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

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.