Canaan (NASDAQ: CAN) reported a major rebound in fourth-quarter revenue as demand for bitcoin mining hardware picked up, while the company also expanded its bitcoin treasury through its own mining operations.
The Singapore-based miner and hardware maker posted over $196 million in revenue for the fourth quarter, up 121% from a year earlier and marking the company’s strongest quarterly sales in three years, according to results released Tuesday.
Growth was largely driven by mining machine sales, with Canaan shipping a record 14.6 exahashes per second of computing power during the quarter, supported by large North American orders.
Mining operations generated $30.4 million in revenue as the company mined 300 BTC during the quarter, at an implied price of about $101,000 per bitcoin. Prices have since fallen roughly 32% to around $68,000.
Despite the revenue rebound, Canaan still reported a net loss of $85 million, up from the prior quarter, as falling crypto prices triggered fair-value losses tied to its cryptocurrency holdings.
Canaan shares rose roughly 1.5% Tuesday to trade near $0.62, after falling to a record low around $0.50 last week, according to The Block price data.
Bitcoin treasury growth
Canaan’s strategy of holding the bitcoin it mines on its balance sheet continued into the new year. By the end of December, the company held roughly 1,750 BTC and 3,951 ETH, valued at roughly $165 million at the time.
In January, Canaan mined an additional 83 BTC, with total bitcoin holdings rising to 1,778 BTC at month-end after accounting for balance sheet adjustments and operational uses of bitcoin. The company said part of the increase also came from converting stablecoin proceeds from miner sales into bitcoin.
Canaan ranks 38th among public bitcoin-holding companies, according to BitcoinTreasuries data.
Pivot toward energy and compute infrastructure
Management said the company is positioning itself beyond mining hardware and will be increasing its focus on computing and energy infrastructure. Canaan recently launched a 3-megawatt heat recovery pilot project in Manitoba, using mining equipment to provide greenhouse heating, as part of efforts to monetize excess computing heat output.
Looking ahead, Canaan expects first-quarter 2026 revenue between $60 million and $70 million amid a depressed crypto market.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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