Bitcoin Miner Canaan’s Stock Spikes After Q3 Revenue Rise, Even as BTC Falls

In brief

• Bitcoin mining firm Canaan’s stock is on the rise Tuesday following its Q3 earnings report.
• The company reported a 104% year-over-year revenue spike for the quarter, though it had another net loss.
• Bitcoin dipped below $90,000 overnight for the first time since April, and recently traded at about $93,500.

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Bitcoin mining firm Canaan Inc. is on the rise Tuesday, with its stock price jumping following a Q3 2025 earnings report that showed significant revenue growth driven by robust growth in both mining machine sales and self-operated mining operations.

The Nasdaq-listed firm’s shares, which trade under the ticker CAN, are up nearly 16% on the day to a recent price of $0.988, cutting its five-day loss to 11%. Canaan is still down about 38% over the last month, per Yahoo Finance, echoing recent losses seen across other Bitcoin miners and crypto-centric firms.

Canaan’s total revenues reached $150.5 million, representing a 104% year-over-year increase and 50% growth since the previous quarter.

This comprised $118.6 million in product sales, $30.6 million in mining revenue (up 241% year over year), and $1.3 million in other revenues. The company achieved gross profit of $16.6 million, a significant turnaround from a $21.5 million gross loss in Q3 2024.

Despite revenue growth, Canaan reported a net loss of $27.7 million, though this improved from a $75.6 million loss in the prior year period. The loss included a $9.5 million non-cash impact from fair value changes in preferred shares. Non-GAAP adjusted EBITDA was positive at $2.8 million, compared to a loss of $34.1 million in Q3 2024.

The company sold over 10 exahashes per second (EH/s) of computing power, setting a quarterly record with 56% sequential growth. Mining operations produced 267 Bitcoin at an average revenue of $114,485 per coin.

By quarter’s end, the firm’s treasury expanded to 1,582 BTC and 2,830 ETH, further growing to 1,610 BTC and 3,950 ETH by the end of October. At current prices, that’s about $150 million in Bitcoin and $12.3 million in Ethereum.

Canaan’s cash position strengthened to $119.2 million, bolstered by a $72 million strategic investment from institutional investors including Brevan Howard and Galaxy Digital in November.

Canaan launched its next-generation A16XP mining machine featuring 300 TH/s computing power with 12.8 J/TH energy efficiency. The company secured an order for 50,000+ mining machines from an unnamed U.S. client and initiated a pilot gas-to-computing project in Canada.

For Q4 2025, Canaan expects revenues between $175-205 million, reflecting evolving market conditions and customer dynamics.

Bitcoin continued to fall overnight, dipping below the $90,000 mark for the first time since April. However, the coin has been ticking up since then, recently trading hands around $93,500. While about flat over the last 24 hours, BTC remains down nearly 11% over the last week.