Bitcoin mining company Canaan Inc. is rising on Tuesday, with its stock soaring after reporting strong revenue growth for the third quarter of 2025, driven by strong growth in both mining machine sales and private mining operations.
The Nasdaq-listed company’s stock, which trades under the ticker CAN, is up nearly 16% on the day, most recently at $0.988, narrowing its five-day loss to 11%. According to , Canaan is still down about 38% from last month. Yahoo Financemirroring recent losses seen in other regions Bitcoin A company centered on miners and virtual currency.
Canaan’s total revenue reached $150.5 million, up 104% year-over-year and 50% from the previous quarter.
This consisted of $118.6 million in product sales, $30.6 million in mining revenue (up 241% year-over-year), and $1.3 million in other revenue. The company achieved a gross profit of $16.6 million, a significant improvement from the gross profit of $21.5 million in Q3 2024.
Despite the increase in revenue, Canaan reported a net loss of $27.7 million, an improvement from a loss of $75.6 million in the year-ago period. This loss included a $9.5 million non-cash impact from changes in the fair value of preferred stock. Non-GAAP adjusted EBITDA was positive by $2.8 million, compared to a loss of $34.1 million in the third quarter of 2024.
The company sold more than 10 exahash per second (EH/s) of computing power, setting a quarterly record of 56% sequential growth. The mining operation produced 267 Bitcoins, with an average return of $114,485 per coin.
By the end of the quarter, the company’s treasury had expanded to 1,582 BTC and 2,830 ETH, further increasing to 1,610 BTC and 3,950 ETH by the end of October. At current prices, that equates to about $150 million in Bitcoin and $12.3 million in Ethereum.
Canaan’s cash position is $72 million strategic investment In November, it received recognition from institutional investors such as Brevan Howard and Galaxy Digital.
Canaan has launched the next generation A16XP mining machine with 300 TH/s computing power and 12.8 J/TH energy efficiency. The company is Ordered over 50,000 mining machines Contacted by an anonymous US client, Gas-to-computing pilot project In Canada.
Canaan expects fourth quarter 2025 sales to be between $175 million and $205 million, reflecting evolving market conditions and customer trends.
Bitcoin continued to fall overnight, dropping sharply Under $90,000 First time since April. However, the coin has risen since then, most recently trading around $93,500. While mostly flat over the past 24 hours, BTC remains down nearly 11% over the past week.
