Canaan Inc., the Nasdaq-listed cryptocurrency mining hardware manufacturer and miner, reported its strongest quarterly performance in three years for Q4 2025. The company's unaudited financial results showed quarterly revenue of $196.3 million, representing a staggering 121.1% year-over-year increase and a 30.4% growth from the previous quarter. This figure exceeded the midpoint of the company's prior guidance.
The revenue surge was driven by two primary factors. First, Canaan sold a record 14.6 exahashes per second (EH/s) of computing power, marking 60.9% YoY and 45% QoQ growth. This was supported by a "milestone order" from a U.S.-based institutional miner. Second, the company's own mining operations generated $30.4 million in revenue, a 98.5% YoY increase, by producing approximately 300 BTC at an average revenue of $101,304 per Bitcoin.
Canaan significantly expanded its cryptocurrency treasury holdings. By the end of Q4 2025, the company held 1,749.9 BTC (valued at nearly $120 million) and 3,950.54 ETH (worth $7.9 million), positioning it among the top public corporate holders of both Bitcoin and Ethereum. The company's gross profit improved to $14.6 million, reversing a gross loss from the same period last year.
For the full year 2025, Canaan's total revenue rose 96.7% to $529.7 million, with Bitcoin mining revenue surging 157.2% year over year. The company expanded its installed hashrate to 9.91 EH/s, with 7.65 EH/s operational during the quarter.
Despite these robust financial results, Canaan's stock (CAN) faced severe pressure. On the day of the earnings report, shares fell 6.9% to $0.56. The stock is down more than 26% over the past month, 18.1% year-to-date, and 70.2% over the last 12 months. This decline occurs amid broader weakness in the crypto market and a falling Bitcoin network hashrate, which dropped from a record 1,150 EH/s in mid-October to 980 EH/s.
The stock's performance has triggered a serious regulatory concern. On January 16, Canaan received a notice from the Nasdaq warning that it must increase its share price above $1 to comply with the exchange's minimum bid price rule. The company has been given 180 days, until July 13, 2026, to regain compliance, requiring its closing bid price to be at least $1 for a minimum of 10 consecutive trading days. Canaan last closed above $1 on November 28, 2025.
