Canaan revenue more than doubles in Q4 as bitcoin miner grows treasury to record levels
Canaan's Q4 revenue more than doubled year-over-year, driven by mining machine sales, while its bitcoin treasury reached record levels.Summary
Canaan (NASDAQ: CAN) reported a significant increase in fourth-quarter revenue, exceeding $196 million, a 121% rise from the previous year. This growth was primarily fueled by strong mining machine sales, with a record 14.6 exahashes per second of computing power shipped, particularly to North American customers. The company also mined 300 BTC during the quarter, contributing $30.4 million in revenue. Despite the revenue gains, Canaan experienced a net loss of $85 million due to fair-value losses related to its cryptocurrency holdings amid falling crypto prices. Canaan’s bitcoin holdings reached approximately 1,750 BTC and 3,951 ETH by the end of December, valued at around $165 million. The company is also expanding its focus beyond mining hardware, exploring opportunities in computing and energy infrastructure, including a heat recovery pilot project in Manitoba. Canaan anticipates first-quarter 2026 revenue between $60 million and $70 million, acknowledging the current depressed crypto market.
(Source：The Block)