Canaan reported its strongest results in years on Tuesday, returning to positive gross profit and more than doubling revenue as both mining machine sales and self-mining accelerated in the third quarter.
The stock (ticker CAN) rose roughly 18% by mid-morning, just shy of $1, according to The Block’s price page.
Canaan (CAN) Stock Price Chart. Source: The Block/TradingView
However, shares remain down more than 53% from their nine-month high above $2 in October — a period that coincided with bitcoin touching an all-time high above $126,000. Bitcoin has declined by approximately 26% since then.
The Singapore-based bitcoin mining chipmaker posted $150.5 million in revenue for the quarter, exceeding guidance and rising 104% year over year.
Product sales totaled $118.6 million while mining revenue hit a record $30.6 million after the company produced 267 BTC during the period.
Canaan sold more than 10 EH/s of computing power — a new quarterly high — and expanded its self-mining fleet to 9.3 EH/s.
Gross profit reached $16.6 million, reversing a $21.5 million gross loss a year earlier. The improvement came from higher unit sales, stronger pricing and lower inventory write-downs. The company still posted a $27.7 million net loss as operating expenses increased and non-cash valuation items weighed on results.
Canaan also reported record-high Bitcoin and Ethereum holdings. The firm ended Q3 with about 1,582 BTC and 2,830 ETH and said its holdings climbed further to 1,610 BTC and 3,950 ETH by the end of October. At recent market prices, that stash is worth over $161 million.
From strength to strength
The quarter extends a run of operational wins, including a 50,000-unit Avalon A15 Pro order from a U.S. miner — Canaan’s biggest sale in three years — and a gas-to-compute pilot in Alberta, Canada, converting stranded natural gas into power for mining and other high-density compute workloads.
The company also launched its next-generation Avalon A16 series in late October.
Canaan guided fourth-quarter revenue to between $175 million and $205 million, citing continued demand for its latest rigs and North American buildouts.
© 2025 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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