Canaan Posts Strong Q3 2025 Revenue Growth Despite Bitcoin Price Slump
In Q3 2025, Bitcoin miner Canaan reported revenue of $150.5 million, marking a 104% increase year over year and a 50% jump quarter over quarter. The company generated $30.6 million from mining activities, mining 267 BTC at an average price of $114,485 per BTC, with product sales contributing $118.6 million. Gross profit for the quarter stood at $16.6 million. Despite the strong top-line growth, Canaan posted a net loss of $27.7 million, impacted by higher operating expenses and non-cash valuation adjustments.
During the quarter, Canaan sold over 10 exahashes per second (EH/s) of computing power, with its self-mining capacity rising to 9.3 EH/s. As of the end of September, the company's crypto holdings included 1,582 BTC and 2,830 ETH, which increased to 1,610 BTC and 3,950 ETH by the end of October, with the stash valued at more than $161 million.
Looking ahead, Canaan forecasted Q4 revenue in the range of $175 million to $205 million and has launched its next-generation Avalon A16 series. Earlier in 2024, the company shut down its AI semiconductor division, which had generated $0.9 million in revenue and accounted for 15% of operating expenses, to focus exclusively on Bitcoin mining. Additionally, Canaan initiated its first U.S.-based production run.
On November 6, Canaan closed a $72 million strategic investment led by BH Digital, Galaxy Digital, and Weiss Asset Management, adding approximately 63.7 million American Depositary Shares to institutional ownership.
