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Side-by-side financial comparison of Canaan Inc. (CAN) and Voyager Technologies, Inc. (VOYG). Click either name above to swap in a different company.
Voyager Technologies, Inc. is the larger business by last-quarter revenue ($39.6M vs $20.8M, roughly 1.9× Canaan Inc.). Canaan Inc. runs the higher net margin — -18.4% vs -41.1%, a 22.7% 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.
CAN vs VOYG — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $20.8M | $39.6M |
| Net Profit | $-3.8M | $-16.3M |
| Gross Margin | 99.9% | 15.4% |
| Operating Margin | -15.9% | -60.7% |
| Net Margin | -18.4% | -41.1% |
| Revenue YoY | — | — |
| Net Profit YoY | — | — |
| EPS (diluted) | $-0.05 | $-0.28 |
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 | — | ||
| Q3 25 | $13.8M | $39.6M | ||
| Q2 25 | $11.4M | $45.7M | ||
| Q3 24 | $10.2M | — | ||
| Q2 24 | $4.8M | — |
| Q4 25 | $-3.8M | — | ||
| Q3 25 | $-1.5M | $-16.3M | ||
| Q2 25 | $-11.9M | $-31.4M | ||
| Q3 24 | $-10.4M | — | ||
| Q2 24 | $-5.4M | — |
| Q4 25 | 99.9% | — | ||
| Q3 25 | 99.9% | 15.4% | ||
| Q2 25 | 99.9% | 18.0% | ||
| Q3 24 | 99.9% | — | ||
| Q2 24 | 99.8% | — |
| Q4 25 | -15.9% | — | ||
| Q3 25 | -27.0% | -60.7% | ||
| Q2 25 | -45.5% | -52.8% | ||
| Q3 24 | -77.2% | — | ||
| Q2 24 | -193.9% | — |
| Q4 25 | -18.4% | — | ||
| Q3 25 | -11.0% | -41.1% | ||
| Q2 25 | -104.4% | -68.7% | ||
| Q3 24 | -102.7% | — | ||
| Q2 24 | -112.3% | — |
| Q4 25 | $-0.05 | — | ||
| Q3 25 | $-0.02 | $-0.28 | ||
| Q2 25 | $-0.25 | $-1.23 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $413.3M |
| Total DebtLower is stronger | $6.2M | — |
| Stockholders' EquityBook value | $52.4M | $590.9M |
| Total Assets | $92.5M | $727.8M |
| Debt / EquityLower = less leverage | 0.12× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | $413.3M | ||
| Q2 25 | — | $468.9M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q4 25 | $6.2M | — | ||
| Q3 25 | $6.2M | — | ||
| Q2 25 | $6.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q4 25 | $52.4M | — | ||
| Q3 25 | $44.7M | $590.9M | ||
| Q2 25 | $33.8M | $554.7M | ||
| Q3 24 | $43.6M | — | ||
| Q2 24 | $56.8M | — |
| Q4 25 | $92.5M | — | ||
| Q3 25 | $81.7M | $727.8M | ||
| Q2 25 | $78.0M | $685.3M | ||
| Q3 24 | $69.3M | — | ||
| Q2 24 | $73.7M | — |
| Q4 25 | 0.12× | — | ||
| Q3 25 | 0.14× | — | ||
| Q2 25 | 0.18× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $-15.1M |
| Free Cash FlowOCF − Capex | — | $-53.8M |
| FCF MarginFCF / Revenue | — | -135.8% |
| Capex IntensityCapex / Revenue | — | 97.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | $-15.1M | ||
| Q2 25 | — | $-30.9M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $-53.8M | ||
| Q2 25 | — | $-88.8M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -135.8% | ||
| Q2 25 | — | -194.4% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 97.8% | ||
| Q2 25 | — | 126.7% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CAN
Segment breakdown not available.
VOYG
| US Government | $26.9M | 68% |
| Space Solutions | $11.7M | 30% |
| Other | $1.0M | 3% |
