Canaan shares rise 18% on gross-profit turnaround, doubled revenue and record bitcoin holdings

Canaan reported significantly improved third-quarter results, leading to an 18% rise in its stock price. The company achieved a turnaround to positive gross profit of $16.6 million, reversing a year-ago loss, driven by higher unit sales and stronger pricing. Revenue more than doubled year-over-year to $150.5 million, fueled by increased sales of mining machines and record self-mining revenue of $30.6 million after producing 267 BTC.

Operationally, Canaan sold over 10 EH/s of computing power and expanded its self-mining fleet to 9.3 EH/s. Despite the strong revenue and gross profit, the company posted a net loss of $27.7 million due to increased operating expenses. Furthermore, Canaan reported record holdings of digital assets, ending Q3 with 1,582 BTC and 2,830 ETH, which increased further by the end of October.

The company also highlighted recent operational successes, including a large order for its Avalon A15 Pro miners and a pilot program in Alberta to use stranded natural gas for mining power, while guiding Q4 revenue between $175 million and $205 million.

(Source：The Block)