Canaan Reports Q3 2025 Revenue Surge and Improved Financials Amid Bitcoin Price Fluctuations
Canaan reported a total revenue of $150.5 million for Q3 2025, marking a 104% year-over-year increase and a 50% quarter-over-quarter rise. Revenue breakdown includes $118.6 million from product sales, $30.6 million from mining operations, and $1.3 million from other sources.
The company recorded a net loss of $27.7 million for the quarter, an improvement from a $75.6 million loss in the same period last year. On a non-GAAP basis, adjusted EBITDA was positive at $2.8 million. Gross profit stood at $16.6 million, reversing a gross loss of $21.5 million in Q3 2024.
Canaan's mining capacity grew significantly, selling over 10 exahashes per second (EH/s) during the quarter, which represents a 56% sequential growth. The company mined 267 bitcoins at an average revenue of $114,485 per coin. At quarter end, treasury holdings included 1,582 BTC and 2,830 ETH, with these increasing to 1,610 BTC and 3,950 ETH by the end of October.
Cash position was $119.2 million, boosted by a $72 million strategic investment from institutional investors including Brevan Howard and Galaxy Digital in November.
The company launched its A16XP mining machine which offers 300 terahashes per second (TH/s) and an energy efficiency of 12.8 joules per terahash (J/TH). It received an order exceeding 50,000 machines from an unnamed U.S. client and initiated a pilot gas-to-computing project in Canada.
For Q4 2025, Canaan provided revenue guidance of $175 million to $205 million.
Meanwhile, Bitcoin prices dipped below $90,000, later trading around $93,500, representing an approximately 11% decline over the past week. Despite this, Canaan's stock price surged nearly 16% on the day to about $0.988.
