Bitcoin miner Canaan (NASDAQ: CAN) released its Q4 earnings Tuesday, posting a 121.1% year-over-year revenue increase to $196.3 million for the fourth quarter of 2025. The Singapore-based ASIC miner manufacturer achieved a gross profit of $14.6 million, reversing a $6.4 million loss from the same period in 2024.
The company attributed the growth to record sales of computing power, which totaled 14.6 EH/s during the quarter for a total of $118.6 million in revenue. Large-scale orders from North American clients, including a landmark deal for 50,000 A15 Pro mining machines, drove the surge in hardware revenue.
Canaan also mined 300 bitcoin in the fourth quarter, generating $30.4 million in mining revenue. This represents a 98.5% increase compared to the prior year, despite a network-wide reduction in the value of bitcoin mining rewards. The firm expanded its installed hashrate to 9.91 EH/s, with 7.65 EH/s operational by year-end.
Despite the revenue jump, Canaan posted a net loss of $85.0 million for the quarter, largely driven by a $44.3 million fair value loss on its bitcoin and ether holdings and $13.9 million in inventory write-downs. Canaan’s full-year revenue reached $529.7 million, nearly doubling the $269.3 million recorded in 2024.
As of December 31, Canaan held approximately 1,750 bitcoin and 3,951 ether. Cash reserves stood at $81 million at the end of the year.
Market volatility remains a central challenge for the sector, management stated. CFO Jin Cheng noted the period was characterized by “intensified crypto market volatility,” a trend underscored as other major holders acquired bitcoin to average down positions.
Looking ahead, Canaan provided first-quarter 2026 revenue guidance between $60 million and $70 million. The company plans to expand beyond hardware sales to focus on the convergence of computing and energy infrastructure. This strategy includes targeting gigawatt-level power capacity in the U.S. and piloting heat recovery projects.
Executives highlighted opportunities to integrate bitcoin mining with AI/HPC workloads to improve capital efficiency. “We view the convergence of computing and energy infrastructure as a compelling long-term opportunity,” Chairman and CEO Nangeng Zhang said.
