Canaan Achieves Record Revenue
In Q4 2025, Bitcoin mining hardware manufacturer Canaan (Nasdaq: CAN) reported impressive financial results, with revenue reaching $196 million, a 121% year-over-year increase, marking the highest quarterly sales in three years. This growth was primarily driven by large mining equipment orders from the North American market, with the company delivering 14.6 EH/s of hashing power during the quarter.
Mining Operations Shine
In addition to hardware sales, Canaan’s self-operated mining business also delivered strong results. Mining revenue for the quarter reached $30.4 million, successfully mining 300 Bitcoin at an implied price of $101,000 per coin. As of the end of 2025, the company held approximately 1,750 Bitcoin and 3,951 Ethereum, with a total value of around $165 million. In early 2026, the company mined an additional 83 Bitcoin, increasing its reserves to 1,778.
Diversification Strategy
Canaan plans to expand further into energy and computing infrastructure and has already launched a 3-megawatt heat recovery pilot project in Canada, aiming to use heat generated from mining machines for greenhouse heating. The company expects Q1 2026 revenue to range between $60 million and $70 million.
Challenges and Outlook
Despite strong revenue growth, Canaan reported a net loss of $85 million due to fair value losses from falling cryptocurrency prices. However, the company partially offset the impact of market volatility by converting stablecoin proceeds from mining equipment sales into Bitcoin. With continued diversification and self-operated mining efforts, Canaan is moving toward a more sustainable future.