The bitcoin mining rig company Canaan Inc. (Nasdaq: CAN) reported a return to gross profit in the third quarter of 2025 as revenue increased 114% compared to the year prior, according to a Tuesday filing.
Canaan posted gross profit of $16.6 million for the quarter ended Sept. 30, compared with a gross loss of $21.5 million a year earlier. Total revenue rose to $150.5 million, up from $100.2 million in the prior quarter and $73.6 million a year earlier. The company recorded a net loss of $27.7 million, compared with $11.1 million in the second quarter.
The company reported $118.6 million in product revenue and $30.6 million in mining revenue. Mining revenue was supported by 267 bitcoins mined at an average revenue of $114,485 per bitcoin. Total computing power sold exceeded 10.0 exahashes per second, a quarterly record.
Canaan disclosed a record cryptocurrency treasury of 1,581.9 BTC and 2,830 ETH at the end of the quarter. Holdings increased to 1,610 BTC and 3,950 ETH by October-end.
During the quarter, the company secured the largest single order in three years with more than 50,000 Avalon A15 Pro units from the U.S. on Oct. 2. Delivery is scheduled for the fourth quarter of 2025.
On Oct. 13, the company also launched a gas-to-computing pilot project in Calgary, Alberta, in partnership with Aurora AZ Energy Ltd. The initiative will deploy more than $2 million of A15 Pro units and modular data units at natural gas wellheads.
Canaan unveiled its Avalon A16 series on Oct. 28. The series includes the air-cooled A16XP model, rated at 300 TH/s and 12.8 J/TH. The A16 machines are available for pre-order and will ship from production centers in North America, East Asia, and Southeast Asia.
