TLDR
- Canaan reported Q4 revenue of $196.3 million, up 121.1% year-over-year, marking its strongest quarter in three years driven by hardware sales and mining performance.
- Despite beating revenue estimates, the stock fell 6.9% Tuesday as earnings missed analyst expectations by $0.88 per share.
- The company’s Bitcoin holdings reached a record 1,750 BTC worth nearly $120 million, while Ethereum holdings grew to 3,950 ETH valued at $7.9 million.
- Canaan shipped a record 14.6 EH/s of computing power during Q4, boosted by a milestone order from a US institutional miner.
- Trading at $0.56, Canaan faces Nasdaq delisting risk after receiving notice it must reclaim $1 per share by July 13 to maintain compliance with minimum bid requirements.
Canaan stock dropped 6.9% on Tuesday despite posting its strongest quarterly revenue in three years. The crypto mining company reported $196.3 million in Q4 revenue, crushing analyst estimates of $177.66 million.
FY2025 (unaudited) snapshot: $529.7M revenue (+121% YoY) + $41.2M gross profit (+149% YoY).
Revenue mix: Industrial $386.7M | Home $24.6M | Self-mining $113.2M.
2025 compute sold: 36.5 EH/s | BTC treasury: 1,750 BTC.
Read More: https://t.co/uDFpymS9S5 pic.twitter.com/AgnGetFCCD
— Canaan Inc. (@canaanio) February 10, 2026
The revenue surge represents a 121.1% increase year-over-year. Hardware sales and improved mining operations drove the growth.
But investors focused on the bottom line. Canaan reported a loss of $0.89 per share, missing analyst expectations by $0.88.
The mixed results sent shares to $0.56. That’s down 18.1% year-to-date and 70.2% over the past 12 months.
Mining Operations Expand
Canaan’s Bitcoin mining revenue jumped 98.5% year-over-year to $30.4 million. The company now holds 1,750 BTC, a record high worth approximately $120 million at current prices.
The Singapore-based miner also accumulated 3,950 ETH. Those holdings are valued at $7.9 million.
Canaan expanded its installed hashrate to 9.91 EH/s during the quarter. Of that capacity, 7.65 EH/s was operational and generating revenue.
The expansion comes as Bitcoin network hashrate dropped from a record 1,150 EH/s in October to 980 EH/s. Many miners have unplugged machines as profitability declined following the April 2024 halving event.
Hardware Sales Hit Records
Computing power sales set new benchmarks in Q4. Canaan shipped 14.6 EH/s of mining machines, a quarterly record.
A “milestone order” from a US-based institutional miner powered the 60% year-over-year increase in computing power sales. The company didn’t disclose the customer’s identity or order size.
These hardware sales contributed heavily to Canaan’s revenue beat. Mining machine demand has picked up as larger players consolidate market share.
Canaan received a Nasdaq compliance letter on January 16. The exchange warned that shares must trade above $1 for at least 10 consecutive days by July 13.
The stock last closed above $1 on November 28, 2025. At current levels, Canaan needs to nearly double its share price to meet Nasdaq requirements.
If the company fails to regain compliance, it faces potential delisting from the exchange. That would force shares to trade on over-the-counter markets with less liquidity.
Canaan ranks among the worst performers of the 15 largest Bitcoin mining companies by market cap. The 70.2% decline over 12 months reflects broader challenges facing crypto miners.
Lower Bitcoin prices and reduced mining profitability have squeezed margins across the industry. Many companies pivoted toward AI and high-performance computing to diversify revenue streams.
Canaan’s Q4 results show strong operational execution on both mining and hardware fronts. But the earnings miss and share price decline highlight investor concerns about profitability.
The company shipped record computing power and grew its crypto treasury to all-time highs. Bitcoin mining revenue nearly doubled year-over-year while institutional hardware demand remained strong through Q4.
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