Q4 25 | $6.2M | — | ||
| Q3 25 | $6.2M | $19.4M | ||
| Q2 25 | $6.2M | $19.4M | ||
| Q1 25 | — | $19.4M | ||
| Q4 24 | — | $19.3M | ||
| Q3 24 | — | $32.1M | ||
| Q2 24 | — | $31.8M | ||
| Q1 24 | — | $31.3M |
| Q4 25 | $52.4M | $35.5M | ||
| Q3 25 | $44.7M | $-4.5M | ||
| Q2 25 | $33.8M | $-7.5M | ||
| Q1 25 | — | $-5.9M | ||
| Q4 24 | — | $-5.9M | ||
| Q3 24 | $43.6M | $-5.2M | ||
| Q2 24 | $56.8M | $-1.4M | ||
| Q1 24 | — | $3.0M |
| Q4 25 | $92.5M | $70.6M | ||
| Q3 25 | $81.7M | $49.3M | ||
| Q2 25 | $78.0M | $44.9M | ||
| Q1 25 | — | $46.4M | ||
| Q4 24 | — | $44.9M | ||
| Q3 24 | $69.3M | $58.9M | ||
| Q2 24 | $73.7M | $63.2M | ||
| Q1 24 | — | $69.2M |
| Q4 25 | 0.12× | — | ||
| Q3 25 | 0.14× | — | ||
| Q2 25 | 0.18× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 10.40× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $-6.0M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-6.0M | ||
| Q3 25 | — | $1.5M | ||
| Q2 25 | — | $-3.7M | ||
| Q1 25 | — | $-4.3M | ||
| Q4 24 | — | $-1.5M | ||
| Q3 24 | — | $-2.2M | ||
| Q2 24 | — | $-8.4M | ||
| Q1 24 | — | $39.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 3.04× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
