Canaan Inc., the Nasdaq-listed crypto mining firm, reported a sharp improvement in operating performance in its unaudited Q4 2025 financial results, posting quarterly revenue of $196.3 million, a 121.1% year-over-year increase and 30.4% growth compared with the previous quarter. The results exceeded the midpoint of the company’s prior guidance.
During the quarter, Canaan sold a record 14.6 exahashes per second (EH/s) of computing power, representing 60.9% YoY and 45% QoQ growth, driven primarily by large-scale orders from North American clients. Mining revenue reached $30.4 million, with the company producing 300 BTC at an average revenue of $101,304 per Bitcoin. Gross profit improved to $14.6 million, reversing a gross loss recorded in the same period last year.
Canaan also expanded its crypto treasury, ending Q4 2025 with 1,749.9 BTC and 3,950.54 ETH, placing the firm among the top public corporate holders of Bitcoin and Ethereum. For the full year 2025, total revenue rose 96.7% to $529.7 million, while Bitcoin mining revenue surged 157.2% year over year. Despite these results, Canaan’s stock remains under pressure, down more than 26% over the past month amid broader weakness in the crypto market.
Source: Canaan Inc., Nasdaq
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