Canaan’s Growth Defies Bitcoin’s Slump
Bitcoin mining firm Canaan Inc. witnessed a significant stock surge despite a challenging market for Bitcoin. On the heels of its Q3 2025 earnings report, the company reported an impressive 104% year-over-year revenue increase, bolstered by strong mining machine sales and improved mining operations.
Revenue Breakdown: A Closer Look
Canaan posted a total revenue of $150.5 million, a remarkable 50% growth from the previous quarter. The breakdown includes $118.6 million from product sales, $30.6 million in mining revenue (a staggering 241% year-over-year rise), and $1.3 million from other engagements. This turn of events marked a significant improvement compared to their $21.5 million gross loss in Q3 2024, achieving a gross profit of $16.6 million.
However, the company did end the quarter with a net loss of $27.7 million, though this was a vast improvement from the $75.6 million loss reported during the same period last year. Notably, their non-GAAP adjusted EBITDA turned positive at $2.8 million, compared to a $34.1 million loss in Q3 2024.
Accelerating in the Mining Industry
Canaan’s recent advancements highlight its commitment to innovation and leadership in the mining industry. The company recorded a quarterly sales record, delivering 10+ exahashes per second (EH/s) of computing power, representing a 56% sequential growth. Notably, Canaan’s self-mining operations produced 267 Bitcoin, with each unit of the cryptocurrency generating an average revenue of $114,485.
By the end of Q3, Canaan bolstered its crypto reserves to 1,582 BTC and 2,830 ETH. By October’s conclusion, these reserves grew further to 1,610 BTC and 3,950 ETH, valued at approximately $150 million and $12.3 million respectively at current market prices.
Next-Gen Advancements and Strategic Movements
Among its innovations, Canaan introduced the next-generation A16XP mining machine, which boasts 300 TH/s computing power with an energy efficiency rating of 12.8 J/TH. The launch attracted significant attention, including a bulk order of over 50,000 machines from a U.S.-based client. Furthermore, the company expanded into a pilot gas-to-computing project in Canada, exploring sustainable energy solutions.
Canaan also received a $72 million strategic investment from institutional investors, including Brevan Howard and Galaxy Digital, to strengthen its cash position, which reached $119.2 million by the quarter’s end.
Bitcoin Slump: Market Context
While Canaan enjoyed growth, Bitcoin suffered a dip, dropping below $90,000 for the first time since April 2025. The cryptocurrency later recovered slightly, trading around $93,500. Despite this, Bitcoin remains down 11% over the last week, reflecting ongoing market volatility.
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